About NAC

RATINGS SCALE

AAA Extremely Strong
AA Very Strong
A Strong
BBB Good
BB Marginal
B Weak
CCC Very Weak
CC Extremely Weak
SD Selective Default
D Default
R Regulatory Supervision
NR Not Rated

Not quite standard? Neither are we. NAC specialises in insurance for modified cars, high performance cars or motorbikes and young drivers. NAC has been protecting a wide range of vehicles for over 18 years.

Financial Strength Rating

NAC Insurance is a business division of IAG New Zealand Limited, which has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.

A rating of AA- means we have a ‘very strong’ claims paying ability, as you can see in the scale. As a customer, this is your reassurance that NAC Insurance will be able to pay your claims.

The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.

Solvency Margin

In its annual Solvency Return filed with the Reserve Bank of New Zealand, IAG New Zealand Limited had a Solvency Margin as of 30 June 2014 as follows:

Non-life business $34.231 million
Life business $ 0.841 million
Total Solvency Margin $35.072 million

As at 30 June 2014 there existed a solvency margin shortfall against our insurance licence condition. This shortfall resulted from IAG New Zealand Limited putting in place a 1:500 year event reinsurance programme for the period 1 July 2014 to 30 June 2015, rather than continuing its pre-licensing programme. On 16 July 2014 IAG New Zealand Limited reinstated its reinsurance programme to the required level in accordance with the RBNZ Solvency Standard. The revised solvency margin, reflecting the increased reinsurance cover, increases to $255.072 million.

QFE Disclosure Statement

It is important that you read this information: It is general information which will help you to compare financial advisers and choose the one that best suits your needs.

Your insurance is underwritten by NAC Insurance, a business division of IAG New Zealand Limited (“IAG”). IAG is a Qualifying Financial Entity (“QFE”) under the provisions of the Financial Advisers Act 2008. You can check this information on the Financial Service Providers Register at www.fspr.govt.nz.

As a QFE, IAG is licensed to take responsibility for its advisers and to ensure that they exercise due care, diligence and skill when providing financial advice to you.  Our QFE license means that IAG’s QFE advisers do not have to be individually registered or authorised. IAG’s QFE advisers can provide personalised advice about general insurance and warranty products.

Should you have a concern or complaint about our service, here is some information that can provide you with assistance.

  1. If you have a concern or complaint
    Contact the person you have been dealing with. If you’d like to pursue the matter further please ask to speak to their manager.
  2. If you are not satisfied with the outcome from the step above, contact:
    The Head of Business Partners
    Phone:             (09) 969 6000
    Email:               contactus@businesspartners.co.nz
    Postal address:  Private Bag 92130, Auckland 1142
  3. In the event you have a dispute that can not be resolved by direct communication with IAG, retail clients have free access to our licensed dispute resolution scheme, the Insurance & Savings Ombudsman of New Zealand (“ISO”). You can contact the ISO at:
    Office of the ISO
    Phone:            0800 888 202
    Email:              info@iombudsman.org.nz
    Postal address: PO Box 10-845,Wellington 6143

IAG is licensed and regulated by the Financial Markets Authority (FMA). You can obtain information about financial advisers from the FMA. You may also report information to the FMA about IAG and its financial advisers at:
Phone:             (04) 472 9830
Street address: Level 2, 1 Grey Street, Wellington
Postal address:  PO Box 1179, Wellington 6140

Moving to Australia?

If you’re thinking about moving across the ditch check out The Buzz car insurance which is also part of Insurance Australia Group.

Privacy Policy

The protection of your privacy is important to us, and we are committed to acting in accordance with the Privacy Act 1993.

NAC is a business division of IAG New Zealand Limited (IAG),1 Fanshawe Street,Auckland 1010.  NAC collects, holds and uses your personal information for insurance-related and marketing purposes.

The intended recipient of your information is NAC. We may also give your information to and obtain it from others, including other business divisions of IAG (although we’re not obliged to), our suppliers, your financiers, and the insurance industry, including the Insurance Claims Register Limited where records of claims are kept. Information from or about you may be stored physically or electronically, including in offshore facilities, by IAG, any other IAG company or any supplier (with whom we have a contractual arrangement). We will take reasonable and appropriate steps to protect this information from unauthorised access or disclosure.

Failure by you to provide accurate and complete information may result in your application for insurance being declined, your claim being reduced or declined, or we may void your policy from the outset. If anything changes, you must also tell us.

You may request access to, or correction of, the information we hold about you by writing to us or telephoning us on 0800 501 508

You agree that NAC is authorised to collect, hold, use and disclose your personal information in accordance with this privacy policy. Where you provide NAC with personal information about any other person for insurance-related purposes, you confirm that you have the authority of those persons to disclose such information and to authorise NAC to collect, hold, use and disclose the information for insurance-related and marketing purposes in accordance with this privacy policy.

As part of our commitment to providing the best possible service to our customers, NAC may record telephone calls for quality assurance and training purposes.

We encourage you to review this privacy policy on a regular basis as it may be updated in the future.

If you have any concerns or queries in relation to our privacy policy please contact:

The Privacy Officer
IAG New Zealand Limited
Private Bag 92130
Victoria Street West
Auckland 1142