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 and nib life & living insurance products
nib
AA Health Insurance products
nib. This is an arrangement between The New Zealand Automobile Association Incorporated (AA) and nib.
Giving you financial advice
nib employs nominated representatives to provide guidance with our products and financial advice. This means providing an opinion or recommendation to assist you in making an informed decision on which nib product may be suitable for your needs. The specific products that individual nominated representatives can advise members on may vary.
If you need advice on how nib or AA Health Insurance products compare to the products of other insurance providers, we recommend that you consult an independent financial adviser.
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 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:
Financial strength – nib nz limited
nib nz limited has an A (Strong) Financial Strength Rating from S&P Global Ratings Australia Pty Ltd.
| Rating | Description |
|---|---|
| AAA | Extremely Strong |
| AA | Very Strong |
| A | Strong |
| BBB | Good |
| BB | Marginal |
| B | Weak |
| CCC | Very Weak |
| CC | Extremely Weak |
| SD or D | Selective Default or Default |
| R | Regulatory Action |
| NR | Not 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.
For more information, visit www.spglobal.com/ratings/en/about/understanding-ratings.
Solvency margin and statutory fund - 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 31 March 2025. The solvency details at 31 March 2025 were:
| Statutory fund | All of nib nz limited | |
|---|---|---|
| Solvency Capital | $38.50m | $679.80m |
| Adjusted prescribed capital requirement | $24.6m | $605.3m |
| Adjusted solvency margin | $13.9m | $74.5m |
| Adjusted solvency ratio | 157% | 112% |
nib nz limited has one statutory fund, which contains the life and living policies for 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'.