Best’s News & Research Service - August 04, 2023 08:11 AM (EDT)
AM Best Withdraws Credit Ratings of Consumer Insurance Services Limited
- August 04, 2023 08:11 AM (EDT)
Singapore //BestWire// - AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Consumer Insurance Services Limited (CISL) (New Zealand) as the company no longer operates as an insurance company. At the time of the withdrawal, the outlook of these Credit Ratings (ratings) was stable.
CISL cancelled all remaining card repayment insurance policies from 1 July 2022, and continued to pay eligible claims that occurred up to and including 31 December 2022. Subsequent to this, CISL is not liable for any insurance claims. In July 2023, the Reserve Bank of New Zealand canceled CISL’s insurance license and the company no longer operates as an insurance company.
AM Best’s procedure is for a final Credit Rating (rating) opinion to be produced in conjunction with a rating withdrawal. However, because CISL’s balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.