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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.

Kiwi Insure Life & Living insurance products and the following Kiwi Insure products that are no longer on sale:

  • Kiwi Insure Home Loan Insurance
  • Kiwi Insure Credit Card Repayment Insurance issued after 10 April 2011
  • Kiwi Insure Life & Living Insurance issued before 16 August 2016

nib nz insurance limited (trading as “Kiwi Insure”), which became part of the nib Group in 2022.

nib and Kiwi Insure are related companies, but nib provides financial advice on its own behalf and not on behalf of Kiwi Insure.

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 Kiwi Insure insurance 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.
  • Kiwi Insure 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.
  • Kiwi Insure pays fees to Kiwibank Limited for referring customers to Kiwi Insure. These fees are not linked to how our nominated representatives are paid or rewarded.

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 solvency return filed by nib nz limited with the Reserve Bank of New Zealand is for the year ended 31 December 2021. The solvency details at 31 December 2021 were:

Available Solvency Capital$37.93m
Minimum Solvency Capital$15.86m
Solvency Margin$22.07m
Solvency Ratio239%

Financial strength – nib nz insurance limited

nib nz insurance limited (trading as “Kiwi Insure”) issues and underwrites Kiwi Insure Life & Living insurance products, and the following insurance products that are no longer on sale:

  • Kiwi Insure Home Loan Insurance,
  • Kiwi Insure Credit Card Repayment Insurance issued after 10 April 2011,
  • Kiwi Insure Life & Living Insurance issued before 16 August 2016, and
  • Kiwi Insure 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 solvency return filed by nib nz insurance limited with the Reserve Bank of New Zealand is for the year ended 31 December 2021. The solvency details at 31 December 2021 were:

Available Solvency Capital$24.544m
Minimum Solvency Capital$10.527m
Solvency Margin$14.017m
Solvency Ratio233%

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