Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Ensuring insurance works for all into the future

Clayton Cosgrove
EQC Spokesperson

9 July 2014

Ensuring insurance works for all into the future

Ensuring the insurance industry works as it should when Kiwis need it most is the driver behind Labour’s plans for an Insurance Commissioner, Labour’s EQC spokesperson Clayton Cosgrove says.

“The Canterbury earthquakes have highlighted just how under-prepared both the industry and EQC were to handle a major disaster.

“Being able to call on EQC’s natural disaster fund has certainly lessened the cost of the rebuild for the rest of New Zealand. However the earthquakes also exposed some serious shortfalls, not the least the lengthy and stressful claims process faced by affected residents.

“An independent Insurance Commissioner, funded by a levy on insurers, will take a hands-on role in overseeing the industry and making sure it works better than it has when it is most needed.

“The Commissioner’s first task will be to review and make follow-up recommendations on the actions of EQC and the insurance companies in the wake of the earthquakes.

“Based on what has been learned from Canterbury, Labour will also move to have EQC levies collected through rates rather than through home insurance, with the levy proportional to the value of the home. This fixes the problem of uninsured properties not being eligible for EQC payouts.

“We will also:
• Increase the current $100,000 cap on payouts, as recommended by the Commissioner
• Ensure EQC covers the cost of temporary accommodation for people unable to live in their damaged homes once private cover has expired
• Require EQC to pay for work to protect homes from increased geological risk, such as flooding where land has slumped, following earthquakes
• Work with the industry to develop a plain English insurance ‘template’, able to be varied by mutual agreement of both parties

“The Canterbury earthquakes have highlighted what does - and what doesn’t - work when it comes to the insurance sector. We need to learn from the last three and a half years and be prepared should a similar disaster happen in future,” Clayton Cosgrove said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system.

The new model involves a new government-owned company taking over the operation of the payroll service, and Talent2 licensing the core Alesco software to that company.

The settlement provides for Talent2 to pay the Ministry between $18 million and $22 million, made up of $7 million in cash and other considerations including a license for the Alesco software and discounted fees for the support and maintenance of this software. More>>

 

Parliament Today:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Minister Told Of FBI Investigation, Says INZ: Coleman Must Quit Or Be Sacked Over Dotcom Case - Harré

Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. More>>

ALSO:

Valedictory Season: Maori Party Founders Say Goodbye

Two major Maori MPs gave there farewell speeches to Parliament Thursday outlining their history, experiences, triumphs and regrets. More>>

ALSO:

Resignation Not Accepted: Transport Minister Breaches Aviation Security Rules

"Running late for a plane at Christchurch Airport, I without thought breached airport and airline security rules by entering the gate lounge through a door usually used for exit only..." More>>

ALSO:

TAIC Report: Urgent Recommendations After Melling Rail Accident

The Transport Accident Investigation Commission has made four urgent recommendations to KiwiRail following the accident two months ago (27 May) when a Matangi passenger train collided with a stop block at Melling Station, Lower Hutt. More>>

ALSO:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news