The jurisdiction of the IFSO and FSCL increases to half a million dollars this week, despite the schemes having no obligation to apply the law.  Melissa Bell and Shikha Kishun briefly review the change and the impacts.

This week marks the commencement of the new Natural Hazards Insurance Act (NHI Act).  Residential property insurers, who have been busy updating policy wordings and setting up new systems and procedures required by the Act, may take a quick pause for a breath now that the commencement date has arrived!