Statutory Liability Policy and the rise of pecuniary penalties
When the Statutory Liability Policy first appeared on the New Zealand market in the 1990s, it only covered three named Acts:
- Health and Safety in Employment Act 1992 (as it was called then),
- Fair Trading Act 1986, and
- Resource Management Act 1991.
As competition grew, one insurer reversed that formula and covered all Acts except the Acts named as excluded. That formula became the norm. [Read more…]