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On 1 July 2017, the New Zealand Fire Service will become the Fire and Emergency New Zealand. Consequently, the levy rate is changing in New Zealand and this will impact our clients with interests in New Zealand.
The levy provisions of The Fire Service Act 1975 will largely remain in force until at least 1 January 2019, meaning the calculation of levy will remain the same until this time. The following changes should be noted in the interim:
For all insurance contracts dealing with assets insured for fire perils in New Zealand, the rate of levy payable will change for all contracts incepted or renewed on or after 1 July 2017.
For example: For a Property Insurance contract with a sum insured of $1,000,000 renewed after 1 July 2017, FEL payable will be $1,060.00+GST.
If you are unclear about these changes or would like more information, please contact James Baxter on Jamesb@honan.com.au or on +64 21 307 376
