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Accident Compensation Act 2001

Accident Compensation Corporation - Reporting requirements

278A: Annual financial condition report

You could also call this:

"A yearly report about ACC's money and work"

Illustration for Accident Compensation Act 2001

You need to know about a report that the Corporation must make every year about its money situation. This report is called the Annual Financial Condition Report.

The Corporation must write this report soon after the end of each year when they count their money. They must then give this report to the Minister.

The report has two main jobs. First, it tells about how the Corporation is doing with its work and money. Second, it talks about any big problems that might affect the Corporation's money.

When the Corporation writes this report, they must do it the same way insurance companies in New Zealand usually do. The report must have all the information needed to do its two main jobs.

After the Minister gets the report, they must do two things. They must give a copy to the Minister of Finance. Then, within 5 working days (or as soon as they can if Parliament isn't meeting), they must show the report to the House of Representatives. This is where the people who make laws for New Zealand meet.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2795333.

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278: Annual financial statements, or

"ACC must create yearly money reports"

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278B: Corporation to report in each financial year on access to accident compensation scheme by Māori and identified population groups, or

"ACC must report yearly on how Māori and other groups use accident compensation"

Part 7Accident Compensation Corporation
Reporting requirements

278AAnnual financial condition report

  1. The Corporation must—

  2. prepare an annual report on its financial condition as soon as practicable after the end of each financial year; and
    1. provide the report to the Minister.

      1. The purpose of the report is to—

      2. provide advice in relation to the Corporation's operations, financial condition, and liabilities; and
        1. discuss the implications of any material risks to the Corporation that have been identified in the report.

          1. The report must—

          2. be prepared in accordance with generally accepted practice within the insurance sector in New Zealand; and
            1. contain the information required to achieve the purpose in subsection (2).

              1. The Minister must—

              2. provide a copy of the report to the Minister of Finance; and
                1. after complying with paragraph (a) but within 5 working days after receiving the report from the Corporation or, if Parliament is not in session, as soon as possible after the commencement of the next session of Parliament, present the report to the House of Representatives.

                  Notes
                  • Section 278A: inserted, on , by section 43 of the Accident Compensation Amendment Act 2010 (2010 No 1).