Hallmark Life Insurance Company Limited and Hallmark General Insurance Company Limited (the Hallmark Entities)

Date Made

Date signed: 2026-07-27

Sectors

Life Insurers

Enacting statement

In accordance with section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the Act”), the Associate Minister of Justice hereby gives notice that she has granted the following exemption from the Act:  

Ministerial Exemption: Hallmark Life Insurance Company Limited and Hallmark General Insurance Company Limited (the Hallmark Entities)

Commencement date

This exemption comes into force on 2026-07-27

End date

This exemption will expire on 2031-07-27

Exemption

As the Associate Minister of Justice, and pursuant to section 157 of the Act, I exempt The Hallmark Entities from the following provisions of the Act: 

1. 1. Sections 10-71 (inclusive)  

Conditions

This exemption is made subject to the following conditions: 

1. 1. This exemption applies only to Consumer Life Policies offered by the Hallmark Entities.  
   2. The Hallmark Entities must inform the Ministry of Justice of any changes that may affect the exemption, or any of its conditions, within 10 working days of when the change occurs.  

Statement of reasons

The exemption has been made for the following reasons: 

1. 1. There is a low risk of money laundering and terrorism financing through the Hallmark Entities because:  
      1. The Consumer Life Policies are linked to credit and loan products offered by Latitude Financial Services Limited and are not standalone investment products.  
      2. The Consumer Life Policies are no longer offered to new customers and are only being serviced until they come to an end.  
      3. The amounts insured and paid out under the Consumer Life Policies are low.  
      4. In most cases, claim payments are made directly to Latitude Financial Services Limited on behalf of the customer.
      5. Any refund of unused premium is applied to the outstanding loan balance and is not paid directly to the customer.
      6. Latitude Financial Services Limited carries out customer due diligence, watchlist monitoring, transaction monitoring, and suspicious activity reporting. 
   2. The obligations imposed on the Hallmark Entities would be disproportionate given the low risk of money laundering and terrorism financing.
   3. The exemption granted has a low impact on the integrity of the anti-money laundering and countering financing of terrorism system in alignment with section 157 of the Act.  

Contact

Any person wishing to provide comment on this notice should contact the Anti-Money Laundering and Countering Financing of Terrorism Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz.   

Corrigendum

Previous exemptions

Hallmark Life Insurance Company Limited and Hallmark General Insurance Company Limited

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