New Zealand Policyholder Advisory Committee

The New Zealand Policyholder Advisory Committee (NZPAC) is a committee established by the Resolution Life Board. 

The purpose of NZPAC is to:

• provide independent oversight of Resolution Life to ensure that fairness and the interests of New Zealand policyholders are appropriately considered in Resolution Life’s governance structures and decision making;
• question the Resolution Life Appointed Actuary in respect of matters affecting New Zealand policyholders; and
• provide advice and recommendations to the Resolution Life Board on matters relating to the interests of New Zealand policyholders in respect of other management proposals before they are put to the Board.

The NZPAC consists of four non-executive directors – three independent directors of Resolution Life NZ (Anne Blackburn, Michael Schubert and Alison O’Connell) and one independent director of Resolution Life (Keith Taylor).

The NZPAC is required to appoint an independent actuary (approved by the Reserve Bank) to advise the Committee on a range of matters.

The responsibilities of NZPAC are set out in its charter.  In summary:

(a)    NZPAC will consider and make recommendations in relation to specific matters set out in the charter insofar as they relate to the interests of New Zealand policyholders;

(b)    NZPAC will seek the advice of the independent actuary on an annual basis in respect of specific matters set out in the charter;

(c)    NZPAC will make recommendations on an annual basis to the Resolution Life Board in relation to specific matters set out in the charter, including matters relating to the interests of New Zealand policyholders (including those raised by the independent actuary) which NZPAC believes merits the Board’s attention;

(d)    NZPAC will review certain matters relating to the reinsurance treaty between Resolution Life NZ and Resolution Life; and

(e)    NZPAC may consider issues which may affect the risk profile and therefore the volatility of benefits for New Zealand policyholders.

The Resolution Life Board must be provided with a copy of any advice provided by the independent actuary.

If the Resolution Life Board decides to depart in a material way from advice or recommendations of NZPAC, it must provide reasons for that action and allow NZPAC a reasonable time to consider the Board’s position and respond.  If NZPAC considers that the matter in question raises significant issues with regard to the interests of New Zealand policyholders, NZPAC will notify the Reserve Bank and the Australian Prudential Regulation Authority of the decision of the Board and the views of NZPAC.

Click here  to view a copy of the NZPAC’s charter.