Proposed ACC changes "will hurt NZ"
Friday, 13 November 2009 08:13
The ICWPT (Inter Church Working Party on Taxation), of which visionnetwork is a member, this week made an excellent and concise submission on proposed changes to ACC.
The ICWPT, which represents the major Christian churches in New Zealand, says ACC should revert to its original pre-1999 status as a "pay-as-you-go" personal injury insurer for all New Zealanders and return to the proper underwriting of its future liabilities.
"Although by legislation ACC is obliged to act as though it were an insurance company, it is no longer undertaking proper underwriting. Insurance companies do not endeavour to fully fund future liabilities from current premiums, but rather they address that issue by maintaining prudent reserve levels and entering into re-insurance contracts. We submit that ACC should revert to that model," the organisation says.
Click on the link below to read the full submission.
| File | File size |
|---|---|
 ACC-Levies-Submission-Nov-2009.pdf | 53 Kb |
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