Earthquake Commission Amendment Regulations 2011

2011/379

Coat of Arms of New Zealand

Earthquake Commission Amendment Regulations 2011

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

At Wellington this 31st day of October 2011 

Present:
Her Excellency the Administrator of the Government in Council

Pursuant to section 36(1)(c) of the Earthquake Commission Act 1993, Her Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1  Title
  • These regulations are the Earthquake Commission Amendment Regulations 2011.

2  Commencement
  • These regulations come into force on 1 December 2011.

3  Principal regulations amended
4  Premiums
  • Regulation 3 is amended by revoking subclause (1) and substituting the following subclauses:

    • (1) The premium payable in respect of the insurance of any residential building or personal property under the Act is,—

      • (a) where the period of insurance is 1 year, 15 cents (plus goods and services tax) for every $100 of the relevant amount:

      • (b) in the case of any other period of insurance, a pro rata proportion (on a daily basis) of the amount calculated in accordance with paragraph (a), rounded to the nearest 5 cents.

    • (1A) However, if the premium is payable under a contract of fire insurance made before 1 February 2012 that provides cover for a period of insurance that commences before 1 February 2012, then the reference in subclause (1)(a) to 15 cents must be read as a reference to 5 cents.

Michael Webster,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 December 2011, amend the Earthquake Commission Regulations 1993 to increase the premium payable in respect of the insurance of any residential building or personal property under the Earthquake Commission Act 1993. The premium is increased from the rate of 5 cents for every $100 of the relevant amount to the rate of 15 cents for every $100 of the relevant amount. The increase applies to contracts of insurance that provide cover for periods commencing on or after 1 February 2012.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 3 November 2011.

These regulations are administered by the Treasury.