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Council Activities 2011 /12 The following list of activities is provided to identify the specific work outcomes of the Council, Committees and Working Groups. Some of the activities were extensive in nature, others relatively minor. All, however, are part of the Insurance Council’s drive to deliver the Strategic and Business Objectives set down by the members and Board. While a significant proportion of the Council’s activities during the 2011/2012 period have been earthquake related, the Council has also continued its normal core functions of Regulation, Representation and Knowledge Management of members’ interests. Submissions to Government on: Prudential Supervision Legislation • Submission on Reserve Bank Governance Guidelines (Mar 2011) • Submission on Solvency Standard for Non-Life Insurers (Jul 2011) • Submission on classification of consumer credit insurance policies as “life policies” (Feb 2012) Earthquake Matters • Submission on Canterbury Earthquake Recovery Bill (Apr 2011) • Submission to Christchurch City Council on its Draft Central City Plan (Sep 2011) • Submission on Variation to Retirement Villages Code of Practice 2008 (Nov 2011) The Insurance Council pays tribute to all insurance people involved in the recovery of Canterbury. Insurers, Brokers, Adjustors, Call Centre Operators and Customer Service people have all gone beyond their normal responsibilities to help our customers in need. 6 Other Submissions • Submission on Government announcement on ACC reform in December 2010 (Feb 2011) • Submission on Government’s proposal for Increasing Choice in Workplace Accident Compensation (July 2011) • Submission on Structural Vehicle Repairer Licensing Regime (Mar 2011) • Submission to Auckland City Council on its Draft Earthquake-Prone, Dangerous and Insanitary Buildings Policy (Sep 2011) • Submission on MED proposal for levy to fund the FMA (Dec 2011) • Submission on MED’s Audit Firm Incorporation Consultation Paper (Feb 2012) Other Insurance Council activities and their outcomes: Earthquake Related Matters • High Court declaratory judgment regarding extent of EQC Cover for multiple earthquake events • Working with EQC on apportionment system for claims over multiple events following the declaratory judgment • Creating EQC Protocols (1, 2, 3, 4 and 5) and overarching MOU between EQC and Insurers • Creating Dispute Resolution Service with DBH/EQC pursuant to Protocol 1 • Resolving repair methodology differences between private insurers and EQC • Working with the Commission for Financial Literacy and Retirement Income on the “Red Zone Financial Guide” Other Committee/Working Group Matters • Communications - Establishing the ICNZ Communications Working Group • ICR – Updating Participation Agreement, Users and Participants’ Codes of Practice and Responsibilities of ICR • Personal Lines – Preparing “Excess” and “Glossary of Insurance Terms” documents for Insurance Council website • Presentations at the NZILA Conference, various ANZIIF Conferences and Lumley Edge Symposium
Chief Executive’s Report The responsibilities placed on the Insurance Council have been extensive resulting in significant changes to our activities. The start of 2012 sees the third calendar year that we as an Insurance Council and industry have experienced the devastation of earthquakes in the Canterbury region. The quake in September 2010 was the first of over 10,000 aftershocks and major quakes during 2011 and continuing. The responsibilities placed on the Insurance Council have been extensive resulting in significant changes to our activities. In particular we have had to build strong and new relationships with the Earthquake Commission [EQC], the Canterbury Earthquake Recovery Authority [CERA] and the Canterbury Earthquake Recovery Minister and associated agencies. We have worked very hard at representing the industry during this difficult time to ensure that the best outcome is found for our insured New Zealanders and the members of the Insurance Council. In addition, there have been significant responsibilities in educating Cantabrians and New Zealanders generally on the disciplines imposed by the marketplace on insurers responding to the earthquake and its aftermath. Nobody thought it would be two years before we could begin a serious rebuild but the earthquakes just kept on coming and destroying the ground and buildings even further. Even the most optimistic person couldn’t rebuild amidst over 10,000 aftershocks. Reinsurers have been very clear that they are picking up the bulk of the bill which may be as high as $20 billion in Canterbury. In addition to this work we have been trying very hard to ensure that the average Cantabrian is aware of the 7 difficulties being imposed by continuing seismic activity, liquefaction of land, unknown geotech status of land, resource consent issues and the general stresses and strains placed on everyone associated with recovery from the largest earthquake in the history of our nation. The Insurance Council hired a Communications Manager to cope with the wider media demands for updates and information during the year. We also hired a legally qualified staff member to cope with the number of technical, legal and insurance reports required to ensure that our members and our partners through central government, local government and the industry are fully informed on what the industry is doing. In addition to the work responding to the Canterbury earthquakes and encouraging the rebuild of the Canterbury region, we were required to carry out our core activities. In this area we were very conscious of ensuring we were at the forefront of submissions to government on the new regulatory environment which is now taking place under the guidance of the Reserve Bank as the regulator. Extensive work was put into ensuring our members were prepared to be fully compliant with the requirements of this new regulatory regime. We continued the education of our members through finance seminars and the dispersal of all information pertinent to their operations during the year.
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