Insurance Council fights tighter seismic rules

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

The Insurance Council has filed a judicial review application in the Christchurch High Court against higher earthquake strengthening required by Christchurch City Council.

In late 2010 the council adopted a new policy, with the aim of requiring new or upgraded buildings to achieve 67% of new building standard.

The Insurance Council argues 67% is unlawful and is holding up repairs and rebuilds.

The application comes in the same week the government said lifting the new building standard beyond 33% was unlikely because it would bankrupt the country.

But the Christchurch council is under siege from the Royal Commission report that laid considerable blame for failures relating to the CTV building collapse in February 2011.

Last week, mayor Bob Parker and fellow councillors rejected their own staff report to reopen some of the 161 public buildings that have been closed in recent months due to seismic fears.


1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

If the Insurance Council thought about long term risk rather than just trying to save on payouts for the Christchurch earthquakes, they would insist on all NZ having a 67% requirement

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6696 0.0014 0.21%
AUD 0.8910 -0.0014 -0.16%
EUR 0.6049 -0.0030 -0.49%
GBP 0.4286 -0.0011 -0.26%
HKD 5.1913 0.0095 0.18%
JPY 82.0520 0.2690 0.33%

Commods

Commodity Price Change Time
Gold Index 1163.5 -2.500 2015-07-02T00:
Oil Brent 62.6 -0.180 2015-07-02T00:
Oil Nymex 56.9 -0.010 2015-07-02T00:
Silver Index 15.6 -0.015 2015-07-02T00:

Indices

Symbol Open High Last %
NZX 50 5840.9 5840.9 5840.9 -1.10%
NASDAQ 4963.8 5020.7 5009.2 -0.37%
DAX 10825.1 10996.5 11058.4 -1.52%
DJI 17728.1 17734.4 17730.1 -0.29%
FTSE 6585.8 6585.8 6585.8 -0.76%
HKSE 26084.0 26261.5 26064.1 -3.18%
NI225 20200.2 20310.7 20539.8 -2.08%