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

 


Privatised ACC: fully-funded or not?


Labour 2000 web site
Reported comments from the chief executive of the Insurance Council have raised serious concerns about the funding practices of companies that have entered the newly privatised workplace injury market, Labour ACC spokesperson Ruth Dyson said today.

"In today's Independent newspaper, Insurance Council CEO Chris Ryan has expressed his concern that Labour's policy would leave private insurance companies "with a 30 year tail of long-term injuries to deal with and with no premiums to fund the cost of compensation."

"It is a remarkable statement. Up until now it has been claimed the new regime is a fully-funded scheme. That is, insurance companies are supposed to be collecting enough in premiums to cover payments in the current year AND all future ones.

"It now appears that is not the case. According to Mr Ryan, insurance companies are building up an unfunded liability. Ironically, the Insurance Council and the Employers Federation savagely criticised the ACC over its unfunded liability and promised a far rosier future under privatisation.

"While the Government continues to talk up its ACC 'reforms', there is more and more evidence that the whole process has been an ill-thought out, ideologically driven disaster," Ruth Dyson said.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news