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.
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.