446VApplication of subpart to Lloyd's underwriters

1. Sections 446G, 446H, 446I, 446J, and 446K do not apply to a Lloyd’s underwriter.

2. However, sections 446G(1), (2)(b), and (3), 446I, and 446K apply to a Lloyd’s managing agent to the extent that they act as a managing agent in connection with any 1 or more of the following that are entered into with 1 or more New Zealand policyholders:

3. consumer insurance contracts:
4. contracts of insurance that provide for life insurance or health insurance (or both).

5. The following apply for the purposes of subsection (2):

6. the provisions referred to in that subsection (and sections 446C, 446D, and 449(3)(h), (i), and (k)) apply to the Lloyd’s managing agent with all necessary modifications as if it were the financial institution that is acting as the insurer:
7. the Lloyd’s managing agent must ensure that—
   1. its fair conduct programme is in writing and complies with all requirements prescribed for the purposes of this subparagraph; and
   2. information about its fair conduct programme is made publicly available in the prescribed manner:
8. if the Lloyd’s managing agent contravenes any of sections 446G(1), (2)(b), or (3), 446I, or 446K or paragraph (b), the managing agent has civil liability under subpart 3 of Part 8 for the contravention:
9. if the Lloyd’s managing agent contravenes or is likely to contravene any of sections 446G(1), (2)(b), or (3), 446I, or 446K or paragraph (b), the FMA may exercise any 1 or more of its enforcement powers in respect of the matter (see, for example, the FMA’s powers to make direction orders under section 468).

10. Subsections (2) and (3) apply regardless of where the Lloyd’s managing agent is resident, is incorporated, or carries on business.