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Wednesday, May 6, 2015

More support for legislative changes covering insurance non-disclosure

The Insurance Business New Zealand website reprorts that dispute resolution service Financial Services Complaints Ltd (FSCL) supports the Insurance and Savings Ombudsman’s view legislation is needed to deal with non-disclosure and insurance claims. The article is here.

The following are extracts from the article:

“We are a step behind overseas jurisdictions like Australia and the UK.

“I think the government should be taking a closer look because the current law is very old. There have been, I think, two Law Commission reports saying it’s time for the law to be looked at.”

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Residential Red Zone offer feedback sought

CERA is seeking feedback on their Preliminary Draft Residential Red Zone Offer Recovery Plan. Comments must be submitted by 5.00pm on the 19th of May.

The Draft plan starts off by explaining the “why?”.

The purpose of developing the ‘Residential Red Zone Offer Recovery Plan’ is to assist the Crown (through the Chief Executive of the Canterbury Earthquake Recovery Authority (“CERA”)) to determine whether it should make new offers to buy vacant, commercial and uninsured properties in the residential red zone and, if so, how such offers should be structured.

However, before the plan there has to be a draft plan.

This is the Preliminary Draft Recovery Plan, notified for public consultation on 5 May 2015. This Preliminary Draft is the first opportunity for everyone to provide their views. You do not have to be an affected property owner or live in greater Christchurch to have a say. This public consultation is an important first step. The Preliminary Draft is in essence a discussion document, which sets out the key contextual information and developments. It focuses on the key questions the Crown will need to consider about the vacant, commercial and uninsured red zone properties, and it asks for your views. It does not predetermine what any final Crown offer will
be.

A copy of the draft plan is available here and you can make an online submission part way down the page here.

There are two pages of information designed to explain what is happening and why. Click on the page name shown in red to go to that page.

  1. Public to have say on red zone offers – background to the court case over payments to some living in the Red Zones, the court ruling, how this process is designed to ensure all who are affected (directly or indirectly) and how to have your say.
  2. Questions and Answers – a series of questions, with supporting answers, to help clarify what is going on. The questions are:
    • What was the decision made by the Supreme Court?
    • What is a ‘Recovery Plan’?
    • What is the Residential Red Zone Offer
    • Recovery Plan – Preliminary Draft?
    • Why do you need me to comment?
    • Will this Recovery Plan decide what the offer will be?
    • What happens next?

The Cabinet Paper setting up this exercise is here.

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