EQC opens consultation on insureds’ rights with new legislation on the horizon
EQC opens consultation on insureds’ rights with new legislation on the horizon | Insurance Business New Zealand
Catastrophe & Flood
EQC opens consultation on insureds’ rights with new legislation on the horizon
New act to take effect next year
Catastrophe & Flood
By
Kenneth Araullo
As part of Toka Tū Ake EQC’s preparations for the introduction of the Natural Hazards Insurance Act 2023 (NHI Act), scheduled to replace the existing Earthquake Commission Act next year, the Crown entity has opened consultations on rights for insureds.
A key initiative among the range of changes being introduced is the formulation of a Code of Insured Persons’ Rights. Inaugurating the public consultation today on the draft code, this new framework is an extension of the current Customer Code already utilised by Toka Tū Ake EQC.
“We know timeliness and fairness are key for anyone affected by a natural disaster. The draft code further codifies those expectations as rights for insured homeowners making claims for EQCover,” Toka Tū Ake EQC chief executive Tina Mitchell said in a news release.
She also said that they are waiting to hear from a range of insured homeowners, in addition to community members, groups and organisations, all of which can bring a variety of different views to the Code being developed.
“We are asking whether you agree the rights and obligations set out in the draft code focus on the right things and whether there are any other rights which should be included,” Mitchell said.
All submissions received will be carefully reviewed to help shape the final version of the Code of Insured Persons’ Rights, slated for ministerial approval in early 2024. Following its approval, starting from July 1, 2024, the code will be applicable when Toka Tū Ake (or its agents) engage with an insured person regarding a claim for natural hazard damage covered under the NHI Act.
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