The report entitled Cheyenne Insurance Company (NZ) Ltd: When is an ‘insurance’ company a real insurance company? was published on this website on 20 October, 2010. Just seven days later the company’s director and owner, John Malcolm Carr, a San Antonio Texas-based CPA, changed the so-called ‘insurance’ company’s name on the NZ Companies on-line register, one it had had since 9 August 1994, to a new name Cheyenne INVESTMENT Company (NZ) Ltd [Emphasis added].
Why did this US businessman need to make this change on 27 October 2010 after calling it an INSURANCE company since 1994. The answer relates to the passing by parliament on 7 September 2010 of the Insurance (Prudential Supervision) Act 2010 (see 20 October report) outlawing the use of the word “insurance” in a company name, when the company does not have authorisation to engage in insurance transactions.
See: US-based critic of economy [John M Carr CPA] has lots more to say
The NZ public and Society (SPCS) members expect the Society, which seeks as one of its objectives “to foster public awarenes of the benefits to social, economic and moral welfare, of community standards, and to encourage constructive debate and discussion in this area”; to be a ‘watchdog’ on matters that impact the maintenance of the public good. [Read more…]