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
Office of the Privacy Commissioner asks for submissions on guidance; RBNZ activates DTI restrictions; FMA holds webinars on how to apply for a COFI licence and how to submit FAP regulatory returns; FMA publish findings from monitoring FAPs; The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament; APRA emphasise importance of data backups; CEO of the External Reporting Board resigns; COFR release latest Quarterly Statement; RBNZ releases dates for Monetary Policy Statement publication; Commerce Commission files criminal charges against Kiwibank
22 May 2024 - The Office of the Privacy Commissioner asks for submissions on new guidance, Poupou Matatapu – doing privacy well. https://privacy.org.nz/news/consultations/poupou-matatapu/
28 May 2024 - The Reserve Bank of New Zealand - has confirmed the activation of Debt-to-Income (DTI) restrictions and loosening of Loan-to-Value Ratio (LVR) restrictions. https://www.rbnz.govt.nz/hub/news/2024/05/reserve-bank-activates-debt-to-income-restrictions
30 May 2024 - The Financial Markets Authority is holding a webinar on how to apply for a CoFI licence at 11am on 5 June. To attend, email cofi@fma.govt.nz
30 May 2024 - The Financial Markets Authority publish findings from the FMA’s supervision activities and monitoring of Class 1 and 2 licensed financial advice providers. https://www.fma.govt.nz/news/all-releases/media-releases/fap-monitoring-insights-report/
30 May 2024 - The Financial Markets Authority is holding a series of online sessions to help Financial Advice Providers submit their FAP regulatory returns.
Session 1 - Friday 14 June 2024 at 9am
Session 2 - Monday 24 June at 2pm
Session 3 - Monday 08 July at 10am
Session 4 - Tuesday 16 July at 10am
30 May 2024 - The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942?Tab=history
3 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has written to all APRA-regulated entities emphasising the critical role of data backups in cyber resilience. The letter details the common issues observed in backup practices that could hinder system restoration during an incident. APRA expects regulated entities to review their backup arrangements and address any identified gaps promptly. https://www.apra.gov.au/news-and-publications/apra-clarifies-expectations-on-cyber-security-and-adequacy-of-backups
4 Jun 2024 - The Chief Executive of the External Reporting Board (XRB), April Mackenzie, has resigned. https://www.xrb.govt.nz/news/latest-news/
7 Jun 2024 - The Council of Financial Regulators release their Quarterly Statement for June 2024. Kris Faafoi joined the meeting to discuss the insurance sector’s priorities, risks, and challenges. The conversation covered three priority areas: 1) insurance affordability; 2) resilience; and 3) the regulatory environment. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-june-2024.html
11 Jun 2024 - The Reserve Bank of New Zealand has released the dates for publication of its quarterly Monetary Policy Statement, Monetary Policy Review decisions and the 6-monthly Financial Stability Report. The new dates cover the period from August 2025 to July 2026. https://www.rbnz.govt.nz/hub/news/2024/06/monetary-policy-announcement-and-financial-stability-report-dates-for-late-2025-and-2026
11 Jun 2024 - The Commerce Commission has filed criminal charges against Kiwibank Limited (Kiwibank), alleging systemic breaches of the Fair Trading Act. The breaches relate to issues that resulted in more than $7 million being incorrectly charged to over 36,000 customers for fees and interest rates in relation to home loans, credit cards and overdrafts, over a period of several years. https://comcom.govt.nz/news-and-media/media-releases/2024/kiwibank-faces-criminal-charges-following-issues-that-caused-over-$7m-in-overcharges
Legal and regulatory update for the life and health insurance sector
MBIE Consultation on changes in regulation of the financial services sector, APRA release on private health insurance, plus ASIC guidance.
22 May 2024 - The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on options for streamlining how banks and other financial service providers are regulated by the government.
MBIE is consulting on:
• possible changes to the Credit Contracts and Consumer Finance Act.
• changes to the systems and controls financial institutions need to have in place to support how they provide services to consumers, and how the Financial Markets Authority regulates the market.
• opportunities to improve the accessibility and effectiveness of the financial dispute resolution system.
