🏒 Export Guarantee Office, Head Office

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The date of establishment of the Export Guarantee Office (EXGO) is based on the enactment date of the Export Guarantee Act 1964, 13 November 1964. It opened for business on 19 July 1965. State Insurance Limited purchased the business operations of EXGO on 3 October 1990, and operated it on behalf of the Crown for six-months under a management agreement. The disestablishment date of EXGO is based on the expiry date of that agreement, 31 March 1991.

                    [custom2] => 
    
    
  1. Directory of Official Information 1989, Department of Justice, Wellington, December 1989. 
    2. 
    
  2. Export Guarantee Office - Annual Report for the Year Ended 31 December 1965, H.46, Appendix to the Journals of the House of Representatives 1966, Volume III, Government Printer, Wellington, 1967. 
    3. 
    
  3. Report of the Export Guarantee Office for the Year Ended 31 December 1990, G.18, Appendix to the Journals of the House of Representatives 1991-93, Volume XX, Published by Order of the House of Representatives, Wellington, 1994. 
    4. 
    
  4. New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 12 July 2011). 
    5. 
    
  5. The Treasury website, http://www.treasury.govt.nz/ (accessed 12 July 2011). 
    6. 


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Establishment


The Export Guarantee Office (EXGO) was established on 13 November 1964 under the provisions of the Export Guarantee Act 1964. Prior to opening for business, it was necessary for the Office to arrange for the recruitment and training of staff, office accommodation, preparing office systems, deciding upon contract terms, conditions, and wordings, and the printing of a number of forms and brochures. EXGO opened for transaction of business on 19 July 1965.1


Functions and Responsibilities


The mission of the Export Guarantee Office was to promote the export trade of New Zealand and assist the expansion of New Zealand's foreign exchange earnings. EXGO achieved by this by providing the New Zealand export sector with a competitive, efficient and effective export credit insurance scheme.2 It promoted the export trade by:


    
    
  • providing to persons carrying on business in New Zealand insurance against any loss arising from all or any of the following causes; (i) the non-payment, in whole or in part, for goods supplied or services provided beyond New Zealand; (ii) the frustration or other failure of any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand; (iii) the payment of expenses necessary to complete any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand; or (iv) any other loss, arising out of and in the course of the export or the development of the export of particular goods or services from New Zealand; 
    • 
    
  • guaranteeing a banker or other lender repayment of any amount advanced by the banker or other lender to facilitate the export from New Zealand of particular goods or services pursuant to any transaction in respect of which the Office entered into a contract of insurance under; 
    • 
    
  • providing services for the purposes of avoiding or mitigating any loss against which the Office insured; 
    • 
    
  • entering into and enforcing any contract of insurance specifically approved by the Minister responsible for the State Insurance Office as being in the national interest; 
    • 
    
  • preparing a balance sheet, statements of account, and a report of operations and presenting these before Parliament each year.3 
    • 



Structure


EXGO was headed by a General Manager, who by statute was the General Manager of the State Insurance Office. The Export Guarantee General Manager was constituted as a corporation sole with the power to acquire, hold, or alienate real or personal property.


Prior to being sold, a Group Manager assisted the General Manager. A Manager, who reported to the Group Manager, was responsible for an Assistant Manager, the Auckland Regional Office, and servicing. The Assistant Manager was responsible for underwriting and claims, and administration.4


EXGO had a regional office based in Auckland, which was headed by a Regional Manager.


An Export Guarantee Advisory Committee, established under section 12 of the Export Guarantee Act (and first appointed on 29 January 1965), provided advice to the Minister of Overseas Trade and Marketing concerning the types of insurance contracts to be issued by EXGO, the terms and conditions that were to apply to such contracts, and on sundry matters relating to the function of EXGO.5 The Committee consisted of:


    
    
  • Secretary of Trade and Industry (Secretary of Industries and Commerce up to 1972); 
    • 
    
  • General Manager, EXGO; 
    • 
    
  • 6 other members appointed by the Minister of Overseas Trade and Marketing. 
    • 



The Committee was serviced by the Department of Trade and Industry (known the Department of Industries and Commerce up to 1972). It was disbanded on 20 November 1989 under the Export Guarantee Amendment Act 1989.


After the Government sold State Insurance, the Secretary of the Treasury was designated the General Manager of EXGO under section 3 of the Export Guarantee Amendment Act (No.2) 1990.


Disestablishment6


On 3 October 1990 the business operations of the Export Guarantee Office were sold to State Insurance Limited for $1.25 million. As part of the transaction, EXGO paid $15 million as a dividend to the Crown. During a six-month transition period, State Insurance Limited operated EXGO on behalf of the Crown under a management agreement  that ended on 31 March 1991. From the same day EXGO ceased to do new business, its insurance liabilities being run down as insurance contracts expired.


    
    
  1. p.3, H.46, AJHR 1966, Volume III. 
    2. 
    
  2. p.2, G.18, AJHR 1991-93, Volume XX. 
    3. 
    
  3. p.136, Directory of Official Information 1989. 
    4. 
    
  4. ibid. 
    5. 
    
  5. p.3, H.46, AJHR 1966, Volume III. 
    6. 
    
  6. p.2, G.18, AJHR 1991-93, Volume XX, and New Zealand Government Asset Sales as at 30 September 1999 - Completed Sales, The Treasury website, http://www.treasury.govt.nz/government/assets/saleshistory/notes/#export (accessed 12 July 2011). 
    7. 


