Latest regulation proposals
08 Aug 2017
Internal Affairs have released the latest Cabinet papers on proposals for Fire and Emergency New Zealand levy regulations. The proposals cover exemptions, transitional relief and information requirements.
Cabinet minutes and a background paper recommend a range of exemptions many of which were in the previous legislation. In addition to classes of property exempted from the levy, classes of insurance have also been exempted.
Travel insurance, domestic and international, as well as aircraft hull insurance for war and terrorism (where the aircraft is also insured under an all risks policy).
Domestic aircraft will be levied but a cap is proposed. A number of other possible caps are being considered on electricity infrastructure, district health boards and tertiary educational institutions.
Transitional arrangements with gradually reducing levy relief over four years are also proposed for large organisations where the increase in their levy more than doubles.
Where insurance contracts cover both exempt and non-exempt property the value of each will need to be determined. Residential/non-residential properties will also be required to determine separate values for the two classes.
Levy payers will be required to provide information along with the payment where the levy exceeds $1,000. In addition to the current requirements details such as the number of vehicles in a fleet, whether exempt property is covered by the insurance, and mid term adjustment details will also be required.
Copies of the Cabinet Minutes and discussion paper are available on the IBANZ web site HERE