Earthquake cover - Natural Hazards Insurance Bill just introduced into Parliament - what does it mean?

From the Parliamentary release:

Today (16 March) Hon Dr David Clark, Minister Responsible for the Earthquake Commission, introduced the Natural Hazards Insurance Bill into Parliament. 

The Natural Hazards Insurance Bill takes into consideration the important lessons learned over the last decade. It simplifies and clarifies the complexities of the current Earthquake Commission Act and incorporates a number of the recommendations from Dame Silvia Cartwright’s Public Inquiry. 

The Bill makes the rules for mixed and multi-use buildings clearer, it clarifies regulations relating to repairing buildings and land following a land slip or other land damage, and simplifies the excesses and calculations for retaining walls, bridges and culverts. 

A claimant code and a standing dispute resolution service are also introduced. EQC’s name will be changed to Toka tū Ake – Natural Hazards Commission. 

A first reading is likely to occur in the next few weeks, followed by consideration by the Finance and Expenditure Select Committee. 

The Bill is available on he https://www.legislation.govt.ntz/bill/government/2022/0113/latest/LMS509581.html?src=qs website and you can follow progress of the Bill here https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/, including when the Select Committee has called for submissions