Exposure Drafts
New and updated standards documents (such as Guidance Papers) are drafted by working groups or sub-committees of the API Standards Steering Committee (the Committee) or the Property Institute of New Zealand (PINZ) equivalent.
Before issuing any new or updated standards documents a public consultation paper is prepared and submitted to the Committee with a recommendation that it be issued as an Exposure Draft for consultation and feedback.
An Exposure Draft document released for consultation will be available on the Institute‘s website. Notifications will also be sent to members and any identified interested parties. A consultation period of four to six weeks will normally be allowed for feedback and comment.
Responses will be collated, and the relevant working group or sub-committee will consider what amendments are appropriate to apply to the Exposure Draft. If the feedback received indicates that a major change from the Exposure Draft is necessary, the Committee may issue a second Exposure Draft for consultation.
The Committee may decide to modify or depart from the consultation procedures set out above.
After considering feedback received during the consultation period any amendments deemed appropriate a final version of the document will be added or amended. This will be prepared by the working group, or sub-committee, and submitted to the Committee with a recommendation that it is fit for purpose to the released. The Committee will review and if deemed appropriate the final paper will be approved for publication, including the date upon which it is deemed to be effective.
Please note:
- Exposure Drafts do not have any formal standing until they are adopted by API / PINZ as being suitable for use by Members.
- They must not be relied upon, reproduced, or used by any Member or any other party for any reason whatsoever.
- Reliance should be given to currently adopted/approved/sanctioned Guidance Papers only.
- Members and the general public are warned that Draft Guidance Papers may be at various stages of the development and review process and, that they may change or be amended during this development process.
For more information about Professional Standards, please contact us at [email protected] or get in touch.
Open Consultations
Having a clear and transparent consultation process is a prerequisite for the development of professional standards. The API is committed to providing all stakeholders with the opportunity to review and provide input and comment about draft papers via the exposure draft process. This will ensure that those with the knowledge and expertise over a broad range of fields are able to participate in providing feedback for the ongoing improvement and development of professional standards.
The API’s standard setting process is overseen by the API Standards Steering Committee.
Details of current open consultations are listed below.
The API is systematically reviewing its standards to meet the changing and future needs of Members.
The API and PINZ have reviewed the paper Valuations for Insurance Purposes and released an exposure draft for consultation between 2 November 2022 and 18 November 2022.
The API and our PINZ colleagues in New Zealand reviewed the feedback and comments received during the consultation period. Based on feedback received, extensive changes were made, and the revised exposure draft paper drafted. The revised exposure draft paper is now open for consultation.
The objective of this guidance paper is to provide information, commentary, advice and recommendations to Members including Valuers providing insurance cost estimates of tangible assets, such as ‘destructible improvements to real property’ (destructible improvements) and ‘plant, machinery and equipment’ (P&E).
The API are pleased to release the revised and updated paper as an exposure draft. The consultation period for this paper is from 8 March 2023 to 5 April 2023.
The current (existing) version of the paper is available on our Guidance Papers page.
Members and stakeholders are encouraged to provide comments on the exposure draft paper using the webform below by no later than Wednesday 5 April 2023.
Any queries, please contact the standards team at [email protected]
Find the webform below:
Standards Feedback: ED - ANZVGP 104 Insurance Assessments (2nd Edition)
Closed Consultations
Closed consultations appear below in date order with the most recently closed consultations at the top of the list.
The consultation period for this paper was between paper was between 30 November 2022 and 16 December 2022.
Based on feedback and comments received the API released the final paper with an effective date of 1 July 2023.
This paper is now available on our Guidance Papers page.
The consultation period for this paper was between 16 November 2022 and 2 December 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Guidance Papers page.
The consultation period for this paper was between 2 November 2022 and 30 November 2022.
The API and PINZ have reviewed the feedback received from the initial consultation period and have released a second exposure draft paper for consultation.
It is available under the Open Consultations section above. The current version of the existing paper remains available on the Guidance Papers page.
The consultation period for this paper was between 19 October 2022 and 18 November 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Guidance Papers page.
The consultation period for this paper was between 19 October 2022 and 18 November 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Guidance Papers page.
The consultation period for this paper was between 19 October 2022 and 18 November 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Guidance Papers page.
The consultation period for this paper was between 24 August 2022 and 30 September 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Guidance Papers page.
The consultation period for this memorandum was between 13 July 2022 and 12 August 2022.
The API has reviewed the feedback received and has released the final version, which is now available on our Residential Desktop Assessment page.
The consultation period for this paper was between 1 June 2022 and 15 June 2022.
Based on feedback and comments received the API released the final paper with an effective date of 1 January 2023.
The current paper will be available on our Guidance Papers page.
The initial consultation period for this paper was between 3 July 2018 and 25 July 2018.
A subsequent consultation period for this paper was between 20 January 2021 and 5 March 2021.
Based on feedback and comments received, the API and PINZ released the final paper with an effective date of 1 July 2022 with earlier adoption permitted and recommended.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 5 August 2020 and 5 September 2020.
Based on feedback and comments received the API released the final paper with an effective date of 1 January 2021.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 4 March 2020 and 15 April 2020.
Based on feedback and comments received the API released the final paper with an effective date of 1 January 2021.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 14 August 2019 and 11 September 2019.
Based on feedback and comments received the API released the final paper with an effective date of 1 April 2020.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 6 February 2019 and 6 March 2019.
Based on feedback and comments received the API released the final paper with an effective date of 1 January 2020.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 5 December 2018 and 8 February 2019.
Based on feedback and comments received the API released the final paper with an effective date of 1 July 2019.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 5 December 2018 and 8 February 2019.
Based on feedback and comments received the API released the final paper with an effective date of 1 January 2020.
The current paper is available on our TIPs and Guidance Notes page.
The consultation period for this paper was between 16 March 2018 and 18 April 2018.
Based on feedback and comments received the API released the final paper with an effective date of 1 July 2019.
The current paper is available on our TIPs and Guidance Notes page.
