They appear to be a bit misguided, for example the following statement around bicycle accidents...
there is no insurance cover for either the rider or the unfortunate victim involved.
Considering that in an accident the rider is usually also the "unfortunate victim" then their suggestion of compulsory third party insurance won't make much difference to this as it won't cover the rider/victim!
There's also a list of points about rego, numberplates and ID cards which appears completely unenforceable (I don't believe that the council has the power to impose restrictions on cyclists who live outside their area when on public streets)
Oh, yes... and the registration will "ensure that the road rules are adhered to"... Despite the fact that this doesn't seem to work on cars!