EQC reforms, proposed changes to Earthquake Commission Act

Government was now seeking submissions on the proposals, before introducing a bill to Parliament in early 2016.

### NZ Herald Online 11:31 AM Monday Jul 6, 2015
Reforms to Earthquake Commission Act outlined
By Isaac Davison
Government has outlined the changes it wants to make to insurance cover after natural disasters, including a doubling of the cap on building cover to $200,000.

The Earthquake Commission Act is being reformed, and a discussion paper on the proposed changes has been released today.

Earthquake Commission Minister Gerry Brownlee said the reforms would ensure the EQC remained focused on rebuilding homes and would resolve the difficulties experienced in Christchurch with regard to land and building cover. The changes would also better integrate EQC and private insurers’ claim handling processes and ensure the natural disaster insurance scheme remained sustainable. Among the key proposals was increasing the cap on EQC building cover from $100,000 to $200,000.
Read more

Posted by Elizabeth Kerr

7 Comments

Filed under #eqnz, Business, Construction, Democracy, Economics, Geography, Media, Name, New Zealand, People, Politics, Property, Site

7 responses to “EQC reforms, proposed changes to Earthquake Commission Act

  1. Gurglars

    The tricky question, minimum payment up, what is the extra tax take?

  2. Gurglars

    No Elizabeth, I’ve worked it out. The government ups the minimum EQC payout, but limits the payout on contents. Individual insurance companies up contents insurance. Insurance companies get it in the neck and the government looks like the white knight.

    The biggest loser, insurees.

    Having demonstrated that house insurance is a giant ponzi scheme for insurers and governments, the scrabble is to find more from the public for the parties to squander.

    Find another explanation for the fact that after 4+ years people in Christchurch have not been paid out.

    The insurance companies squandered their income on staff, high salaries and failed investments instead of reinsuring adequately with worldwide large reinsurers.

    • Elizabeth

      Gurglars – You don’t think it worth giving constructive criticism? Maybe someone else will swipe your comments and submit ;)

  3. Gurglars

    Elizabeth, if I felt that one tonne of constructive criticism or brilliant solutions would have a gramme of an impact on public policy, I would write dissertations continuously. Unfortunately public policy is not directed or controlled by public input it is controlled by excessive overpaid public servants who are filling space with importunate ideas gleaned from sources like women’s magazines or Al Gore.

  4. Elizabeth

    4:23 PM Sunday Apr 17, 2016
    NZ Herald: The world’s strongest earthquakes since 1900
    A magnitude-7.8 earthquake shook Ecuador’s central coast today. The country’s vice president called it the strongest to hit the country in decades. Here is a list of some of the world’s strongest earthquakes since 1900.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s