About

American International Group, more commonly known as AIG, has been operating in New Zealand since 1970. In December 2011 AIG New Zealand became the first licensed insurer under the Insurance (Prudential Supervision) Act 2010 (IPSA) and as a result, the company became subject to the IPSA regulatory regime administered by the Reserve Bank of New Zealand (RBNZ). To handle this growing workload the company hired general counsel Richard Shine in 2012 to head AIG New Zealand’s legal, risk and compliance functions, where he has remained since. Shine handles all of AIG’s corporate legal, governance and regulatory support. He works closely with the board and senior executives, supporting all business arms. Praised highly for his capacity to manage teams and build relationships, he has helped deliver and extend the insurer’s award winning strategic partnership with New Zealand Rugby, devise sophisticated insurance solutions in support of the public offerings of state owned energy companies and provide legal support to the Insurance Council New Zealand (ICNZ) working committee on the revised Fair Insurance Code. Shine also serves as vice-chair to ICNZ’s regulatory committee, providing thought leadership and input on regulatory developments within the insurance and broader financial services industry. The AIG New Zealand team has received multiple recognitions through various industry awards, and Shine’s contribution towards pro-bono matters earned him the President’s Pro Bono Service Award Honeree from the New York Bar Association. In 2016 the legal team was involved in renewing AIG’s sponsorship deal with the country’s most iconic export and has also been recognised for the handling of complex competition issues and forging strong relationships with New Zealand’s leading regulatory bodies, including the Reserve Bank, FMA and Commerce Commission.