AIA"s Permanent Term And Cash Back Products Re-classified

AIA New Zealand’s Permanent Term
And Cash Back Life Products Classified
As Category 2 Under New Regulations

Auckland, 20 June 2011 – AIA New Zealand has announced that its Cash Back Life and Permanent Term products will be classified as category 2 financial products, with effect no later than 1 July 2011.

The classification is based on a decision by Cabinet, which gave approval this week for a change in regulations relating to the Financial Advisers Act 2008 to permit the re-categorisation of certain financial products. Under the terms of the Financial Advisers (Re-Categorisation) Regulations 2011, investment-linked contracts of insurance that are not securities will be classified as category 2 products.

AIA New Zealand CEO Wayne Besant says of the Cabinet decision, “This is great news for us and reassuring for our advisers, because it means that they will be able to continue to sell and service these products. It helps ensure continued stability for the advisers we work with and for policyholders. We appreciate this decision.”

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About AIA New Zealand

AIA New Zealand is the trading name of American International Assurance Company (Bermuda) Limited (AIA) in New Zealand, and a member of the AIA Group.

Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life. Today we offer a complete range of risk management products that focus on the needs of our customers.

AIA New Zealand is based in Auckland with regional offices in Wellington, Hamilton and Christchurch. However, through our Insurance consultant network, we reach every corner of the country.

AIA New Zealand is a member of the Investment Savings and Insurance Association (ISI), the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ).

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