Agreement reached on FSL
30 May 2017
IBANZ and the Insurance Council have reached an important agreement with the NZ Fire Service over transitional arrangements for the Fire Service levies.
We have been in discussions with the NZ Fire Service on the problematic compliance issues raised by the legislation and the recently released regulations. In particular the requirements during the transitional period between 1st July 2017 and 1st January 2019 raised serious issues for the insurance industry.
As a result of these discussions with the NZ Fire Service we have reached agreement on a pragmatic approach to the transitional requirements covering three key areas:
1. Mid-term adjustments during the transitional period
2. Interest during grace period from 1 July 2017 to 30 Sept 2017
3. Provision of information under the FENZ (Levy Rates and Information Requirements in Transitional Period) Regulations 2017 (2017/102) for the period 1 July 2017 to 31 December 2017
As this agreement makes important changes in the approach to be adopted by the NZ Fire Service during the transitional period, all member companies are advised to read the full agreement details HERE