Welcome to our mid-year edition of Cover to Cover for 2023.


In this edition, we discuss the transformative power that generative AI is likely to have in the insurance industry and the role it could play. We’ve seen AI burst onto the scene in other areas, and insurance is the perfect candidate for AI given the benefits associated with precise wordings and ensuring that claims are dealt with fairly and consistently. Generative AI is not, however, without risk and so we also discuss potential pitfalls.

We address the implications of the Conduct of Financial Institutions regime (CoFI) for intermediated distribution – undoubtedly, an important topic for licenced insurers who are covered by CoFI and distribute their products via intermediaries. We provide insights on who qualifies as an intermediary and, if so, how you and your organisation can prepare.


Intermediaries are not the FMA’s only focus; the FMA is also particularly interested in the fair dealing provisions of the Financial Markets Conduct Act (FMCA) and ensuring that insurers’ systems are up to scratch. Since June 2020, the FMA has launched seven proceedings in relation to alleged breaches of the fair dealing provisions of the Financial Markets Conduct Act. Of those, five related to insurance products. We discuss the issues and three key lessons from these cases.


We also look at three fascinating claims cases, all involving the court’s interpretation of different kinds of policies, from material damage to the RiskPool mutual scheme.

We hope you find this edition both interesting and informative.


Read Cover to Cover


This issue is available in PDF or individual articles below:

The transformative power of generative AI in the insurance industry: Opportunities and risks

Intermediated distribution: How intermediaries can prepare for CoFI

Systemic systems failure: Learnings from recent fair dealing enforcement action

Supreme Court's decision in Napier City Council v Local Government Mutual Funds Limited

Case study: High Court resolves policy interpretation dsipute in insurer's favour

Case study: WWII never ended for insurance market