11 Mar 2009
ANZ NATIONAL BANK LTD AND ANOR V TOWER INSURANCE LTD AND ANOR HC AK CIV 2005-404-007271
- Citation
- openlaw-91d4af26_06e7_4e62_9467_6856b3f9aec6.pdf
- Court
- High Court
The Court declared ANZN/INGNZ validly terminated both the National Bank and ANZ agency agreements effective 1 March 2009 (ANZ termination complied with clause 29; National Bank clause required service to contractual address but Tower's public Stock Exchange announcement and conduct estopped Tower from denying valid service). However, on proper construction of the agreements and deeds of novation Tower, as underwriter/principal, retained the contractual right to renew ANZN-branded policies post-termination (clauses 10.6.2, 10.7 and 17.8 together with deed wording permitting 'ongoing maintenanc…