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The Annual Insurance Industry Review 2009 - 10
Notable Council Activities 2009/10
The following list of Activities is provided to specifically identify the work of the Council, Committees and Working Groups.
Some of the activities were vast and extensive in nature, others relatively minor.
All, however, are part of the Insurance Council's drive to deliver the Strategic and Business Plans set down by the Members and Board.
The Council also continued its normal core functions of Regulation, Representation and Knowledge Management
Major submissions to government presented on:
Authorised Financial Adviser Competence - Securities Commission |
Securities Commission paper on regulating and supervising Financial Advisers (QFE's) |
Insurance (Prudential Supervision) Bill - Reserve Bank |
Guidelines to become an approved dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 - Ministry of Consumer Affairs |
Proposed Reserve Disputes Resolution Scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 - Ministry of Consumer Affairs |
Solvency Standard for Non-Life Insurance - Reserve Bank |
Financial Advisers Act 2008 - Disclosure Regulations - Ministry of Economic Development |
Regulating and Supervising Financial Advisers - Securities Commission |
Proposed Minimum Requirements of Continuing Professional Training for AFAs |
Standards of Ethical Behaviour and Client Care for Authorised Financial Advisers - Code Committee |
Other submissions and policy input to government agencies:
Draft Land Transport Work Time and Logbooks Amendment Rule 62001-2 |
EQC's Proposals to amend the Residential Insurance Scheme |
Land Transport Rule Tyres and Wheels Amendment [(No 2) 2009] Rule 32013/5 |
Land Transport Act - Section 241. Applications to obtain access to Names and Addresses held on the Motor Vehicle Register - Application and Processing Fees |
Review of the Operation of the Credit Contracts and Consumer Finance Act 2003 - Ministry of Consumer Affairs |
Unit Titles Bill 212/1 [2008] |
Other insurance council objectives completed :
Hosting of Finance Committee Seminar |
Completion of 2009 industry remuneration survey |
Clarification of Fire Service Levy issues and Student Travel policies |
Creation of new Insurance Council Members' Information Website |
Completion of the Insurance Council Building Consent Application and Compliance Guidelines |
Updated Insurers' Disputes Tribunal User Guide - the new jurisdiction limits |
Updated Fire Service Levy Compliance Guide - Marine Stock Throughput policies |
Updated Material Damage Advisory Core Wording - Protection Costs Memorandum |
Establishment of Guidelines for handling property claims involving leasehold property and compliance with the Property Law Act 2007 |
Presentation to the Opus Recovery Forum - Lessons learned from the Gisborne Earthquake |
Updated Accessory and Spare Parts Guideline - inclusion of new technology devices such as GPS and cellphone handsfree kits |
Creation of Guidelines for the Deregistration of Structurally- Damaged Vehicles |
Updated the Rental Vehicle Loss of Use Calculation Guide for February 2010 |
Creation of Guideline for dealing with claims when there is a shortfall between 'agreed' and 'market value' insurance policies |
Creation of Guidelines on the NZ Transport Agency's Continual Vehicle Licensing Rules that took effect 19 November 2009 |
Revision to the Motor Total Cost Recovery Guideline |
Written copy provided to the Joint NIWA / GNS Natural Hazards 2009 publication |
Development of Bait Car Protocol with NZ Police |
Presentation to the International Association of Auto Theft Investigators 2009 seminar - June 2009. |
Submission to Minister for Transport for the removal of the term 'write-off ' from Section 27 of the Transport Act. Insurance Council recommended that 'write-off ' be replaced with the words 'uneconomical to repair' or 'structurally damaged - uneconomical to repair' |
Completion of IUMI Questionnaires on Loss Prevention and Global Premium Income Declaration |
Submission on common Standards for mooring design and mooring surveys throughout New Zealand |
Updated the Insurance Council Casualty Surveyor Cost Recovery Charter |
Submission to adopt the London Market Convention 1976 and adoption of the 1996 Protocol concerning the limitation of Marine claims |
Creation of the Travel Insurance Working Group - June 2009 |
Extension of Insurance Council Statistics - inclusion of additional Liability business classes, and collection of Travel Insurance statistics |
Creation, in conjunction with the Insurance Law Association, of the Auckland Liability Discussion Group |
Industry agreement on Taihape Landslip - improved property risk issues in Taihape |
Development of a joint protocol between Insurers and the Fire Service on fire investigations |
Hosting of meetings with ANZIIF and Employment & Education Committee |
Branding Project - completion of survey on Attitudes to Insurance |
Issuance of RFP for Remuneration Survey Provider - selection of Dougherty Schaffler Diva as survey providers |
Ongoing presentations at ANZIIF Regional Conferences and Fraud Conference |
EQC - discussions with EQC on the timing of insurers' monthly reports |
Liaising with the IRD on the final shape of the Risk Margins Legislation |
Facilitating a workshop on draft Solvency Standards issued by the Reserve Bank |
Commencement of the Fraud Hotline for the public to report suspected insurance fraud |
Commencement of an RFP process to seek the best provider of the Insurance Claims Register database services. |
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