Pursuant to section 112 of the Crown Entities Act 2004, as permitted by section 129(h)(ii) of the Natural Hazards Insurance Act 2023:

1. This direction comes into effect immediately upon signing.

2. Subject to paragraph 3, Toka Tū Ake – Natural Hazards Commission (“Commission”) has the following additional function:

• To advise the Crown on arranging reinsurance or other risk transfer products in respect of Crown risks, including risks from natural hazards and other risks beyond those covered in the Natural Hazards Insurance Act 2023.

3. The Commission’s additional function under paragraph 2 is subject to the following:

• In carrying out the additional function, the Commission must act in accordance with the terms of a service agreement entered into under section 132 of the Natural Hazards Insurance Act 2023.

4. Expenses and capital expenditure incurred by the Commission in undertaking any activities in the performance of the function are to be paid out of money appropriated by Parliament for that purpose and provided under a service agreement entered into under section 132 of the Natural Hazards Insurance Act 2023.

5. This direction expires on 30 June 2027, unless revoked earlier.

Dated this 25th day of June 2026.

Hon NICOLA WILLIS, Minister of Finance.