As of 24 September 2025, a long-awaited and significant change to the Administration Act 1969 came into force, directly impacting how we handle claims and policy transfers from deceased estates.
The Administration (Prescribed Amounts) Amendment Regulations 2025 has increased the threshold for which financial institutions, including Resolution Life, can release funds without requiring probate or letters of administration. This threshold has been raised from $15,000 to $40,000. This will allow us to pay out benefits or transfer ownership of policies with a surrender value of up to $40,000 without requiring probate or letters of administration.
This is a welcome development. The previous $15,000 threshold has long been a source of frustration for customers and advisers alike, often causing delays during an already difficult time. This change will streamline the process in many cases, enabling us to pay claims quickly and more efficiently.
Key points:
- New change is active: The new $40,000 threshold applies to all claims or requests for ownership transfer made to Resolution Life from 24 September 2025.
- Our process: While the threshold amount has increased, our processes around claims and transfer of ownership remain unchanged.
- Probate may still be required: Advisers should be aware that even with the new threshold, there are still exceptional circumstances where probate or letters of administration may be necessary, for example, when there is a dispute between executors or beneficiaries of the estate. We will assess these on a case-by-case basis.
This change is a positive step in improving the customer experience during the claims process. We’re confident it will reduce delays and alleviate some of the stress on families dealing with a loved one’s estate.
For more information, a link to the new regulation can be found here: Administration (Prescribed Amounts) Amendment Regulations 2025
If you have any questions, please do not hesitate to contact us on 0800 808 267 or askus@resolutionlife.co.nz.
Important information
The content of this website is for information only, it does not contain any financial advice or other professional advice or make any recommendations about a financial product or service being right for you. The information provided by Resolution Life Australasia Limited ABN 84 079 300 379, NZ Company No. 281363, AFSL No. 233671 (Resolution Life), is of a general nature and does not take into account your objectives, financial situation or needs. Before taking any action, you should always seek financial advice or other professional advice relevant to your objectives, financial situation and needs, as well as consider the policy document for the product. Any guarantee offered in the product is only provided by Resolution Life.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.co.nz/contact-us or by calling 0800 808 267.
