This letter from Peter Marshall, NZACS Chairman, seeks your feedback (if any) on or before 31 October 2022. There is no requirement to respond unless you choose to do so.
You will recall in our communications to you (Communique October 2021, Communique December 2021 and Chairman's 2021 renewal letter), that the Board has decided to wind up the Acanthus Insurance Company Limited.
Acanthus is wholly owned by NZACS, but the NZACS Board has identified that the ongoing compliance costs involved in continuing to meet the Reserve Bank auditing and reporting requirements outweighed the benefit to members of it continuing in business.
For the insurance year commencing 1 December 2021, Acanthus no longer insured the primary layer of the NZACS Group Insurance Programme. This layer was absorbed by the lead insurer NZI. The Board has also negotiated for the remaining claim liabilities to be transferred to Indemnity & General Insurance Company Limited, an insurance company wholly owned by CEAS, a mirror organisation to NZACS for Consulting Engineering Practices. The intention is that Acanthus will transfer funds to Indemnity & General to manage the remaining liabilities.
These changes require the approval of the Reserve Bank, which is currently being sought.
The Reserve Bank procedures require us to provide all policy holders (you) with an opportunity to comment. Any comments received before the due date will be passed on to the Reserve Bank to assist with its decision.
If you have any comments to make, would you please provide them to the secretary by email at secretary@nzacs.co.nz on or before 31 October 2022.
Thank You
Peter Marshall
Chairman, NZACS