News

Latest News

News release: Christchurch insurance rebuilds $NZ10 billion and rising

The Insurance Council is warning that the continued aftershocks in Christchurch could have long term effects on the insurability of New Zealand.
more »»

News release: EQC and insurers seeking clarity on insurance payments

The Earthquake Commission (EQC) and the Insurance Council have agreed to ask the High Court to make a ruling on complex questions of coverage arising from the two major Canterbury earthquakes and their aftershocks
more »»

News release: 'P' Lab

Reduce the chances of your property becoming a 'P' Lab
more »»

Canterbury earthquake

The largest single insurance event in the history of New Zealand
more »»

New Fair Insurance code

The obligations for both you and your insurer.
more »»

Natural disaster costs

See historical damage figures »»

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.

 


Index - Previous - Next

 

 

 

 

Current · About ICNZ · Emergencies · Consumer advice · Regulation · News · Fire protection
Home   ·  Sitemap · Contact us