MEDIA RELEASE
18 December 2003
REVIEW OF LIFE INSURANCE ACT WELCOMED
The release of the discussion paper on the review of the Life
Insurance Act has been warmly welcomed by the life insurance industry.
"We have been calling on Government to undertake this review
for a number of years now", said Vance Arkinstall, CEO of Investment Savings and
Insurance Association.
"The existing Life Insurance Act 1908 is approaching its
centenary and has for a long time been inappropriate for today’s market. Life
insurance products, life insurance companies and the environment we serve have changed
dramatically over that 100 years", said Mr Arkinstall.
Life insurance assets totalling $8 billion cover a range of life
insurance, savings and income protection policies managed on behalf of over 1.25 million
New Zealanders. A market of this magnitude deserves the support of strong and effective
legislation", Vance Arkinstall said.
Ends
For further information contact:
Vance Arkinstall, Chief Executive
Investment Savings and Insurance Association
