Legal

Financial Strength Rating

All licensed insurers are required to have a financial strength rating (“FSR”) from a rating agency authorised for this purpose by the Reserve Bank of New Zealand. Beneficial Insurance Limited has been rated B++ Outlook Stable by AM Best Company. The AM Best Company financial strength rating scale is –
 
SecureVulnerable
A++, A+ (Superior)B, B- (Fair)
A, A- (Excellent)C++, C+ (Marginal)
B++, B+ (Good)C, C- (Weak)
 D (Poor)
 E (Under Regulatory Supervision)

Solvency Disclosures

 Sep 2021
Actual solvency capital$10,618,000
Minimum solvency capital$3,000,000
Solvency margin$7,618,000
Solvency ratio354%
 
 

Dispute Resolution Scheme

Beneficial endeavours to look after its customers. However, from time to time, problems can occur. In the first instance, talk to the staff member or ask to speak with their manager. The majority of problems can usually be sorted out in this manner.

What if the problem is more serious or you are not satisfied with the manager’s response?

If you are not satisfied or you think the problem is a serious one, please write to:

The Compliance Manager
Beneficial Insurance Ltd
PO Box 68548 Victoria St West
Auckland 1142

Our internal complaints policy notes that we will acknowledge your complaint within 3 days and respond, in writing, to you within 14 days. Sometimes problems need more investigation and will take longer. In such instances we will keep you informed of our progress.

What happens if you are still not satisfied?

Though we will do our utmost to resolve any problem, if you are not satisfied and we reach a deadlock, then you can contact Insurance and Financial Services Ombudsman Scheme for assistance.

Insurance and Financial Services Ombudsman Scheme

Phone: 0800 888 202

Write to: PO Box 10845, Wellington 6143

Website: www.ifso.nz