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The Natural Hazards Insurance Bill, now before select committee, is a step in the right direction but could go further.
That is the substance of Chapman Tripp’s submission, available here. We support the Bill’s aims and provide some suggestions for improvement.
Our submission focuses on three areas:
- Tensions between the purpose of the Bill, the purpose of natural hazard insurance and the objectives of the Commission, which arguably do not capture the breadth of the Commission’s existing research function and could create unintended uncertainty in relation to land cover.
- A number of “quick wins” in the form of amendments to provide further clarity over the scope of the insurance scheme.
- An opportunity to enhance consistency and certainty in the application of the insurance cover by giving formal weight to the Commission’s claims manuals.