New Zealand's "ancient" life insurance law will be reviewed by the Law Commission, Commerce Minister Lianne Dalziel said today.
"I am confident this review will provide an in-depth consideration of what is now clearly outdated regulation in the Life Insurance Act 1908," she said.
"Existing law does not give consumers enough, or
appropriate, information or protection and does not match international standards of rigorous controls around insurers."
Ms Dalziel said the whole framework would be looked at, and modernising the law would help promote confidence and participation in the market.
"At the same time we need to recognise that insurance is a global market and our regulation will need to take overseas environments and international best practice into account," she said.
The commission will report back to the Government by October 31, 2004.
- NZPA
