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.
Legal and regulatory update for the life and health insurance sector
The FSC publish Life Insurance and KiwiSaver quarterly snapshots; a guidance note for duty holders that are AML/CFT reporting entities; ASIC publish Information Sheet 282 on unsolicited contact leading to financial advice; and a new RBNZ consultation.
13 May 2024 - The FSC has published the March 2024 Life Insurance quarterly snapshot. https://blog.fsc.org.nz/life-insurance-industry-spotlight-march-2024
13 May 2024 - The FSC has published the March 2024 KiwiSaver quarterly snapshot. https://blog.fsc.org.nz/kiwisaver-spotlight-march-2024
13 May 2024 - The three AML/CFT Act supervisors – FMA, DIA and RBNZ – along with their partner agencies – MFAT and NZ Police – have provided a Guidance Note for duty holders that are AML/CFT reporting entities. The Guidance Note specifically relates to notifying a customer of an asset freeze or blocked transaction under the Russia Sanctions Act. https://www.fma.govt.nz/library/guidance-library/guidance-note-for-duty-holders-that-are-amlcft-reporting-entities/
15 May 2024 - ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-information-for-unlicensed-entities-making-unsolicited-contact-with-consumers/
16 May 2024 - The Reserve Bank of New Zealand is consulting on the first set of standards under the Deposit Takers Act 2023. https://www.rbnz.govt.nz/hub/news/2024/05/deposit-takers-act-standards-open-for-consultation
Updated Product Research Database v15_8
This version of the database includes the following changes:
Changes in V15.8
Personal
AIA - New policy documents effective 8 March 2024 and rating changes applied to:
* AIA Private Health
* AIA Cancer Care
* AIA Real Health
* ASB Private HealthAsteron Life – new policy document effective 25 March 2024
* rating changes appliednib - new policy documents effective December 2023
* rating changes applied
Business
Asteron Life - new policy document effective 25 March 2024
* rating changes applied
Reviews
Policy document linking and updates made to:
* Pinnacle Life (all products)
* Momentum Life (all products)Medical
* Sub-item review for ‘Diagnostic Tests’
* Sub-item review for ‘Exclusions’
* New exclusion added for ADM Intravitreal Eye InjectionsTrauma
* Review of nib 'Serious Conditions Financial Support Option'
* Incidence remediation for ‘Future Insurability’
* Amount score review for ‘Special Events Increase’
* Definition remediation for 'Coma'
* Remediation for 'Life Cover Buyback'
* Definition score review for nib's Upgrade Policy Wordings for Life&LivingLife
* Sub-item review for ‘Business Events Increase’Financial Stability Rating updates applied to:
* AA Life from AA- to A+
* Accuro from B+ to B
* Asteron Life from AA- to A+
* nib from A- to A
* Southern Cross from A to A+
* AMI from AA- to AA (available in QPR database only)
* State from AA- to AA (available in QPR database only)
Updating your credit card details on Quotemonster
We’ve made a quick video to show you how to update your credit card details in Quotemonster.
Contracts of Insurance Bill
Commerce and Consumer Affairs Minister Andrew Bayly talks about his three focus points; ombudsman welcomes changes; and where to find more information on how the Bill could affect you.
Commerce and Consumer Affairs Minister Andrew Bayly has said that insurance law reforms are “long overdue”, with some laws over 100 years old. Bayly has said his three focus points for the new Contracts of Insurance Bill are to make it easier for consumers to get insurance, for consumers to better understand what they’ve signed up for and for consumers to get paid out more quickly. Bayly has said the government intend to pass the Bill before the end of 2024.
“… Many consumers don’t understand what information they are supposed to tell their insurer, and the consequences if they don’t disclose this information.
Forgetting to tell the insurer something regarded as being material to the risk of providing a consumer with insurance (i.e. whether the insurer would have provided cover or not, and on what terms) can be fatal.
I’m pleased that this law change will require insurers to ask clear and relevant questions, making it easier for consumers to know what information they have to provide.”
Submissions on the Bill are open until 3 June 2024. The Financial Services Council (FSC) is urging members to feedback and has circulated an industry submission process document.
We think that all the questions adviser-focused insurers ask are clear and relevant and that in a full underwriting environment it is clear to customers what they should be disclosing. But this is not the full scope of the changes that the law will bring in. Bell Gully’s comment covers this well:
“Most submitters welcomed the overall approach taken in the exposure draft, which proposed to consolidate, modernise and clarify a number of outdated statutes into one primary statute governing insurance policies generally, as well as the specific relationship between insurers and their customers. The Bill also proposed to bring about significant changes in the law of insurance in New Zealand – particularly relating to the duty of disclosure owed by insureds, the duty of utmost good faith, the remedies available to a party who has a claim against an insolvent insured, and the application of the unfair contract terms regime to insurance policies. The details of some of these substantive changes were met with resistance, including in our submission, primarily due to concerns that the reforms may create significant uncertainty for both insureds and insurers.”
For more details on the content of the Bill, we suggest that you check out their summary here. Steve Wright also outlines seven potential changes facing advisers and insurers here.
FMA report on insights from monitoring Financial Advice Providers
The Financial Markets Authority (FMA) will be publishing a report on their insights from their monitoring of Class 1 and 2 Financial Advice Providers (FAPs), with the report expected to be released in June.
The Financial Markets Authority (FMA) will be publishing a report on their insights from their monitoring of Class 1 and 2 Financial Advice Providers (FAPs), with the report expected to be released in June.
The FMA will host a series of in-person and online forums to discuss the report and answer questions. The sessions will cover
• Weaknesses identified during the first 12 months of monitoring visits.
• Good practice identified during those visits.
• Regulatory returns, which are due between 1 July and 30 September 2024.
