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News release: Insurers welcome establishment of Christchurch Central Development Unit

The Insurance Council says it welcomes today’s announcement by the Earthquake Minister, Hon Gerry Brownlee, that a Christchurch Central Development Unit focussing on the rebuilding of the Christchurch Central Business District (CBD) is to be established.
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Publication: ICNZ Annual Review 2011-2012

TThe past 18 months have been the most challenging period in the history of the NZ insurance industry...
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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.
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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
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Canterbury earthquake

The largest single insurance event in the history of New Zealand
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New Fair Insurance code

The obligations for both you and your insurer.
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The Annual Insurance Industry Review 2010 - 11


Council Activities 2010/11

The following list of activities is provided to identify the specific work outcomes of the Council, Committees and Working Groups.

Some of the activities were extensive in nature, others relatively minor.

All, however, are part of the Insurance Council’s drive to deliver the Strategic and Business objectives set down by the Members and Board.

The Council also continued its normal core functions of Regulation, Representation and Knowledge Management of Members’ interests.

We also created the earthquake recovery structure and operation within Council to respond to all Christchurch earthquake recovery requirements.

Major submissions to government presented on:

Regulation

Submissions completed in 2010 on:

  • Proposed Minimum Requirements for Authorised Financial Advisers
  • Anti Money Laundering Bill
  • Insurance (Prudential Supervision) Bill
  • Disputes Resolution Scheme
  • Financial Service Providers (Pre-implementation Adjustments) Bill
  • Solvency Standard Version 2 Consultation
  • Supplementary Order Paper 113
  • Financial Service Planning Guidelines
  • Pre-Implementation Submission on Departmental Report
  • Credit Reporting Privacy Code
  • Consumer Law Reform
  • Risk Margin Recoveries (2)
  • Credit Reporting Privacy Code
  • Anti Money Laundering Code & Guidelines
  • Consumer Guarantees Amendment Bill
  • Solvency Standard Consultation Draft.

Other submissions and policy input to Government agencies:

New Zealand Transport Agency Submissions on:

  • Land Transport Rule 54002-4 -Traffic Control Devices Amendment 2010
  • Section 241 Land Transport Act – Motor Vehicle Register
  • Driver Licensing Amendment Rule 91001-7
  • Omnibus Amendment 2010 Rule 10006
  • Taxi Safety Amendment (No.2) 2010
  • Vehicle Lighting Amendment
  • VSAG – In-service Repair Working Group Questionnaire and submission.

Standards New Zealand DZ4512 – Fire Detection Alarm Systems in Buildings.
Department of Building and Housing

Department of Building and Housing

  • Best Practice Guide in determining refurbishment for fair wear and tear in retirement villages
  • Smoke venting in buildings
  • Unit Titles Act 2010 – DBH discussion document
  • Earthquake – Prone Building Policy Review -2010.

Other Insurance Council activities and their outcomes:

Since the Canterbury Earthquake, September 4, Earthquake Recovery response programme developed.

Earthquake Recovery Committees formed and convened.

Extensive range of meetings, protocols, agreements and discussion groups – completed.

Co-ordination of Insurers, EQC, Christchurch City Council and central government in respect of Earthquake Recovery – undertaken and ongoing.

Mutual agreements with NZ Fire Service on:

  • Fire Service Levy compliance
  • Collective and 3-tier policy arrangements designed to minimise FSL liability
  • Proposal for ICNZ Coolstore Insurance Guide – completed.

Further work with the NZ Fire Service on Fire Service levy compliance.

Commercial Committee’s visit to Fonterra Coolstore Site, Te Rapa – completed.

Material Damage Core Wording – spontaneous combustion of palm kernel meal feed – completed.

Financial Advisers Legislation Disputes Resolution Scheme completed.

Reparation and ACC entitlements – General Liability Extensions for bodily injury – completed.

IUMI Questionnaires on Loss Prevention & Marine Insurance Premium – completed.

Government adoption of the 1996 Protocol by New Zealand for the Limitation of Marine Claims – achieved.

Amendment to ICNZ Fire Service Levies Compliance Guide on Marine Transit Policies – achieved.

Industry position on GST on claims settlements on Marine Cargo Insurance – achieved.

Marine Loss Statistics over NZ$250,000 on a 6-monthly basis – proposal completed.

Submission to Maritime New Zealand over potential problems with the new Gas Fitting Rules 2010.

Deregistration of structurally damaged uninsured third party vehicles – public advice completed.

Consumer Advice for the ICNZ website on the importance of having Motor Insurance – completed.

Rental Vehicle Loss of Use Calculation – Updated July 2010.

Motor – further work on the Police/Insurer Bait Car initiative.

Amendments to the Knock for Knock Agreement – initiated.

Travel Insurance Committee Insurance Market Monitor Survey for 2010/2011 – developed.

Travel Insurance Statistics – agreement for new statistics to be collected.

ICNZ Website upgrade and extension, including members’ section – completed.

Discussions with local bodies and government on issues arising from the Taihape Landslip – undertaken and resolved.

Liability – Insurance Council participation in the Insurance Law Conference in Christchurch.

Finance Committee Seminar – arranged and completed.

Annual industry remuneration survey – completed.

Preparation of a GST issues document to assist insurers over the GST transition period – completed.

GST Advisory Panel proposals for legislative amendments to GST Act – responded to and completed.

Work with the Fire Service in developing protocols for accounting for GST on Fire Service levies over the GST increase period, initiated and continuing.

Submission to IRD on Risk Margins and Claims Handling

Expenses to correct a technical problem in the Tax Act – completed.

Accounting Training Courses for Insurance co-ordinated.

Review of Rating Agencies and recommendations for approval to the Registrar – completed.

Submission on IFRS Exposure Draft 2010/8 – Insurance Contracts – completed.

Collection and review of members’ ICNZ Solvency Reports – updated and completed.

Review of Insurance Claims Register – completed.

RFP for a rewrite of the ICR system and the commencement of work on the rewrite initiated.

Workshop on Prudential Regulation with the Reserve Bank – completed.

Participation in the Police-sponsored Crime Prevention Partnership Forum – completed and ongoing.

Preparation of Guidelines for the treatment of carpets – completed.

Preparation of Guidelines for Dual Insurance – completed.

Preparation of website brochures on:

  • Jewellery Insurance
  • Section 74 Notices
  • Gradual deterioration
  • Duty of Disclosure – completed.

Fair Insurance Code – a limited review was completed to take regulatory changes into account – completed.

Presentation to insurers, brokers and members of the Insurance Law Association in Christchurch and Dunedin, of current Insurance Council activities – July 2010.

 

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