Pursuant to section 4B of the Insurance Companies’ Deposits Act 1953, I declare that Fraser Macandrew
Ryan Limited is authorised to lodge a single deposit of $500,000.00 with Public Trust.
Dated at Wellington this 9th day of March 2009.
HON SIMON POWER, Minister of Commerce.
Explanatory Note
Fraser Macandrew Ryan Limited intends to act as the agent of a foreign insurance company or companies.
The Insurance Companies’ Deposits Act 1953 (“the Act”) requires that any company offering insurance policies in New Zealand must lodge a $500,000.00 deposit with Public Trust.
This deposit may be called upon by an insurer’s policyholders in the event of the insurer’s insolvency.
Section 4B of the Act provides that a New Zealand insurance agent may be approved by the Minister of Commerce to make a $500,000.00 deposit.
Where such approval has been given and the deposit made, that agent may place insurance with overseas insurers without the need for those overseas insurers to lodge their own $500,000.00 deposit.