Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

Operation of Reserve Bank - Protections from liability

187: Insurance for liability

You could also call this:

"Insurance to protect Bank workers if they make a mistake on the job"

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand can get insurance to cover people who work for the Bank. This insurance covers them if they make a mistake or do something wrong while doing their job. You are not covered if you do something in bad faith or not as part of your job. The Bank's job includes things they are allowed to do under laws like this Act or the prudential legislation. You can find more information about this in section 182(1)(a) to (f). The insurance does not cover things you do outside of your job or if you do not follow the rules. The Bank has many jobs and responsibilities under different laws. These laws tell the Bank what they can and cannot do. The insurance is to help protect the people who work for the Bank if they make a mistake while doing their job.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS296248.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansWork and jobs > Worker rightsBusiness > Industry rules
Previous

186: Indemnities in relation to act or omission, or

"Protection from blame for certain people"

Next

188: Breach of indemnity and insurance limits, or

"Paying back money if you break the Bank's rules about insurance and protection"

Part 4Operation of Reserve Bank
Protections from liability

187Insurance for liability

  1. The Bank may effect insurance cover for a person referred to in section 182(1)(a) to (f) in relation to the person’s acts or omissions, except an act or omission that is—

  2. in bad faith; or
    1. not in the performance or exercise, or intended performance or exercise, of the relevant functions or powers.

      1. The relevant functions or powers are—

      2. the Bank’s functions or powers under—
        1. this Act; or
          1. the prudential legislation; or
            1. any other legislation that confers or imposes functions or powers on the Bank; or
            2. the functions or powers that are conferred or imposed separately on the person by—
              1. this Act; or
                1. the prudential legislation; or
                  1. any other legislation that confers or imposes functions or powers on the Bank.

                  Compare