Hallmark Life Insurance Company Limited

Date Made

Date signed: 2013-09-08

Sectors

Life Insurers

Enacting statement

In accordance with section 159(3) of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), the Minister of Justice hereby gives notice that she has granted the following exemptions from the Act:

Ministerial Exemption: Hallmark Life Insurance Company Limited

Commencement date

This exemption comes into force on 2018-09-09

End date

This exemption will expire on 2018-06-30

Exemption

As the Minister of Justice and pursuant to section 157 of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("the Act"), I partially exempt Hallmark Life Insurance Company Limited from the provisions of the Act in relation to the provision of current term life policies in run-off. This exemption specifically covers Part 2 of the Act.

Conditions

This exemption is not subject to any conditions.

Statement of reasons

 This exemption has been made for the following reasons:

1. 1. Sales of your term life policies were discontinued in 2008 and are currently in run-off.
   2. The compliance burden to which Hallmark would be subjected if this exemption was not granted would be disproportionate to the money laundering and terrorist financing risks involved with these products.
   3. The loans to which these term life policies relate will have been checked and verified from an anti-money laundering perspective by the underlying credit providers.
   4. According to international findings term life policies, are considered to be lower risk products for money laundering and terrorist financing.

Contact

Any person wishing to provide comment on this notice should contact the AML/CFT Team at the Ministry of Justice by emailing amlcft.exemptions@justice.govt.nz