Reponce to Life Insurance report

The government today tabled its formal response to the Law Commission’s report on Life Insurance.

The Commission's Report makes recommendations in a number of areas:

·The repealing of the Life Insurance Act 1908
·Disclosure
·Financial Reporting
·Prudential Supervision
·Financial Advisors, Analysts, Ratings and Education
·Insurance Contracts Act
·Reinsurance
·Cross Border Issues, and
·Non-Life insurance.

"The Law Commission has done a good job and I would like to thank it and submitters for their work," says Commerce Minister Pete Hodgson. "Its report and recommendations are thorough and a number of regulatory and legislative changes will need to be considered in order for many of the recommendations to be carried through. That's why government considers it appropriate for most of the recommendations to be considered as part of the review of non-bank financial products and providers."