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 Australia's Superior Ways Of Communicating About Its Vaccine Rollout

It isn’t only on the cricket field that Australia performs better. The clarity and degree of detail in Australia’s published schedule of the priorities for its vaccine rollout has been very impressive. Here for instance, is their initial “1a” top priority category: Quarantine and border workers, including: staff at entry points to the country (such as sea ports and land borders)... More>>


 

Joint Press Release: Dirty PR Exposed In Whale Oil Defamation Trial

Three public health advocates are relieved that their long-standing Whale Oil defamation trial against Cameron Slater, Carrick Graham, Katherine Rich and the Food and Grocery Council has finally concluded and they are pleased that the truth has come out... More>>

ALSO:


Government: Next Stage Of COVID-19 Support For Business And Workers

The Government has confirmed details of COVID-19 support for business and workers following the increased alert levels due to a resurgence of the virus over the weekend... More>>

ALSO:




Government: PHARMAC Review Announced

The Government is following through on an election promise to conduct an independent review into PHARMAC, Prime Minister Jacinda Ardern and Health Minister Andrew Little announced today... More>>

ALSO:



Government: Balanced Economic Approach Reflected In Crown Accounts

New Zealand’s economic recovery has again been reflected in the Government’s books, which are in better shape than expected.
The Crown accounts for the seven months to the end of January 2021 were better than forecast in the Half Year Economic and Fiscal Update (HYEFU)... More>>


Covid-19: Auckland Back To Alert Level Three After One New Community Case Revealed

Auckland will move to alert level three for a week at 6am tomorrow morning after two new Covid-19 community cases announced this evening could not be directly linked to earlier cases, the Prime Minister has confirmed.
The rest of the country will move to level two.... More>>

NZ Initiative: New Report Highlights How Our Housing Crisis Could Worsen If We Don’t Act Now

If New Zealand politicians thought the housing crisis in 2020 was bad, the worst is yet to come, warns a new report by The New Zealand Initiative. In The Need to Build: The demographic drivers of housing demand , Research Assistant Leonard Hong ... More>>

Parliament: Kiwi MPs Among The “Most Educated In The World”

New analysis of MP qualifications reveals New Zealand’s Parliament is one of the most educated and highest qualified in the world, and significantly more educated than Australia’s. The research, by Mark Blackham of BlacklandPR and Geoffrey Miller ... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels