Lloyd’s is a signatory to the Insurance Council of New Zealand (ICNZ) Fair Insurance Code (Code), which is a code of practice that sets minimum standards for insurance companies, describes the responsibilities that the insured and insurers have to each other, and encourages professionalism in the insurance industry. The Code covers all insurance products, except for health insurance and life insurance, in relation to policyholders who are individuals or entities with 19 or fewer employees. Lloyd’s has been granted a partial exemption from the application of the Code in respect of open market business written on a direct market basis or by coverholders located overseas. Where Lloyd’s benefits from the exemption, policy documentation should clearly state that it is not subject to the protections afforded by the Code. Business written by coverholders domiciled in New Zealand is still subject to the Code.