https://www.mbie.govt.nz/have-your-say/fit-for-purpose-financial-services-reform
22 May 2024 - The Australian Prudential Regulation Authority has released its quarterly private health insurance publication for the March 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-march-2024
22 May 2024 - ASIC has released guidance to financial advisers and Australian financial services licensees about the experienced provider pathway following changes to the law made by the Treasury Laws Amendment (2023 Measures No. 3) Act 2023. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-guidance-on-the-experienced-provider-pathway-for-financial-advisers/
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/
Legal and regulatory update for the life and health insurance sector
23 Apr 2024 - The Reserve Bank of New Zealand released its submission on the Commerce Commission’s draft report from its market study into personal banking services. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-releases-submission-on-draft-commerce-commission-market-study
23 Apr 2024 - The Financial Markets Authority has published its guide for Managed Investment Scheme managers and their supervisors for effective liquidity risk management, following consultation. https://www.fma.govt.nz/news/all-releases/media-releases/importance-of-effective-liquidity-risk-management/
23 Apr 2024 - Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes - Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and the Financial Dispute Resolution Service – and raise the maximum amount the schemes can award to $500,000. The government aims to have the regulations providing for the changes in place by July 18. https://www.goodreturns.co.nz/article/976523065/aligning-disputes-resolution-schemes.html
23 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-consults-on-enhancements-to-quarterly-insurance-publication-suite
Legal and regulatory update for the life and health insurance sector
A round-up of recent legal and regulatory updates including APRA’s update on life insurance claims and disputes statistics
16 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2023 to 31 December 2023. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-8
17 Apr 2024 - The Reserve Bank of New Zealand is continuing its exploration of a central bank digital currency, called 'digital cash' and asking for feedback from the public. Consultation is open 17 April until 26 July 2024. https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand
22 Apr 2024 - The Reserve Bank of New Zealand’s 2023 Climate Stress Test has found Climate-related risks need to be actively managed to protect the resilience of the financial system to other shocks. https://www.rbnz.govt.nz/hub/news/2024/04/climate-stress-test-assesses-resilience-of-major-nz-banks
22 Apr 2024 - The Council of Financial Regulators has published an updated Regulatory Initiatives Calendar for Q1 2024. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2024.pdf
Legal and regulatory update for the life and health insurance sector
3 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a cross-industry letter to advise on the scope, purpose and timing of its 2024 voluntary climate risk self-assessment survey of APRA-regulated entities. https://www.apra.gov.au/news-and-publications/apra-releases-letter-on-upcoming-climate-risk-self-assessment-survey-0
4 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-minor-updates-to-prudential-framework-for-adis-and-insurers
Legal and regulatory update for the life and health insurance sector
14 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published further information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).
The FAR, which takes effect for banks from 15 March 2024 and one year later for the insurance and superannuation industries, imposes a strengthened responsibility and accountability framework to improve the risk governance cultures of APRA-regulated entities, their directors and most senior executives.
The information package includes the following guidance materials relevant to all industries:
an information paper to assist entities and their accountable persons in understanding and complying with their obligations under the FAR;
an updated accountability statement guide and template to help entities subject to the FAR enhanced notification obligations to prepare accountability statements; and
reporting form instructions to assist entities in reporting FAR breaches to APRA and ASIC.
15 Mar 2024 - Hon Andrew Bayly's speech at Insurance Council of NZ is released. https://www.beehive.govt.nz/speech/insurance-council-nz-speech-7-march-2024-auckland
15 Mar 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly February 2023 diary released with the following potential financial services sector related meeting noted:
• 1 Feb 2024 – MEET: Commerce Commission (MBIE and ComCom Officials)
• 9 Feb 2024 – MEET: Commerce Commission (Commerce Commission)
• 12 Feb 2024 – CALL: FMA Chair (Mark Todd)
• 14 Feb 2024 –MEET: Chartered Accountants ANZ (Amir Ghandar)
• 20 Feb 2024 – MEET: Takeovers Panel (Takeovers Panel Members)
• 21 Feb 2024 -MEET: Insurance Council CE (Tim Grafton)
• 21 Feb 2024 – MEET: Commerce Commission (Commerce Commission
• 23 Feb 2024 – MEET: NZ Banking Assoc (Roger Beaumont)
• 28 Feb 2024 –MEET: Commerce Commission (John Small and MBIE officials)
• 28 Feb 2024 – MEET: Financial Ombudsmen (Susan Taylor)
18 Mar 2024 - RBNZ publishes assessment of Capital Review implementation which assesses the first 2 years of Capital Review implementation, from 2021 to 2023, and examines progress with phasing-in the Reserve Bank’s new higher capital requirements. https://www.rbnz.govt.nz/hub/news/2024/03/rbnz-publishes-assessment-of-capital-review-implementation
20 Mar 2024 - A new research paper by the New Zealand Institute of Economic Research (NZIER), commissioned by the RBNZ, outlines how migration can add to or reduce inflationary pressures depending on the size and direction of flows and the characteristics of migrants. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f72119dd50&e=082a4db7be
Legal and regulatory update for the life and health insurance sector
12 Mar 2024 - The Australian Prudential Regulation Authority (APRA) has released its private health insurance risk equalisation statistics publication for the 2022/23 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-3
12 Mar 2024 - The Quarterly Statement by the Council of Financial Regulators – March 2024 has been released. The Council discussed the work programme and priorities of the new Government. The Council reflected on the importance of cooperation and coordination between CoFR members to ensure Ministers were receiving advice that benefitted from agencies’ collective experience and perspectives. Dr Rod Carr joined the meeting to discuss the challenges posed by climate change. CoFR assessed the current state of New Zealand’s payments landscape against the vision it set out in July 2023. They noted the gaps, risks and issues that presented challenges to achieving the vision. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2024.html
14 Mar 2024 - The Reserve Bank of New Zealand has published the first legislative document setting out how it will take a proportionate approach when developing prudential standards for licensed deposit takers under the Deposit Takers Act 2023. https://www.rbnz.govt.nz/hub/news/2024/03/a-proportionality-framework-allows-for-diversity-while-promoting-financial-stability
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.
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