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Agency

AAYM

1964 ‑ 1991

Other

Export Guarantee Act 1964

The Export Guarantee Office provided export credit insurance facilities for the New Zealand export sector.

Wellington

Show History

Establishment

The Export Guarantee Office (EXGO) was established on 13 November 1964 under the provisions of the Export Guarantee Act 1964. Prior to opening for business, it was necessary for the Office to arrange for the recruitment and training of staff, office accommodation, preparing office systems, deciding upon contract terms, conditions, and wordings, and the printing of a number of forms and brochures. EXGO opened for transaction of business on 19 July 1965.1

Functions and Responsibilities

The mission of the Export Guarantee Office was to promote the export trade of New Zealand and assist the expansion of New Zealand's foreign exchange earnings. EXGO achieved by this by providing the New Zealand export sector with a competitive, efficient and effective export credit insurance scheme.2 It promoted the export trade by:

  • providing to persons carrying on business in New Zealand insurance against any loss arising from all or any of the following causes; (i) the non-payment, in whole or in part, for goods supplied or services provided beyond New Zealand; (ii) the frustration or other failure of any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand; (iii) the payment of expenses necessary to complete any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand; or (iv) any other loss, arising out of and in the course of the export or the development of the export of particular goods or services from New Zealand;
  • guaranteeing a banker or other lender repayment of any amount advanced by the banker or other lender to facilitate the export from New Zealand of particular goods or services pursuant to any transaction in respect of which the Office entered into a contract of insurance under;
  • providing services for the purposes of avoiding or mitigating any loss against which the Office insured;
  • entering into and enforcing any contract of insurance specifically approved by the Minister responsible for the State Insurance Office as being in the national interest;
  • preparing a balance sheet, statements of account, and a report of operations and presenting these before Parliament each year.3

Structure

EXGO was headed by a General Manager, who by statute was the General Manager of the State Insurance Office. The Export Guarantee General Manager was constituted as a corporation sole with the power to acquire, hold, or alienate real or personal property.

Prior to being sold, a Group Manager assisted the General Manager. A Manager, who reported to the Group Manager, was responsible for an Assistant Manager, the Auckland Regional Office, and servicing. The Assistant Manager was responsible for underwriting and claims, and administration.4

EXGO had a regional office based in Auckland, which was headed by a Regional Manager.

An Export Guarantee Advisory Committee, established under section 12 of the Export Guarantee Act (and first appointed on 29 January 1965), provided advice to the Minister of Overseas Trade and Marketing concerning the types of insurance contracts to be issued by EXGO, the terms and conditions that were to apply to such contracts, and on sundry matters relating to the function of EXGO.5 The Committee consisted of:

  • Secretary of Trade and Industry (Secretary of Industries and Commerce up to 1972);
  • General Manager, EXGO;
  • 6 other members appointed by the Minister of Overseas Trade and Marketing.

The Committee was serviced by the Department of Trade and Industry (known the Department of Industries and Commerce up to 1972). It was disbanded on 20 November 1989 under the Export Guarantee Amendment Act 1989.

After the Government sold State Insurance, the Secretary of the Treasury was designated the General Manager of EXGO under section 3 of the Export Guarantee Amendment Act (No.2) 1990.

Disestablishment6

On 3 October 1990 the business operations of the Export Guarantee Office were sold to State Insurance Limited for $1.25 million. As part of the transaction, EXGO paid $15 million as a dividend to the Crown. During a six-month transition period, State Insurance Limited operated EXGO on behalf of the Crown under a management agreement  that ended on 31 March 1991. From the same day EXGO ceased to do new business, its insurance liabilities being run down as insurance contracts expired.

  1. p.3, H.46, AJHR 1966, Volume III.
  2. p.2, G.18, AJHR 1991-93, Volume XX.
  3. p.136, Directory of Official Information 1989.
  4. ibid.
  5. p.3, H.46, AJHR 1966, Volume III.
  6. p.2, G.18, AJHR 1991-93, Volume XX, and New Zealand Government Asset Sales as at 30 September 1999 - Completed Sales, The Treasury website, http://www.treasury.govt.nz/government/assets/saleshistory/notes/#export (accessed 12 July 2011).

The date of establishment of the Export Guarantee Office (EXGO) is based on the enactment date of the Export Guarantee Act 1964, 13 November 1964. It opened for business on 19 July 1965. State Insurance Limited purchased the business operations of EXGO on 3 October 1990, and operated it on behalf of the Crown for six-months under a management agreement. The disestablishment date of EXGO is based on the expiry date of that agreement, 31 March 1991.


  1. Directory of Official Information 1989, Department of Justice, Wellington, December 1989.
  2. Export Guarantee Office - Annual Report for the Year Ended 31 December 1965, H.46, Appendix to the Journals of the House of Representatives 1966, Volume III, Government Printer, Wellington, 1967.
  3. Report of the Export Guarantee Office for the Year Ended 31 December 1990, G.18, Appendix to the Journals of the House of Representatives 1991-93, Volume XX, Published by Order of the House of Representatives, Wellington, 1994.
  4. New Zealand Legislation website (Parliamentary Counsel Office), http://www.legislation.govt.nz/ (accessed 12 July 2011).
  5. The Treasury website, http://www.treasury.govt.nz/ (accessed 12 July 2011).




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