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New Zealand: Insurers unhappy with Earthquake Commission's compensation plans

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The Insurance Council of New Zealand has expressed worries over some portions of the Earthquake Commission's plans for reimbursing people in areas that are now flood-prone after the Canterbury quakes, 3News NZ reported.

The council's CEO Tim Grafton said the Earthquake Commission's approach is "novel, untested, raises issues that need clarifying for everyone's sake and has some elements that we have concerns about."

One concern is related to how the Earthquake Commission plans to decide whether the land is eligible for compensation, reports 3News NZ.

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