Parliament

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

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need.

And I’m hedging with the ‘could well’ only because the Ardern government hasn’t yet spelled out whether the name change it has announced will also involve a rejection of the controversial use of Big Data to try and predict those children deemed to be at highest risk of inter-generational reliance on welfare support. More>>

 

Principals' Federation: End Of National Standards

Today the Minister of Education announced that the Government has stopped the controversial National Standards system of assessment and declared them an arbitrary measure which did not raise children's achievement as the previous Government intended. More>>

ALSO:

Public Good: People’s Report On Public Broadcasting And Media Presented

The People’s Commission on Public Broadcasting and Media, was crowdfunded and was informed by an extensive consultation, seeking the views of both those working in Media as well as gathering input both online and in person from ordinary Citizens. More>>

ALSO:

RBNZ To RNZB: PM's Press Conference

Prime Minister Jacinda Adern was joined by Minister of Finance Grant Robertson and Minister for Children Tracey Martin to announce the appointment of Adrian Orr as the new Governor of the Reserve Bank and the name change of the Ministry for Vulnerable Children to ‘Oranga Tamariki - Ministry for Children’. More>>

ALSO:

'Taming Globalised Capital': Why Is Labour Supporting Investment Rules In WTO?

‘Today, we learned the new government has added New Zealand’s name to a proposal designed to lead to foreign investment rules in the WTO at this week’s ministerial meeting in Argentina,’ said Auckland University Professor Jane Kelsey. More>>

ALSO:

Gordon Campbell: On The Politics Of Scaring Voters Back Into Line

Fear has always been a useful mobilising tool in politics… yet in 2017, bogeymen of all shapes and sizes seem to have fallen on hard times. For years, the National party had painted itself as being the only reliable defensive bastion against the terrifying prospect of a centre-left government… More>>

ALSO:

Gordon Campbell: On Drinking Water As A Failure Of Political Leadership

It is almost possible to feel sorry for the Health Ministry in their terrible, no good, very bad week... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages