Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Consultation on Customer and Product Data Bill opens
The Ministry of Business, Innovation and Employment (MBIE) has opened consultation on the Customer and Product Data Bill (sometimes referred to as the Consumer Data Right (CDR)), with consultation running until 24 July 2023.
The Financial Services Council (FSC) is collating member feedback to form an industry view on the on the exposure draft of the bill. FinTech NZ is hosting a roundtable discussion on July 17 to provide MBIE with direct feedback from our sector.
The purpose of the bill is to allow customers to safely access and exchange data held about them. The bill will impact all New Zealand businesses who collect and hold customer data. The bill will require businesses who wish to access data to be accredited and will only permit data exchanges when the customer has given consent.
The intention of the bill is to unlock the value of customer data and benefit consumers through reduced prices, improved product offerings, greater productivity and making it easier to compare products and services.
MinterEllisonRuddWatts has an article that explains some of the obligations the bill will create for organisations.
MBIE intend to roll out legislation on a sector-by-sector basis, with banking the first sector to be designated. CDR has begun to be implemented to an extent on a voluntary basis in the financial sector with Open Banking.
MBIE is running webinars for different audiences that will give people the opportunity to learn more about the draft law.
More daily news:
Chubb offer two months' free cover on Assurance Extra Business
mySolutions webinar - Natalie Whelan on ACC case studies 7 July 10am
Legal and regulatory update for the life and health insurance sector
29 Jun 2023 - The Deposit Takers Bill passed its third reading https://www.beehive.govt.nz/release/deposit-compensation-scheme-becomes-law
30 Jun 2023 - FMA publishes updated and refreshed Auditor and Regulation Oversight Plan 2023-2026 https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-and-regulation-oversight-plan-2023-2026/
30 Jun 2023 - On 1 July 2023, national quarantine and isolation capability NQC (formally known as MIQ) will transfer back to the health system. https://www.mbie.govt.nz/about/news/isolation-and-quarantine-functions-to-move-to-health-system-on-1-july-2023/
30 Jun 2023 - The Reserve Bank of New Zealand is ramping up its monitoring of stablecoins and cryptoassets. https://www.rbnz.govt.nz/hub/news/2023/06/rbnz-ramps-up-monitoring-of-stablecoins-and-cryptoassets
Legal and regulatory update for the life and health insurance sector
16 Jun 2023 - FMA warns New Zealanders of phony interest comparison website “Compare Fixed Term Deposits (CFTD)” harvesting investor details https://www.fma.govt.nz/news/all-releases/media-releases/fma-warns-new-zealanders-of-comparison-website-harvesting-investor-details/
19 Jun 2023 - A public appointment process has started for 2 external members of the Reserve Bank’s Monetary Policy Committee (MPC) ahead of these members’ terms expiring in 2024. https://www.rbnz.govt.nz/monetary-policy/external-member-of-the-monetary-policy-committee?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=1c0e492c48-Recruitment+begins+for+two+new+external+MPC&utm_medium=email&utm_term=0_-1c0e492c48-%5BLIST_EMAIL_ID%5D
19 Jun 2023 - APRA consults on minor amendments to prudential framework for ADIs and insurers https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-amendments-to-prudential-framework-for-adis-and
20 Jun 2023 - Cabinet has agreed to a market study into competition in the banking sector for personal banking services. The Commerce Commission will focus on examining barriers to new competitors entering or expanding in the market, the introduction of innovative products and services and consumers’ ability to switch between banks. As part of the study, the Commission will examine banks’ profitability and other financial measures to assess competition in the sector. The study will be completed by the end of August 2024 and will determine any actions needed to make sure competition is working for bank customers. https://www.beehive.govt.nz/release/market-study-investigate-banking-competition
20 Jun 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, May 2023 diary released with the following potential financial services sector related meeting noted:
• 9 May 2023 – Meeting with Retirment Commissioner
