While we use the one name for our insurance business, nib currently operates as two registered companies in New Zealand — nib nz limited (our health insurance company) and nib nz insurance limited (our life and living insurance company).
In mid-2024, we intend to combine the two companies into one. From this time, we will operate as nib nz limited, and all health, life and living policies will be insured by the single company. This has no impact on you as an adviser, your clients, or insurance cover. This amalgamation requires consent from our regulator, the Reserve Bank of New Zealand (RBNZ).
Amalgamation will make no difference to the benefits, terms and conditions of insurance cover with nib. The only change your clients may see is to the name of the insurer on policy, renewal certificates or bank statements. If your client’s policy is currently held by nib nz limited nothing will change for them. If it is currently held by nib nz insurance limited, it will change to nib nz limited but all the terms of their cover remain the same.
Following the amalgamation nib nz limited will continue to be licensed by the RBNZ and it will continue to maintain the solvency standards, financial strength rating, risk management practices and all other conditions required of an insurer licensee.
For more information please click here. If you have any questions or concerns, please get in touch with your Adviser Partner Manager to discuss.