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Key Updates in New Zealand’s Insurance Laws: Understanding the Contracts of Insurance Bill

On 14 November 2024, the Contracts of Insurance Bill passed its third reading in Parliament, marking a pivotal moment in the modernisation of New Zealand’s insurance laws. The legislation seeks to create a fairer, clearer, and more accessible framework for policyholders and insurers alike. Once implemented, it will bring New Zealand in line with international best practices, addressing concerns that the existing laws were outdated and unclear.