New Constitution for Insurance & Savings Ombudsman Scheme
29 February 2012
New Constitution for Insurance & Savings Ombudsman (“ISO”) Scheme modernises dispute resolution.
On 1 March 2012, the ISO Scheme adopts a new Constitution and Terms of Reference (“TOR”).
The significant expansion of the ISO Scheme, resulting from new financial sector legislation in 2011, was one of the key drivers which led to the review of the ISO’s governing documents. During this period of expansion, the ISO Scheme also changed its legal structure to become an incorporated society.
Changes to the ISO’s governing documents were approved by the Minister of Consumer Affairs, the Hon. Chris Tremain, who commented that they would “ensure that the Scheme operates with accepted good practice in external disputes resolution.”
The Insurance & Savings Ombudsman, Karen Stevens, says she welcomes the changes. “We have simplified and modernised the governing documents, which provide the governance structure and guidance for the ISO Scheme in our day-to-day work. By doing so, I am confident that the ISO Scheme will be well positioned to meet evolving standards of best practice in external dispute resolution, moving forward with our new Participants.”
More information on the changes to the ISO’s governing documents are available from www.iombudsman.org.nz/news-and-publications.