The Investment Savings and Insurance Association has appointed Peter Neilson as its new chief executive.

Dominion Finance director Vance Arkinstall may have resigned from the Investment Savings and Insurance Association, but fellow director Rick Bettle has retained his position as a presenter for the Institute of directors.

Both men are among six directors of Dominion Finance Group and sister company North South Finance Group facing criminal and civil charges brought by the Securities Commission.

Airport investment to bring benefits

Auckland International Airport’s decision to spend nearly $28 million to take a 24.99% stake in Queenstown Airport is good news for both the airports and Queenstown itself.

And Queenstown Airport, following approval from Queenstown Lakes District Council, may exercise an option for Auckland Airport to increase this stake from 30% to 35% before June 30 next year.

The Investment Savings and Insurance Association (ISI) expects to respond today or Monday to news that chief executive Vance Arkinstall is facing criminal and civil proceedings as a director of collapsed Dominion Finance and North South Finance.

The Securities Commission said on Wednesday that it has laid criminal charges and issued civil proceedings against Dominion Finance Group and North South Finance directors Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale. The directors are expected to fight the charges.

Holders of life insurance policies can expect premium rises from next year, because of changes to the way policies are taxed.

The mammoth Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill was reported back to Parliament yesterday.

The bill produces big changes to a number of areas of tax law, one of which is updating how life insurance policies are taxed at the company level.