Legal and regulatory update for the life and health insurance sector
Government criticised for allocating funds to ACC to work on NZIIS before MBIE’s analysis of consultation on scheme released, and other news

Budget allocates $60 million to establishment of NZIIS and delays implementation to 2024, and other news

On 19 May Finance Minister Grant Robertson presented the Government’s Wellbeing Budget, allocating $60 million to support the continuing development of the New Zealand Income Insurance Scheme (NZIIS).

The amount will fund the Accident Compensation Corporation (ACC) to undertake preliminary work to establish the systems and operational processes for a new levy-funded income insurance scheme.

The proposed implementation has also been pushed back from 2023, with Robertson saying

“There is considerable work to get the scheme up and running, and it is now expected that it will be operational in 2024.”

Insurance Business spoke to Deloitte NZ tax partner Robyn Walker, who said

“The sensible decision to not rush this through means that the New Zealand Income Insurance Scheme may become a significant matter for voters to evaluate as we head into Election 2023.”

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And a bit of light humour from xkcd here

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