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Financial advice

nib nz limited (“nib”, “we” or “our”) holds a licence issued by the Financial Markets Authority to provide financial advice services in respect of certain insurance products.

nib can provide financial advice on the following:

Who issues & underwrites these products?

nib health insurance products

nib

AA Health Insurance products

nib. This is an arrangement between The New Zealand Automobile Association Incorporated (AA) and nib.

Life & Living insurance products and the following nib nz insurance products that are no longer on sale:

  • Home Loan Insurance
  • Credit Card Repayment Insurance issued after 10 April 2011
  • Life & Living Insurance issued before 16 August 2016
  • Life Insurance issued before 14 November 2012

nib nz insurance limited became part of the nib Group in 2022.

nib nz limited provides financial advice on its own behalf and not on behalf of nib nz insurance limited.

Giving you financial advice

nib employs nominated representatives to provide financial advice to its members. The specific products that individual nominated representatives can advise members on may vary.

If you need advice on how nib, AA Health Insurance or nib nz insurance limited products compare to the products of other insurance providers, we recommend that you consult an independent financial advice provider.

We're committed to delivering good member outcomes

When you're dealing with nib or any nominated representatives giving advice on our behalf, know that we are bound by legal duties to:

  • meet the standards of competence, knowledge, and skill set out in the code of conduct;
  • give priority to your interests;
  • exercise care, diligence, and skill; and
  • meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.

We take all reasonable steps to ensure our advice is not materially influenced by nib’s own interests, or the interests of our associates.

You don’t pay for advice

nib does not charge fees for any financial advice given to you by nib or any nominated representatives giving advice on its behalf.

If you choose to buy one of our products, then premiums will need to be paid. You may also need to pay other amounts when you make a claim like an excess. Your premiums and any excesses are detailed in any quote provided to you.

Sales incentives and conflicts of interest

nib pays their nominated representatives a salary. They may also receive bonuses based on the insurance policies that they sell. Our sales governance framework requires certain conduct and other criteria be met before a bonus can be paid.

  • nib pays fees to AA for referring customers to us. These fees are not linked to how our nominated representatives are paid or rewarded.
  • nib nz insurance pays nib for services provided, including arranging Life & Living insurance and making financial advice available. These payments are not linked to sales outcomes or nominated representative remuneration.
  • nib nz insurance pays fees to Kiwibank Limited for referring customers to it. These fees are not linked to how our nominated representatives are paid or rewarded.
  • nib pays financial advisers for providing financial advice and arranging insurance. Your financial adviser can give you specific disclosure on the commission they are eligible to receive from nib.

Complaints & dispute resolution

We value feedback and seek this regularly by sending out surveys. Sometimes, despite our best efforts, we may not get things right. In these cases, our members can use our complaints process to try and resolve issues to their satisfaction.

Step 1: Contact us

If you have a complaint about the service or advice you have received from nib, contact us or complete our online form.

An nib staff member will try to resolve your complaint in the first instance. If we can’t do that, the complaint will be escalated to a team leader or manager who will contact you within two business days.

Any complaints not resolved by the team leader or manager will be escalated to the nib complaints committee – a group of senior managers who meet to review and look to resolve escalated.

We will try to resolve your complaint within 14 days. If that is not possible, we will provide regular updates on progress.

Step 2: Get an external review of the decision

If you are not satisfied with the outcome of your complaint, you have access to the Insurance & Financial Services Ombudsman (IFSO), a free, independent dispute resolution service.

The IFSO may help investigate or resolve a complaint if it is not resolved to the complainant’s satisfaction using nib’s internal complaints process.

To contact the IFSO please use their online complaint form or contact them:

Phone

0800 888 202

Email

[email protected]

Post

IFSO Scheme PO Box 10-845 Wellington 6143 New Zealand

Financial strength – nib nz limited

nib nz limited underwrites nib and AA Health insurance products.

nib nz limited has an A (Strong) Financial Strength Rating from S&P Global Ratings Australia Pty Ltd.

Standard & Poor's rating scale
RatingDescription
AAAExtremely Strong
AAVery Strong
AStrong
BBBGood
BBMarginal
BWeak
CCCVery Weak
CCExtremely Weak
SD or DSelective Default or Default
RRegulatory Action
NRNot Rated

Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Solvency margin – nib nz limited

The most recent interim solvency return filed by nib nz limited with the Reserve Bank of New Zealand is for the three months ended 30 June 2024. The solvency details at 30 June 2024 were:

Solvency Capital$580.9m
Adjusted Prescribed Solvency Capital$507.0m
Adjusted Solvency Margin$73.9m
Adjusted Solvency Ratio115%

Note: The RBNZ introduced the Interim Solvency Standard 2023 in October 2022 and this was effective from 1 January 2023. The new standard has resulted in a change to the way solvency information is calculated. The 'Adjusted prescribed capital requirement' is the minimum amount of capital required to be held for solvency purposes. 'Solvency Capital' is the amount of capital actually held for those purposes. The difference between the two is the 'Adjusted solvency margin'.

Financial strength – nib nz insurance limited

nib nz insurance limited issues and underwrites Life & Living insurance products, and the following insurance products that are no longer on sale:

  • Home Loan Insurance,
  • Credit Card Repayment Insurance issued after 10 April 2011,
  • Life & Living Insurance issued before 16 August 2016, and
  • Life Insurance arranged before 14 November 2012.

nib nz insurance limited has an A (Strong) Financial Strength Rating from S&P Global Ratings Australia Pty Ltd.

Standard & Poor’s rating scale
RatingDescription
AAAExtremely Strong
AAVery Strong
AStrong
BBBGood
BBMarginal
BWeak
CCCVery Weak
CCExtremely Weak
SD or DSelective Default or Default
RRegulatory Action
NRNot Rated

Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

The rating scale above is in summary form. A full description of the rating scale can be found at www.standardandpoors.com.

Solvency margin and statutory fund - nib nz insurance limited

The most recent interim solvency return filed by nib nz insurance limited with the Reserve Bank of New Zealand is for the three months ended 30 June 2024. The solvency details at 30 June 2024 were:

Statutory fundAll of nib nz insurance limited
Solvency Capital$31.0m$31.0m
Adjusted prescribed capital requirement$20.3m$20.3m
Adjusted solvency margin$10.7m$10.7m
Adjusted solvency ratio153%153%

nib nz insurance limited has one statutory fund, which constitutes the whole of the company.

Note: The RBNZ introduced the Interim Solvency Standard 2023 in October 2022 and this was effective from 1 January 2023. The new standard has resulted in a change to the way solvency information is calculated. The 'Adjusted prescribed capital requirement' is the minimum amount of capital required to be held for solvency purposes. 'Solvency Capital' is the amount of capital actually held for those purposes. The difference between the two is the 'Adjusted solvency margin'.