Barry Maggie: Insurance (Prudential Supervision) Amendment Bill Reserve Bank of New Zealand Amendment Bill — Third ReadingsText is incorporated into the Bound VolumeBarry Maggie: Insurance (Prudential Supervision) Amendment Bill Reserve Bank of New Zealand Amendment Bill — Third Readings[Sitting date: 27 August 2013. Volume:693;Page:12818. Text is incorporated into the Bound Volume.]MAGGIE BARRY (National—North Shore): It is with pleasure that I rise to talk at the third reading of the Insurance (Prudential Supervision) Amendment Bill and the Reserve Bank of New Zealand Amendment Bill. This is legislation that is another significant step in achieving clear robust regulatory arrangements across our financial sector. In keeping with much of the other fine legislation that this John Key - led Government has passed it is specialising in cutting red tape and also cutting compliance costs. As we have heard Labour supports this legislation. At the Finance and Expenditure Committee it went through very well. There were a couple of submissions.We had four submissions and we heard from two submitters who recommended a change to the provision of interim financial information requirements—all very straightforward really. I agree with and in fact share David Parker’s approval of the transition process and that the Reserve Bank give oversight to all insurers and that they be licensed and supervised by the bank. They also have to comply with prudential requirements because the Reserve Bank will be both the regulator and the supervisor. I think that will give great peace of mind really to people in New Zealand who are worried about their insurance issues.I would have to say that the member who just resumed his seat the Hon David Cunliffe—who generally takes dullness and smugness to a ridiculous extreme—is now clearly buoyed up by his prospects and contender No. 2 is proving he is somebody who has a little bit of life in him yet. He talks about risks and consequences. That is something that he knows quite a lot about. I guess that when it comes to seismic upheaval which I suppose was the general weak theme of his discourse then once again it is something he is fairly familiar with as someone who has experienced rather a lot of it in his own party—much of it I feel of his own making. He is of course irretrievably dull and not widely liked by his own caucus but there is probably not enough time in this particular call to go into that in any detail.The Greens of course do not support the bill. There is nothing new there. They do not really support anything that encourages growth jobs mining—any kind of improvement to the economy. They are of course consistent and that is not a bad thing really because at least you know where you are with them although I think their hopes of getting any kind of financial responsibilities under Labour if ever it attains the Treasury benches have diminished somewhat.One of the final things I would say in this call is that the legislation empowers the Reserve Bank to publish and maintain on its website an official register of licensed insurers. That is going to have additional content in it which for the first time will actually make it easy for people to shop around to find out who is good and who is not in much the same way that the Labour Party is doing but with very limited success. Thank you. I commend these bills to the House.