The Annual Insurance Industry Review 2007 - 08

Notable Council Activities 2007/08

The Council made submissions to government on:

Seminars and workshops held during the year:

Other activities included:

Material Damage Advisory Core Wording amendment
Communication with some local authorities on their earthquake-prone building policies
Extensive presentations to business, media and education groups
Presentation to New Zealand Heritage Conference 2008
Update to Marine Casualty Surveyor Cost Recovery Charter
Formation of Disputes Tribunal working group, Ministry of Justice and Insurers
Discussions with the Fire Service on issues arising from Fire Service audits
Industry Remuneration Survey completed for 2007
Work with IRD in reaching an agreement on the deductibility of risk margins included in the Outstanding Claims Reserves
Completed the 3-yearly process of recommending Rating Agencies for approval under the Insurance Companies (Ratings & Inspections) Act 1994
Preparation of submission to the Financial Reporting Standards Board on the discussion paper on Insurance Contracts
Discussions with government on a low cost contents insurance proposal
Reactivated the Regulation Committee to review the Financial Advisors Bill, and
Cabinet proposals for Insurance Contracts, agency and assignments and RFPP: Prudential Regulations of Insurance.
Insurance Council's response (with media, members, local and central government) to:
- Flooding 29 March - Far North
- Tornado event 4/5 July -Taranaki
- Storm event 10/11 July - North Island