Pursuant to section 73(6) of the Canterbury Earthquake Recovery Act 2011 ("the Act"), the Minister for Canterbury Earthquake Recovery gives the following notice.
N o t i c e
1. Title-This notice is the Canterbury Earthquake Recovery Review Panel Recommendation on the draft Canterbury Earthquake (Insurance (Prudential Supervision) Act) Order 2013.
2. Review Panel recommendation-The Canterbury Earthquake Recovery Review Panel made the following recommendation under section 73(3) of the Act to the Minister of Finance:
The Review Panel recommends to the Minister of Finance that the Canterbury Earthquake (Insurance (Prudential Supervision) Act) Order 2013 (version PCO 17714/3.0) be made.
3. Minister of Finance response-The Minister of Finance noted that the draft Order was a contingency measure should the Insurance (Prudential Supervision) Amendment Bill (the Bill) not have received Royal Assent by 6 September 2013. The Bill had its third reading on
27 August 2013 and received Royal Assent on 3 September 2013. On this basis, the draft Order was no longer necessary and did not go further through the Cabinet committees.
Dated at Wellington this 27th day of January 2014.
HON GERRY BROWNLEE, Minister for Canterbury Earthquake Recovery.