Financial advice

nib nz limited (“nib”, “we” or “our”) holds a licence issued by the Financial Markets Authority to provide financial advice services in respect of certain insurance products.

Giving you financial advice

nib employs nominated representatives to provide financial advice to its members. The specific products that individual nominated representatives can advise members on may vary.

If you need advice on how nib, AA Health Insurance or nib nz insurance limited products compare to the products of other insurance providers, we recommend that you consult an independent financial advice provider.

We're committed to delivering good member outcomes

When you're dealing with nib or any nominated representatives giving advice on our behalf, know that we are bound by legal duties to:

• meet the standards of competence, knowledge, and skill set out in the code of conduct;
• give priority to your interests;
• exercise care, diligence, and skill; and
• meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.

We take all reasonable steps to ensure our advice is not materially influenced by nib’s own interests, or the interests of our associates.

You don’t pay for advice

nib does not charge fees for any financial advice given to you by nib or any nominated representatives giving advice on its behalf.

If you choose to buy one of our products, then premiums will need to be paid. You may also need to pay other amounts when you make a claim like an excess. Your premiums and any excesses are detailed in any quote provided to you.

Sales incentives and conflicts of interest

nib pays their nominated representatives a salary. They may also receive bonuses based on the insurance policies that they sell. Our sales governance framework requires certain conduct and other criteria be met before a bonus can be paid.

• nib pays fees to AA for referring customers to us. These fees are not linked to how our nominated representatives are paid or rewarded.
• nib nz insurance pays nib for services provided, including arranging Life & Living insurance and making financial advice available. These payments are not linked to sales outcomes or nominated representative remuneration.
• nib nz insurance pays fees to Kiwibank Limited for referring customers to it. These fees are not linked to how our nominated representatives are paid or rewarded.
• nib pays financial advisers for providing financial advice and arranging insurance. Your financial adviser can give you specific disclosure on the commission they are eligible to receive from nib.

Complaints & dispute resolution

We value feedback and seek this regularly by sending out surveys. Sometimes, despite our best efforts, we may not get things right. In these cases, our members can use our complaints process to try and resolve issues to their satisfaction.

Financial strength – nib nz limited

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.

For more information, visit www.spglobal.com/ratings/en/about/understanding-ratings.