A.M. Best is Re-Appointed in New Zealand.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 6, 2001 A.M. Best Co. has been re-appointed for the third consecutive term by the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. government as one of two authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: rating agencies for nonlife insurers operating in New Zealand. With a population of 3.5 million, generating total premiums of nearly NZD NZD In currencies, this is the abbreviation for the New Zealand Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2 billion in 2000, the New Zealand insurance market is dominated by the subsidiaries of overseas insurers. In 1994, the New Zealand government decided to strengthen its regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment with the Ratings and Inspection Act, whereby companies writing general insurance in New Zealand are required to obtain and maintain a financial strength rating from an approved rating agency. A.M. Best has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. ratings to most of the indigenous New Zealand-owned and operated insurers including AMI Insurance Ltd., the Farmers Mutual Insurance Ltd., AutoSure Insurance Ltd., Civic Assurance, Credit and General Insurance Ltd., and Consumer Insurance Service Ltd. Additionally, A.M. Best ratings are assigned to the local New Zealand operations of China Insurance (NZ) Co. Ltd., Ace Insurance Ltd. (NZ), and EIG-Ansvar Limited. A number of life insurers in New Zealand also receive A.M. Best ratings: Sovereign Assurance Co. Ltd., Fidelity Fidelity is a notion that at its most abstract level implies a truthful connection to a source or sources. Its original meaning dealt with loyalty and attentiveness to one's duty to a lord or a king, in a broader sense than the related concept of fealty. Life Assurance Ltd., Farmers Mutual Life Ltd., and Cigna Life Insurance (NZ) Ltd. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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