AIA New Zealand's Permanent Term and Cash Back Life Products Classified as Category 2 Under New Regulations
AIA NEW ZEALAND’S PERMANENT TERM AND CASH BACK LIFE PRODUCTS CLASSIFIED AS CATEGORY 2 UNDER NEW REGULATIONS
Auckland, 20 June 2011 – AIA New Zealand has announced that its Cash Back Life and Permanent Term products will be classified as category 2 financial products, with effect no later than 1 July 2011.
The classification is based on a decision by Cabinet, which gave approval this week for a change in regulations relating to the Financial Advisers Act 2008 to permit the re-categorisation of certain financial products. Under the terms of the Financial Advisers (Re-Categorisation) Regulations 2011, investment-linked contracts of insurance that are not securities will be classified as category 2 products.
AIA New Zealand CEO Wayne Besant says of the Cabinet decision, “This is great news for us and reassuring for our advisers, because it means that they will be able to continue to sell and service these products. It helps ensure continued stability for the advisers we work with and for policyholders. We appreciate this decision.”
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About AIA New Zealand
AIA New Zealand is the trading name of American International Assurance Company (Bermuda) Limited (AIA) in New Zealand, and a member of the AIA Group.
Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life. Today we offer a complete range of risk management products that focus on the needs of our customers.
AIA New Zealand is based in Auckland with regional offices in Wellington, Hamilton and Christchurch. However, through our Insurance consultant network, we reach every corner of the country.
AIA New Zealand is a member of the Investment Savings and Insurance Association (ISI), the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ).
About the AIA Group
AIA Group Limited and its subsidiaries (collectively “the AIA Group” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group in the world, with a broad footprint spanning 15 markets in Asia Pacific. The Group traces its roots in the region back more than 90 years and has total assets of US$107.9 billion.
The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning. It also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 260,000 agents and over 21,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group policies.
The Group has operations in Hong Kong, Thailand, Singapore, China, Malaysia, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India.
The AIA Group is a market leader in the Asia Pacific region based on life insurance premiums, and holds number one positions in six of its geographical markets. Due to its historical roots in Asia, the AIA Group has built a network of mainly wholly-owned businesses operating as branches or subsidiaries. Only in India, where legislation restricts foreign ownership of insurance companies to 26%, is the Group’s main operating unit a joint venture.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ‘1299’.