Provident Insurance Transfer FAQs

  • First Insurance Limited (FIL) has entered into an agreement to transfer its Loan Protection Insurance product to Provident Insurance Corporation Limited.

    Your insurance policy will continue to provide cover on the same terms and there will be no change to your rights and obligations under your policy.

  • First Insurance Limited (FIL) believes that entering into a long-term agreement with Provident to provide Loan Protection covers will benefit our members. The insurance industry has become very complex and requires a larger entity with the scope to be competitive. FIL believes it is in the best interests of policy holders to transfer now while we are in good shape.

  • Policies being transferred to Provident are Loan Protection Insurance.

  • 1 January 2025, but is subject to Reserve Bank of New Zealand (RBNZ) approval

  • Provident is a Licenced insurer that specialises in automotive and credit related insurance.  Provident is 100% New Zealand owned and is:

    • a member of the Insurance Council of New Zealand and adheres to the Fair Insurance Code
    • a member of the Financial Service Federation and adheres to the Responsible Credit-Related Insurance Code;
    • a participant in the Insurance and Financial Services Ombudsman scheme

    The Insurance (Prudential Supervision) Act 2010 requires all licensed insurers to have a current Financial Strength Rating, given by an approved rating entity.  

    Provident Insurance Corporation Limited has a Financial Strength Rating of B (Fair) as at December 2023 as accorded by the international rating agency A.M. Best Company.

    Rating

    Explanation

    A++, A+

    Superior

    A, A-

    Excellent

    B++, B+

    Good

    B, B-

    Fair

    C++, C+

    Marginal

    C, C-

    Weak

    D

    Poor

    E

    Under Regulatory Supervision

    F

    In Liquidation

    S

    Suspended

    Ratings from A to C also may be enhanced with a "++" (double plus), "+" (plus) or "-" (minus) to indicate whether credit quality is near the top or bottom of a category.

    Further information about Provident Insurance is available on its website www.providentinsurance.co.nz.

  • All claims made up to the date of the transfer, 1 January 2025, will be transferred to Provident Insurance and will be managed and overseen by Provident after that date.  Contact details for existing claims will remain the same. Staffing continuity arrangements have been made.  This means there is little change for you during the claim process.

  • Your policy will continue to provide insurance cover on the same terms and there will not be any changes to your contractual rights and obligations.  All contact information (i.e. phone numbers and email addresses) that policyholders usually use to contact the insurer will remain the same.

  • Your existing premium and payment commitments will not change. There is no need to pay additional premium.

  • No, your existing policy and its terms will continue to be honoured after the transfer has been completed.

  • No, but we value your feedback and any comments you may have.

  • Please email  feedback@firstcu.co.nz to provide your feedback before 5pm on Friday 22 November 2024.