What the official record says
This Act is the Natural Hazards Insurance Act . This Act commences on the later of— 1 July 2024; and 12 months after Royal assent. The purposes of this Act are— to reduce the impact of natural hazards on people, property, and the community by— providing for first loss insurance for residential buildings and residential land against damage that is a direct result of natural hazards for the purposes set out in ; and contributing to improving awareness and understanding of matters relating to natural hazards; and contributing to improved natural hazard risk management; and contributing to improved readiness for, resilience to, and recovery from natural hazards; and encouraging the availability and uptake of catastrophe insurance for residential buildings; and to contribute to the management o