These regulations may be cited as the Earthquake Commission Regulations 1993.

These regulations shall come into force on 1 January 1994.

In these regulations, unless the context otherwise requires,—

Expressions defined in the Act have the same meanings in these regulations.

The transitional, savings, and related provisions set out in Schedule 1 have effect according to their terms.

For the purposes of section 18(1)(c) of the Act, $300,000 is fixed as the higher amount to apply under that paragraph (instead of the $150,000 stated in that paragraph).

The premium payable in respect of the insurance of any residential building under the Act is,—

In subclause (1), relevant amount means the amount to which the property is insured under section 18(1) of the Act.

No premium is payable in respect of the insurance of any residential land under the Act.

Subject to subclauses (1) to (3), the Commission may from time to time make and issue determinations relating to the method of calculation of premiums in respect of any class of insurance, class of property, or clauses or wordings contained in contracts of insurance.

For the purposes of clause 1 of Schedule 3 of the Act, the excess is—

For the purposes of this regulation, the number of dwellings in a residential building is the number determined in accordance with section 18(3) of the Act.

For the purposes of clause 6 of Schedule 3 of the Act, the amount which the Commission is entitled to charge an insured person (or deduct from a payment to an insured person in respect of a claim under the Act) for the continuation of the insurance, after making a payment in respect of a claim, shall be calculated in accordance with the following formula:

where—

a

is the amount of that payment; and

b

is the maximum amount for which the property is insured under the Act; and

c

is the amount of premium paid for the insurance under the Act; and

d

is the number of days from the date of the claim to the date on which the insurance expires.