AIA introduce new cover for prophylactic surgery following cancer

AIA have enhanced their on-sale health insurance products as well as eligible closed products to cover prophylactic or preventative surgery following an acceptable breast or ovarian cancer claim, subject to certain criteria.

Previously AIA’s health insurance products specifically excluded preventative treatment including those related to cancer. The changes came about after a need was identified through customer feedback. Details of the changes are available here.

Insurers have been getting increased requests for preventative treatment to be available. One example of the media coverage is available at One News here.

Comments like this one sum up the media view: “If you had a very high cancer risk, but there was surgery available to cut that risk by up to 90% - that would be amazing, a no-brainer, right?” – well, it depends on what you mean by a ‘very high rate of cancer’. That risk must outweigh the risks associated with a preventative surgery. It will not be the same for all clients – and may vary depending on each person’s circumstances.

These trade-offs make it a much more difficult decision to make than funding cancer treatment itself. Insurers are conservative and usually wait many years to assess data to decide whether to cover different treatment types. That’s bad news for individual customers who have an expensive and difficult choice to make, but it helps protect the interests of hundreds of thousands of other customers, who need affordable cover.

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Peter Mensah appointed to Regional Manager – North Island at Chubb Life

Chubb's new advertising campaign features Phil Thompson

The Office of the Privacy Commissioner is holding a Ian Axford Fellowship webinar with Rachel Levinson-Waldman on 25 March

Southern Cross announce winners of the Wayfinder Awards

Select Committee publishes final report of inquiry into the nature, impact and risks of cryptocurrencies

The Retirement Commission asks for feedback on a shared measurement tool for financial wellbeing

Legal and regulatory update for the life and health insurance sector

5 Mar 2024 - The Reserve Bank of New Zealand has published a Bulletin article discussing the use of credit risk weights for climate-related purposes. https://www.rbnz.govt.nz/hub/news/2024/03/the-use-of-credit-risk-weights-for-climate-related-purposes

5 Mar 2024 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Thrive Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-financial-advice-new-zealand-thrive-conference/

5 Mar 2024 - The Business Payment Practices Act Repeal Bill was read a first time and read a second time under urgency. https://bills.parliament.nz/v/6/3da72845-7284-439e-2ead-08dc3c923d2a?Tab=history

6 Mar 2024 - The Reserve Bank of New Zealand are part-way through a review of access eligibility criteria to use the Exchange Settlement Account System (ESAS). They have updated the consultation page of their website and published the submissions they received. https://www.rbnz.govt.nz/have-your-say/2023/esas

7 Mar 2024 - The Financial Markets Authority has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million in overcharges.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-proceedings-against-tower-limited/

7 Mar 2024 - The Privacy Commissioner has called for greater penalties for data breaches. https://privacy.org.nz/publications/statements-media-releases/greater-penalties-needed-privacy-commissioner-speaks-to-national-cyber-security-summit/

8 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).
The FAR, which replaces the Banking Executive Accountability Regime (BEAR), imposes a stronger responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors as well as their most senior executives. In doing so, the FAR aims to improve the risk and governance cultures of those financial institutions.
This release includes:

• the Regulator rules, which prescribe information for inclusion in the FAR register of accountable persons;

• the Transitional rules, which prescribe information to be provided by authorised deposit-taking institutions (ADIs) in relation to their existing accountable persons under the BEAR at the transition point to the FAR;

• descriptions of ADI key functions to assist banking entities in the allocation of key functions; and

• reporting form instructions to assist banking entities in providing the required information to APRA and ASIC.

https://www.apra.gov.au/news-and-publications/apra-and-asic-issue-final-rules-and-further-guidance-for-financial

Legal and regulatory update for the life and health insurance sector

27 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2023 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-december-2023

27 Feb 2024 - The Pae Ora (Disestablishment of Māori Health Authority) Amendment Bill was introduced to Parliament under urgency, read a first time, read a second time,went to Committee of Whole House and has received Royal Assent. https://bills.parliament.nz/v/6/79c10303-5472-4eb3-9496-08dc3736cfbc?Tab=history

28 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its quarterly private health insurance (PHI) publication for the December 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-december-2023

28 Feb 2024 - The Monetary Policy Committee agreed to hold the Official Cash Rate (OCR) at 5.50%. https://www.rbnz.govt.nz/hub/news/2024/monetary-policy-remains-restrictive

