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Insurance (Prudential Supervision) Amendment Bill (Consistent) [2012] NZBORARp 59 (10 October 2012)

Last Updated: 28 April 2019

Insurance (Prudential Supervision) Amendment Bill

10 October 2012 ATTORNEY-GENERAL

Legal Advice

Consistency with the New Zealand Bill of Rights Act 1990: Insurance (Prudential Supervision) Amendment Bill


  1. We have considered whether the Insurance (Prudential Supervision) Bill (PCO

16544/3.1) (‘the Bill’) is consistent with the rights and freedoms affirmed in the New Zealand Bill of Rights Act 1990 (‘the Bill of Rights Act’). We understand that the Bill will be considered by the Cabinet Legislation Committee at its meeting on Thursday, 18 October 2012.


  1. The Bill seeks to amend the Insurance (Prudential Supervision) Act 2010 (‘the Act’). The Act establishes a licensing and prudential supervision regime for insurers carrying on insurance business in New Zealand. A number of technical issues have been identified. This Bill contains amendments relating to those technical issues. The Bill also contains amendments that extend the term of provisional licences of insurers that enter into an insolvency procedure before 7 September 2013 and makes amendments to reduce unnecessary costs and improve administrative efficiency.
  2. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed in the Bill of Rights Act.

Melanie Webb

Acting Chief Legal Counsel Office of Legal Counsel

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the Insurance (Prudential Supervision) Amendment Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional

privilege in respect of this or any other matter. Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.


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