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IAG stands by NZ reclassification decision

INSURANCE AUSTRALIA GROUP (IAG) is refusing to back down on its controversial ruling that some red-zone houses in Christchurch New Zealand are now “remediable” even though the land on which they sit is a write-off, and despite a statement from the Department of Building & Housing (DBH) that the relaxed guidelines it issued late last year were not intended to be applied to red-zone housing.

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