29 Feb 2024 - The Office of the Privacy Commissioner has released new privacy impact assessment guidance and downloadable templates. https://privacy.org.nz/new-on-the-website

29 Feb 2024 - The Office of the Privacy commissioner has released Privacy News February 2024. https://mailchi.mp/ea0b4c7571b6/privacy-news-biometrics-code-opc-guidance-three-vacancies-ai-governance-training-12758105

29 Feb 2024 - The Office of the Privacy Commissioner is hosting a webinar with Ian Axford Fellow on 6 March. https://us06web.zoom.us/webinar/register/WN_RvnJJixhTOSoT0oVwPth_g#/registration

29 Feb 2024 - This year’s Privacy Week will be held over 13-17 May. The Office of the Privacy Commissioner is seeking people to sign up to host a myth busting webinar as part of Privacy Week 2024. https://www.surveymonkey.com/r/CJPJ7BX

Legal and regulatory update for the life and health insurance sector

21 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the September 2023 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-september-2023

21 Nov 2023 - The Financial Services Council has today released its initial report outlining the challenge to update the permitted operating model for defined benefit (DB) workplace savings schemes by enabling them to consolidate, thereby benefiting both members and employer sponsors through improved cost-effectiveness and simpler administration. https://blog.fsc.org.nz/media-release-21-november-2023

22 Nov 2023 - The Australian Prudential Regulation Authority has released its quarterly private health insurance (PHI) publication for the September 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-5

22 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on its proposed amendments to three private health insurance (PHI) reporting standards, following amendments to PHI legislation. https://www.apra.gov.au/news-and-publications/apra-responds-to-consultation-on-amendments-to-private-health-insurance

23 Nov 2023 - The Privacy Commissioner has announced that his Office will be consulting on new rules specifically for biometrics. Biometrics are increasingly collected by facial recognition technology (FRT), retinal scans, and voice recognition. The exposure draft will be released early in 2024 and will be available for everyone to comment on. https://privacy.org.nz/publications/statements-media-releases/privacy-commissioner-to-consult-on-new-rules-for-biometrics/

24 Nov 2023 - FMA released its Audit Quality Monitoring Report for 2022/23 https://www.fma.govt.nz/library/reports-and-papers/audit-quality-review-report/

27 Nov 2023 - Medical Assurance Society (MAS) are to pay a $2.1 million penalty for making false and misleading representations to customers, following proceedings brought by the FMA. In September 2023, MAS admitted it breached section 22, one of the Fair Dealing provisions of the Financial Markets Conduct Act 2013 (FMCA), by failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers who were entitled to them, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments. https://www.fma.govt.nz/news/all-releases/media-releases/medical-assurance-society-to-pay-2-1-million-penalty/

27 Nov 2023 - The Australian Prudential Regulation Authority (APRA) has released for consultation a new cross-industry standard to centralise APRA's existing standards on definitions for authorised deposit-taking institutions and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-consults-on-new-cross-industry-standard-to-centralise-existing-standards

Legal and regulatory update for the life and health insurance sector

2 Nov 2023 - Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. Since July 2023, ASIC has disrupted scam activity by initiating takedowns of more than 2,500 investment scam and phishing websites.  https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-290mr-asic-s-new-website-takedown-capability-knocks-out-over-2-500-investment-scam-and-phishing-websites/

3 Nov 2023 - Adrian Orr delivered a keynote speech at the Chapter Zero Breakfast in Auckland, titled 'No longer tomorrow’s problem: How the Reserve Bank is working with its stakeholders to respond to Climate Change' https://www.rbnz.govt.nz/news-and-events/events/2023/november/how-the-reserve-bank-is-working-with-its-stakeholders-to-respond-to-climate-change

6 Nov 2023 - The Commerce Commission has joined competition, consumer protection, and economic regulators from across the Pacific to share intelligence, investigative techniques, and best practice in a newly formed initiative - the Pacific Island Network of Competition Consumer and Economic Regulators or PINCCER. https://comcom.govt.nz/news-and-media/media-releases/2023/competition,-consumer-and-economic-regulatory-authorities-form-network-to-promote-well-functioning-markets-in-the-pacific

6 Nov 2023 - Privacy Commissioner's Annual Report for the year ending 30 June 2023 is published. https://privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2023/

7 Nov 2023 - The Reserve Bank of New Zealand announces key decisions on review of policy for branches of overseas banks. Key decisions in the Branch Review include:

