The Treasury is proactively releasing substantive advice and Cabinet documents related to modernising the Earthquake Commission Act 1993 (EQC Act).
The documents have been categorised, based on their content, as follows:
- Cabinet policy decisions
- Background, context, and scope of the review
- EQC Act purpose
- Claims handling and settlement
- Scope of EQC building cover
- Mixed-use buildings
- Scope of EQC land cover
- Financial governance, roles, and sustainability
- Offences and penalties
- Other technical issues
The proposed amendments have three overarching objectives:
- Enabling better community recovery following a natural disaster.
The proposed amendments support high uptake of affordable natural disaster insurance, while ensuring that EQC supports community resilience, and that claimants have accessible dispute resolution tools.
- Updating and improving the clarity and certainty of the cover provided by the EQC scheme, and the role of the EQC.
A clear legislative purpose will be introduced to the EQC Act to guide its functions and priorities, and key legislative definitions and provisions will be clarified to improve public understanding of entitlements.
- Supporting the durability and flexibility of the EQC Act for the future.
The Bill includes a range of measures to support a more durable and future-focused Act, including introducing regular review mechanisms for the EQC insurance cap, and supporting more transparent and consistent decision-making for funding and financing.
|14-04-2021||Office of the Minister Responsible for the Earthquake Commission|
|19-05-2021||Office of the Minister Responsible for the Earthquake Commission|
|10-03-2022||Office of the Minister Responsible for the Earthquake Commission|