Overpaid premium refund

We’ve identified that some of our members, both past and present may have overpaid their premium. This overpayment arose due to either:

  • changes to the way you pay us (for example when you transfer from an individual policy to an employer group scheme), or
  • because your policy cancellation date was prior to the date you were paid up to.

Here at Southern Cross, we pride ourselves on being with our members as much as they are with us. That’s why we take the extra step to ensure that any adjustments to premiums that would benefit our members are promptly actioned. This is why some members may end up with a credit on their account.

We’re currently in the process of contacting our affected members so we’re able to refund the overpaid premium as well as provide compensation in the form of the ‘time value of money’.

What do you need to do?

If you are entitled to a refund, you'll receive an email or letter from us to confirm your next steps:

  • If we have your bank account on record, we’ll confirm that account as the one we’ll be paying the refund into. If you’re happy for the refund to be paid into that account, you won’t need to do anything. If you want the refund to be paid to a different bank account, you need to complete this form within 10 working days of the date of your letter. If we don't hear from you within that period, the refund will be paid into the bank account set out in our letter.
  • If we don’t have your bank account details we'll request that you complete this form. Once we receive your completed form, we will refund you within 10 working days.

Provide your bank details

Our complaints process

We are committed to ensuring that our products and services meet your expectations. If you are dissatisfied with any of our products or services, we’d love to hear from you. You can raise your concern to us by following our complaints process, you can learn about the process here.



  • Who receives the refund?

    The policy holder will receive the refund. The refund can be made to any New Zealand bank account in the policyholder’s name.

  • How is the refund calculated?

    We’ll be refunding the total amount of any overpaid premium plus the time value of money.

  • What does “the time value of money” mean?

    Time value of money is compensation for the use of money. When a refund period is longer than 12 months, we include compensation for the time value of money.

    This compensation is calculated using the Reserve Bank of New Zealand (RBNZ) 6-month deposit interest rate. We use this interest rate to calculate compensation by applying this rate to the applicable refund amount on a monthly basis for the relevant refund period.

  • I'm a current Southern Cross member. Why can't you just credit this against the cost of my next premium?

    Because you are part of an employer group scheme and don’t pay Southern Cross directly, we can’t apply a credit against your next premium payments.

  • I’ve been asked for proof of my bank account

    If we’ve asked you for proof of your bank account, please complete this form and attach proof of your bank account which includes your bank account name and number.

  • How can I get in touch with Southern Cross?

    You can phone us on 0800 800 181. Alternatively, visit us online to get in touch.