• 10 May 2023 – Meeting with Insurance Brokers Association of NZ (CEO & GM)
• 12 May 2023 – Speech to the Financial Markets Authority Staff conference
• 15 May 2023 –Meeting with FMA (CE, Hon James Shaw)
• 16 May 2023 - Meeting with Commerce Commission (Chair, CE)
• 19 May 2023 - Meeting with Financial Markets Authority (CE)
• 19 May 2023 - Meeting with FinCap (CE, Advisor)
• 19 May 2023 – Meeting with ANZ (CE, Govt Relations)
• 23 May 2023 - Meeting with BNZ (CE)
• 31 May 2023 – Council of Financial Regulators Town Hall Event
21 Jun 2023 - The Ministry of Business, Innovation and Employment (MBIE) is consulting on an exposure draft of regulations to support the Climate-related Disclosures regime. These regulations set our requirements relating to record-keeping and infringement fees. The consultation will run from 21 June to 12 July 2023. https://www.mbie.govt.nz/about/news/have-your-say-on-climate-related-disclosures-regulations/
22 Jun 2023 - MBIE opens consultation on Customer and Product Data Bill. This consultation runs until 24 July 2023. https://www.mbie.govt.nz/business-and-employment/business/competition-regulation-and-policy/consumer-data-right/
22 Jun 2023 - Privacy Commissioner encourages submissions on Customer and Product Data Bill https://privacy.org.nz/publications/statements-media-releases/privacy-commissioner-encourages-submissions-on-customer-and-product-data-bill/
22 Jun 2023 - The Financial Markets Authority has announced upcoming webinars on July 20 and July 27 tackling scenario analysis in the climate-related disclosures (CRD) regime. https://www.fma.govt.nz/library/events/crd-regime-july-webinars/
23 Jun 2023 - FMA publishes Climate Related Disclosure record keeping draft guidance for consultation. The full set of documents the FMA has released are:
• The proposed guidance for keeping proper climate-related disclosure records.
• The FMA’s climate-related disclosures monitoring approach and plan for 2023-2026.
• The use of third-party providers in climate related disclosures.
https://financialmarketsauthority.cmail20.com/t/r-l-ttijhdjk-btuitpxk-i/
26 Jun 2023 - The Financial Markets Authority published its final guidance for financial institutions that distribute products and services through intermediaries as part of the Conduct of Financial Institutions (CoFI) regime. https://financialmarketsauthority.cmail20.com/t/r-l-ttiiljjl-btuitpxk-y/
26 Jun 2023 - RBNZ identifies a small number of minor errors in the Interim Solvency Standard 2023 (the Standard) and have issued an ‘Amendment Standard’ to correct them. Stakeholders have made the RBNZ aware of a number of additional issues with the Standard and they intend to address these issues over coming months by consulting on and issuing a further amendment. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f7418c0121&e=082a4db7be
Legal and regulatory update for the life and health insurance sector
8 Jun 2023 - The Employment Relations (Protection for Kiwisaver Members) Amendment Bill was introduced https://www.parliament.nz/mi/pb/bills-and-laws/proposed-members-bills/employment-relations-protection-for-kiwisaver-members-amendment-bill-tracey-mclellan/
9 Jun 2023 - Anne Callinan appointed as the new Deputy Chair at the Commerce Commission https://www.beehive.govt.nz/release/new-commerce-commission-appointment-0
Legal and regulatory update for the life and health insurance sector
1 Jun 2023 - Following consultation on draft regulations, the Ministry of Justice have decided six of the proposed changes need to be in primary legislation. https://www.dia.govt.nz/AML-CFT-Update-on-changes-to-AML-CFT-Act-regulations
1 Jun 2023 - The FMA has filed High Court proceedings against Medical Assurance Society New Zealand Limited (MAS) and its subsidiaries for fair dealing breaches under section 22 of the Financial Markets Conduct Act 2013 (FMC Act). The FMA claims that between 2014 and 2022, MAS failed to apply the correct inflation adjustments on its customer policies, failed to apply multi-policy discounts and no claims bonuses, and underpaid life and disability claims to eligible clients. https://financialmarketsauthority.cmail20.com/t/r-l-tttjqly-btuitpxk-y/
1 Jun 2023 - The Accident Compensation (Access Reporting and Other Matters) Amendment Bill, was read a third time. This means people will now be able to access the minimum rate of compensation earlier – from the second week of injury instead of having to wait until the sixth week. https://www.beehive.govt.nz/release/faster-acc-payment-top-ups-and-fairer-system