Pacific Blu Not an Inurance Council Member

September 10, 2013

Pacific Blu Not an Inurance Council Member

New Zealand-based company Pacific Blu LP is not a member of the Insurance Council of New Zealand and does not have recourse to the Fair Insurance Code.

The Financial Conduct Authority (FCA) in the United Kingdom has ordered firms to stop selling home insurance policies from New Zealand-based Pacific Blu as it is not licensed as an insurer or registered as a financial services provider in New Zealand. http://www.fca.org.uk/news/warnings/pacific-blu-lp

The FCA warns that customers may not be aware that they have entered into an unregulated insurance contract under which there appears to be no regulatory protection.

ICNZ CEO Tim Grafton says the Council has written to Pacific Blu to remove any reference to the Fair Insurance Code on its website and any policy wording, as it is inappropriate given non-status as an Insurance Council member.

“The Fair Insurance Code is a document produced by the Insurance Council for its members only,” says Mr Grafton. “Pacific Blu’s customers do not have recourse to the Code.”

The FCA reports that Pacific Blu was registered as a Limited Partnership on 24 January 2013 by the Registrar of Companies, New Zealand, pursuant to the New Zealand Limited Partnerships Act 2008.

A person cannot be in the business of acting as an insurer in New Zealand unless they are licensed by the Reserve Bank of New Zealand and registered on the New Zealand Financial Service Providers Register for that service. Pacific Blu is not included on this Register and the Reserve Bank of New Zealand also does not include Pacific Blu on its list of licensed insurers.

ENDS

© Scoop Media