The new government was sworn in yesterday, and the Insurance Brokers Association of New Zealand (
IBANZ) said it will now be working with new ministers to represent the interests of its members.
IBANZ said it is currently lobbying government on three key issues – the new levy arrangements for Fire and Emergency New Zealand (FENZ), review of financial adviser legislation and the reform of the
EQC.
Tracey Martin, Minister in Cabinet for Internal Affairs, will be responsible for the implementation of the FENZ Act, and in particular part three of that act – levy.
The new levy arrangements are currently due to be implemented on Jan. 1, 2019. However, IBANZ said its latest information is that there will most likely be a further delay to July 1, 2019.
“These delays are a result of the complexity of the new arrangements and the resulting time required by the insurance industry to adapt their systems,” IBANZ said.
Kris Faafoi, minister outside Cabinet for Commerce and Consumer Affairs, will be overseeing the Financial Services Legislation Amendment Bill – which is currently before the House awaiting its first reading.
According to IBANZ the bill is tipped to spend only four months instead of the usual six in a select committee because an exposure draft has already been revealed.
“It is anticipated that it should become law by the middle of next year assuming there are no delays with the new government,” IBANZ said.
Cabinet Minister Megan Woods will be responsible for the Earthquake Commission. She has a previously been spokesperson for Canterbury issues.
IBANZ said the draft reform bill of the EQC legislation is hoped to be released late this year or early in 2018 for implementation by 2020.
Related stories:
IBANZ boss reveals 2017 agenda
Raising awareness over fire levy rate hikes a problem