• restricting all branches in New Zealand to engaging in wholesale business (that is with corporates, institutions and other wholesale investors), meaning they could not take retail deposits or offer products or services to retail customers;

• limiting the maximum size of a branch to NZ$15 billion in total assets; and

• continuing to allow the dual registration of branches, provided:

  • the relevant subsidiary and branch are sufficiently separate, and any identified risks are mitigated by specific conditions; and

  • dual-registered branches only conduct business with large wholesale customers.

https://www.rbnz.govt.nz/have-your-say/review-of-policy-for-branches-of-overseas-banks

Legal and regulatory update for the life and health insurance sector

24 Oct 2023 - ASIC has signed the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU), an international supervisor cooperation and information exchange agreement. The IAIS MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. To become a signatory to the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes, conducted by an independent team of IAIS members. Through membership in the MMoU, supervisors can exchange relevant information and assist other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers. https://asic.gov.au/about-asic/news-centre/news-items/asic-signs-mmou-with-the-international-association-of-insurance-supervisors/

24 Oct 2023 - This year’s Sir Bruce Slane Memorial Lecture on the topic of "Balancing privacy and other interests in the social media age" will be held on 6 December https://privacy.org.nz/news/forums-and-seminars/register/

25 Oct 2023 - The Australian Prudential Regulation Authority (APRA) has released its Operations of Private Health Insurers Annual Report for the financial year 2022-2023. The Operations of Private Health Insurers Annual Report shows expenses, revenues and operational information about private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-operations-of-private-health-insurers-annual-report-2

27 Oct 2023 - Financial Services Council released its KiwiSaver Industry Spotlight statistics for the Sep 2023 quarter.  https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/FSC%20Corporate/Documents/Industry%20Statistics/SPOTLIGHT%20KiwiSaver%20SEP%202023.pdf

27 Oct 2023 - Chapter Zero publishes governance outtakes from their climate change and business conference https://www.chapterzero.nz/news/behavioural-change-for-climate-change/

Wotton + Kearney release 2023 NZ Insurance Market Trends Update

Wotton + Kearney have released their 2023 NZ Insurance Market Trends Update. Of note, it includes updates on:

·         increase in director accountability for ESG issues and climate-related financial disclosures;

·         how organisations will need to consider how applicable tikanga values should inform their conduct when dealing with employment relationship issues;

·         how organisations need rigorous processes in place for restructures and redundancies;

·         extensions to Schedule 2 Occupational Diseases;

·         changes to the regulation of medicines, medical devices and natural health products;

·         the passing of the Therapeutic Products Bill 2023;

·         cyber, privacy and data security.

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Legal and regulatory update for the life and health insurance sector

18 Sep 2023 - ASIC Chair Joe Longo gave an address at the Australian Financial Review Cyber Summit on cyber preparedness https://asic.gov.au/about-asic/news-centre/speeches/marconi-s-illusion-what-a-120-year-old-magician-s-trick-can-teach-us-about-cyber-preparedness/

20 Sep 2023 - he Australian Prudential Regulation Authority (APRA) has announced its decision to grant a 4-week extension to insurers for the submission of most of the Australian Accounting Standards Board 17 Insurance Contracts (AASB17) reporting forms for the September 2023 and December 2023 Quarterly reporting periods. https://www.apra.gov.au/news-and-publications/apra-extends-due-dates-for-submission-of-quarterly-data-reporting-for

20 Sep 2023 - ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024. The reason for the further extension is that the Treasury Laws Amendment (2023 Measures No. 1) Bill (the Bill) remains before parliament. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-date-for-financial-adviser-registration-requirement/

21 Sep 2023 - Privacy Commissioner outlines how New Zealanders using AI tools can ensure they’re meeting their obligations under the Privacy Act 2020. The detailed guidance outlines how AI relates to the 13 Information Privacy Principles (IPPs) in the Act, looking at how AI tools work, offering practical examples, and setting out a range of questions to consider as you think about your privacy obligations. https://privacy.org.nz/publications/guidance-resources/ai/

Legal and regulatory update for the life and health insurance sector

6 Sep 2023 - NZ Banking Association publish their regulatory radar for August 2023 https://www.nzba.org.nz/wp-content/uploads/2023/09/August-2023-Banking-Sector-Regulatory-Radar.pdf

