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New Zealand: Insurers slam Labor Party policy to appoint insurance commissioner

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New Zealand's insurance industry has criticized a Labor Party policy to appoint an independent insurance commissioner to oversee the sector, reported.

The proposed Earthquake Commission policy would raise the $100,000 New Zealand ($87,880) payout cap. The Insurance Council of New Zealand has called the policy "a mixed bag." While it welcomed an independent review of insurers handling quake-affected policyholders, it does not consider an independent commissioner necessary.

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