Govt to appoint director to AMI
The Government is to appoint a director to the board of AMI Insurance and will also put in an adviser.
The Government will appoint a director to the board of AMI Insurance this week and also plans to out in an adviser.
The company sought Government help after it realised it might not be able to meet all the claims resulting from the Christchurch earthquake, and can draw on a $500 million support fund if it has to.
Prime Minister John Key said AMI was looking for a commercial solution -- an injection of capital -- and if it wasn't successful it might have to call on the government fund.
Ministers want to know exactly what is going on in the company.
"This week we will be appointing a director, Treasury has settled on a recommended name," Mr Key said.
"We're also putting in an adviser so we can understand exactly what is going on there."
He said it would take time to find out what the ultimate liability was.
NZPA and NBR staff
Tue, 12 Apr 2011
Tue, 12 Apr 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Govt to appoint director to AMI
13799