6 Sep 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, July 2023 diary released with the following potential financial services sector related meeting noted:

• 26 July 2023 – Meeting with Insurance Council (CE, President)

https://www.beehive.govt.nz/sites/default/files/2023-09/July%202023%20Proactive%20Diary%20Hon%20Dr%20Duncan%20Webb.pdf

7 Sep 2023 - RBNZ publish a speech by Deputy Governor Christian Hawkesby "Towards good governance in the financial system" https://www.rbnz.govt.nz/hub/news/2023/09/towards-good-governance-in-the-financial-system

7 Sep 2023 - The Privacy Amendment Bill was introduced to Parliament this week. The amendment will increase transparency about the collection and use of personal information. https://privacy.org.nz/publications/statements-media-releases/proposed-change-to-privacy-act-will-enhance-transparency/

7 Sep 2023 - The Council of Financial Regulators (CoFR) has outlined how they are other members of CoFR's climate change community coordinate on climate-related initiatives within the regulators’ legislative and regulatory mandates. They have produced a diagram depicting the climate change-related work programmes of the respective CoFR agencies and their partners. https://www.cofr.govt.nz/priority-themes/climate-related-risks.html

Legal and regulatory update for the life and health insurance sector

18 Aug 2023 - The Australian Securities and Investments Commission (ASIC) today confirms several executive changes within its senior leadership team. https://asic.gov.au/about-asic/news-centre/news-items/asic-announces-executive-appointments/

23 Aug 2023 - The Reserve Bank of New Zealand has published a Bulletin article highlighting high level results from a survey of prudentially regulated entities on climate change. Almost all entities’ governance bodies are discussing climate-related risks on a regular or ad hoc basis (28 out of 29). Concerns about climate-related risks are influencing day-to-day business decisions more than they were in 2019. However, only 3 out of 29 entities stated they have ‘fully embedded’ different aspects of climate-related risk management in the manner they already do for other business risks. https://www.rbnz.govt.nz/hub/news/2023/08/rbnz-releases-results-of-industry-climate-survey

23 Aug 2023 - APRA releases quarterly private health insurance statistics for June 2023 https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-june-2023

23 Aug 2023 - The FSC have published 'KiwiSaver serious illness and life-shortening congenital conditions processing guidelines' https://blog.fsc.org.nz/guidelines-kiwisaver-serious-illness

24 Aug 2023 - The Reserve Bank of New Zealand has published new statistics from the monthly Loan-to-Valuation New Commitments Survey. The Loan-to-Valuation New Commitments Survey collects data from registered banks on new mortgage lending commitments during the month. On 31 August, RBNZ will also publish new statistics from the Bank Balance Sheet Survey (BBS), making more data available to all users on their website. The Bank Balance Sheet Survey collects data from registered banks on non-performing loans (impaired or more than 90 days past due) and provisions (for potential bad debts) across the banking system. https://www.rbnz.govt.nz/statistics/series/lending-and-monetary/new-residential-mortgage-lending-by-loan-to-valuation-ratio

24 Aug 2023 - The Reserve Bank of New Zealand has completed a review of its Connected Exposures policy; the finalised policy has now been published and is expected to come into effect on 1 October 2023. https://www.rbnz.govt.nz/hub/news/2023/08/connected-exposures-policy-finalised

24 Aug 2023 - The Australian Prudential Regulation Authority (APRA) has advised it will suspend the release of the September 2023 editions of the quarterly insurance statistical publications ordinarily released in late November 2023. https://www.apra.gov.au/news-and-publications/apra-suspends-publication-of-next-quarterly-insurance-statistics

24 Aug 2023 - Today, the privacy protection authorities of New Zealand, Canada, Australia, the United Kingdom, Hong Kong, Switzerland, Norway, Columbia, Morocco, Argentina, Mexico and Jersey are issuing statements on data scraping, and how the public can protect their privacy. https://privacy.org.nz/publications/statements-media-releases/new-zealand-part-of-global-effort-on-data-scraping/

25 Aug 2023 - ASIC has welcomed three new Commissioners to ASIC - Ms Katherine O’Rourke, Mr Alan Kirkland and Ms Simone Constant https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-229mr-asic-welcomes-appointment-of-three-commissioners/

25 Aug 2023 - Chapter Zero has published an article on 'Data-driven decisions: Governance outtakes' https://www.chapterzero.nz/news/data-driven-decisions-governance-outtakes/