Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ICNZ To Participate in Declaratory Judgment

ICNZ To Participate in Declaratory Judgment


The Insurance Council of New Zealand (ICNZ) will participate in a Declaratory Judgment sought by the Earthquake Commission (EQC) to review its approach to settling land damage arising from the Canterbury earthquakes.

The EQC has developed an approach to determine whether land is more vulnerable to flood as a result of the Canterbury earthquakes and is eligible for EQC payments as a result, and asked ICNZ if it would participate in proceedings seeking the Court’s endorsement for EQC’s approach to these issues.

“There were simply too many important issues for insurers not to be a party to the proceedings. EQC’s approach is novel, untested, raises issues that need clarifying for everyone’s sake and has some elements that we have concerns about,” ICNZ Chief Executive Tim Grafton said.

“ICNZ being involved will enable the Court to be better informed about other factors that need to be considered that EQC may not address” Mr Grafton said.

“We feel the interests of others need to be heard too. While some of our views may be shared by insurers’ customers, the views of these landowners and insurers may not be perfectly aligned and for this reason we support the appointment by the Court of an amicus to represent the interests of landowners,” he said.

“ICNZ has concerns about how EQC proposes to determine whether land qualifies for compensation, and how compensation would be calculated in some cases.

There are also issues around the interplay between EQC land cover and insurers’ building cover which directly affect insurers that we want to be heard on. For instance, we believe that where a house is being repaired or rebuilt and flood level requirements mean it needs to be raised, EQC is liable for meeting the incremental cost of that work that results from earthquake-induced settlement of land,” he said.

A Declaratory Judgment will bring greater certainty to how EQC settles claims where land has settled as a result of the earthquakes, and this has given rise to increased vulnerability to flood. It will also have implications for EQC’s approach to land settlement that has made properties more vulnerable to liquefaction.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news