• The FMA’s transition to an outcomes-focused regulator.
• Scams, and how financial advisers may be able to support clients.
Dates and times for the online sessions are yet to be released; dates and locations for the in-person sessions are below.
• Auckland – Tuesday, 11 June 2024
• North Shore – Thursday, 13 June 2024
• Wellington – Wednesday, 19 June 2024
• Palmerston North – Thursday, 20 June 2024
• Hamilton – Tuesday, 25 June 2024
• Christchurch – Thursday, 27 June 2024
Invitations to these sessions will be sent to the relevant FAPs in May. If you have any questions about FAP monitoring, you can contact the FMA at questions@fma.govt.nz.
More daily news:
Experts call for more inclusive research due to gender health gap
Chubb Life Support Person of the Year entries are open
Chubb Life is bringing back their Support Person of the Year award, to recognise behind the scenes team members.
Chubb Life is bringing back their Support Person of the Year award. The award recognises behind the scenes team members. To nominate someone, enter here before 24 May.
The winners will receive a $1,000 Prezzy Card, runner up with receive a $500 Prezzy Card and third place will receive a $300 Prezzy Card.
More daily news:
Entries to Chubb Life Support Person of the Year are open
Chubb Life webinar 'Economic update from Cameron Bagrie' 6 June
AIA offers customers chance to win a year's insurance up to $2,000
AIA launched a new version of AIA Living Accidental Injury Cover
AIA introduce new features in AIAHub
The FSC have announced their fourth Climate Related Disclosures Series session
Legal and regulatory update for the life and health insurance sector
Submissions on the Privacy Amendment Bill, APRA share observations from review of capital adequacy, and results from a survey of New Zealanders on Privacy.
6 May 2024 - The Justice Select Committee are currently accepting submissions on the Privacy Amendment Bill with submissions closing on 14 June. https://www.parliament.nz/en/pb/sc/make-a-submission/document/54SCJUST_SCF_56E3FBE7-1F3D-464E-B54D-08DBAE8917AE/privacy-amendment-bill
9 May 2024 - The Australian Prudential Regulation Authority (APRA) has issued a letter to all private health insurers (PHIs) sharing the observations from its review of a number of PHI Internal Capital Adequacy Assessment Plan (ICAAP) Summary Statements as well as feedback on the initial implementation of the new capital reporting standards. https://www.apra.gov.au/news-and-publications/apra%E2%80%99s-publishes-letter-to-support-implementation-of-new-phi-capital
13 May 2024 - The office of the Privacy Commissioner release a biennial privacy survey of New Zealanders. https://privacy.org.nz/publications/statements-media-releases/privacy-week-2024-new-survey-reveals-new-zealanders-privacy-concerns/
The FSC Awards 2024 have been announced
Nominations and entries to the FSC Awards 2024 have opened.
Nominations and entries to the FSC Awards 2024 have opened. There are eight categories, each open to FSC members only, with the exception of the 'Contribution to Community' Award which is also open to registered not-for-profit organisations and charities.
Chair’s Award for Services to the Industry
Team of the Year Award
Emerging Trailblazer Award
Contribution to Community
Workplace Savings Award
Excellence in Sustainability Practices
Excellence in Governance
Excellence in Wellbeing and Inclusion
Entries and nominations close on 30 June 2024, with the awards being presented at the FSC Awards Dinner on Wednesday 4 September 2024 at the Cordis Hotel, Auckland.
More daily news:
The FSC in Australia has announced the formation of the Digital Advice Expert Group
The Co-operative Banks' satisfaction scores much higher than other banks
Next week is Privacy Week
Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.
Privacy Week 2024 runs from May 13 – 17. This year, the office of the Privacy Commissioner have chosen the theme ‘busting privacy myths’. There are a range of online events you can attend, and they will all be recorded and added to their YouTube channel.
Monday 13 May
11:00am - Myth: Māori data sovereignty is too hard – introductory
1.00pm - A hacker's view of data breaches – introductory
Tuesday 14 May
8.30am - In-person IAPP Knowledge Net event – Wellington
10.30am - Busting myths about privacy and cyber security – introductory
12.00pm - Biometrics and you – intermediate
3:30pm - Sharing personal information: Why aren’t we sharing when we have authority to do so? – Intermediate.
Wednesday 15 May
9.30am - If I'm not doing anything wrong, what do I have to hide? – Introductory
10.45am - Safeguarding children and young people's privacy in New Zealand – Introductory
12pm - Resolving Privacy Complaints: Internal Resolution and Working with OPC – Introductory
2pm - What’s missing from the conversation on AI? – Intermediate
Thursday 16 May
9.15am - Privacy for Charities and Not-for-Profits: tips and tricks - introductory
10.30am - All privacy breaches need to be reported to the Privacy Commissioner? – intermediate
1.15pm - Managing Privacy in the Data & Generative AI Era – Intermediate
2.30pm - Young people don't care about Privacy - Debunking the myth – Introductory
Friday 17 May
9.00am - Sharenting, Children and Privacy – The fine line between 'cute' and 'concerning'
10.30am - Privacy is More than Compliance: Transforming Privacy into a Strategic Business Advantage - Advanced
12.00pm - Data Privacy: Protecting Children in the Digital Age – Introductory
2.00pm - My DNA will only be used in this way - busting privacy myths about DNA - Introductory
There is a range of collateral available for you to put on your website or social media or pop up around the office here and a quiz you can take with your team available here.
More daily news:
nib offers respondents to Workplace Wellbeing Survey a chance to win
ICNZ has welcomed the first reading of the Contracts of Insurance Bill
The government calls for public submissions on the Contracts of Insurance Bill
Updating your email address
Here’s a quick video explaining how to update your email address directly on Quotemonster.