The Government has set up a Crown company to take over the $2 billion worth of outstanding earthquake claims left behind after the sale of the Christchurch based insurer, AMI.
The Australian insurance giant, IAG, is in the process of buying the business, minus the outstanding claims, and is awaiting approval from the Overseas Investment Office and the Reserve Bank.
The Government expects this process to be completed by April.
The Crown company, Southern Response Earthquake Services, will complete the process of settling the outstanding claims once IAG has been given approval to buy AMI.
