nib quarterly premium review results in price increases

As part of a quarterly review, nib have reviewed their health insurance premiums. The changes affect both current members renewing their policies and new policies sold this quarter. The changes for renewing customers are below, with the change in premium for each member varying depending on the benefits, options and excess they have selected, who the policy covers and whether the premium includes a policy fee.

Premiums included in quotations for prospective new members will be updated from 1 July 2024 and the new rates will be automatically updated in nibAPPLY. Quotations dated before 1 July 2024 will be honoured if the application goes into force within 30 days of the quotation date.

More details can be found on nib’s FAQ page or advisers can contact their nib Adviser Partner Manager.

More news:

Michael Weston, Partners Life CEO, says how he plans to keep growth momentum

Fidelity Life increase their mandatory medical limit for BMI to 37

Fidelity Life ask advisers what their next adviser council should cover

Fidelity Life publish new, updated Working together guide

Fidelity Life extend adviser feedback survey deadline to 21 July

Financial Advice New Zealand webinar 'Professional Development Planning' 10 July

mySolutions webinar 'The Compliance Refinery - AML/CFT Changes' 3 July

The FMA and the Retirement Commission remind people to do a KiwiSaver health check

Complaint to IFSO results in ex gratia payment for clients

AMP’s former head of advice sues The Australian newspaper for defamation over what he says were false allegations he misled ASIC

Feedback requested on the Code of Professional Conduct for Financial Advice Services

The Financial Advice Code Committee is seeking industry feedback on proposed amendments to the Code of Professional Conduct for Financial Advice Services.

The consultation outlines three proposed amendments to the Code:

• Formally recognise version 3 of the Level 5 Certificate, noting those who can demonstrate their competence, knowledge, and skill by reference to version 1 or version 2 of the Level 5 Certificate, or an equivalent qualification don’t need to update their qualification.

• Retain the Level 5 Certificate qualification outcomes as the minimum standard for investment planning competence and remove the interim status of Code Standard 7.

• Clarify the requirements for continuing professional development in CS9.

Code Committee Chair Angus Dale-Jones said

“The proposed amendments reinforce the importance of continuing professional development for financial advisers. That’s fundamental for the availability and quality of financial advice for all New Zealanders.”

Submissions are due by 5pm on Wednesday 14 August 2024. The committee will give an online presentation about the consultation on Thursday 4 July, you register here.

More news:

Financial Advice New Zealand has launched its Connect Tour 2024

Megan Beer awarded Honorary Life Membership at the ANZIIF Outstanding Contribution Awards

Retirement Commissioner asks financial services industry to raise KiwiSaver report with politicians

Roxanne Salton talks about how insurance firms can counter phishing attacks

How to sign up to Quotemonster

If you’re ready to take your business to the next level, watch our step-by-step guide to signing up to Quotemonster.

Legal and regulatory update for the life and health insurance sector

25 Jun 2024 - The committee stage of the Accident Compensation (Interest on Instalment Plans) Amendment Bill was completed and The Accident Compensation (Interest on Instalment Plans) Amendment Bill was read a third time. https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942

26 Jun 2024 - The FMA are holding two Q&A session on CoFI fair conduct programmes on 3 & 9 July. https://www.eventbrite.com/cc/qa-session-on-cofi-fair-conduct-programmes-3444339

26 Jun 2024 - The FMA are holding an online session on how to apply for a financial institution licence on 24 July. https://www.eventbrite.co.nz/e/how-to-apply-for-a-financial-institution-licence-tickets-929411062507?aff=oddtdtcreator

26 Jun 2024 - The FMA have published their Statement of Intent and Statement of Performance Expectations. The Statement of Intent sets out how they will do their work, what they will deliver, and how they will measure progress over the next four years. The Statement of Performance Expectations sets out their performance targets for the financial year ahead and includes several new measures focused on guidance, engagement, and the delivery of streamlined systems. https://www.fma.govt.nz/library/corporate-publications/statement-of-intent/

Fidelity Life announce mortgage cover enhancements

Fidelity Life has enhanced their Monthly mortgage repayment cover and Mortgage Protection Cover. From 20 June, the insurer is lifting the offsets thresholds for these covers from $5,000 to $7,500, providing greater certainty at claim time for customers with high incomes or large mortgages.

In addition, customers can choose to base their cover on 115% of their rent payments.

Chief Commercial Officer Bronwyn Kirwan says

“These enhancements deliver more support and security for customers, whether that’s through keeping more money in their pockets before offsets start to apply, or offering greater support for renters. By providing more options, we aim to help more New Zealanders get the cover that works for them.”

More news:

AIA webinar 'Selling Offer of Terms' 26 June

Finance Minister confirms new Pharmac funding policy will be announced soon

Steve Wright identifies areas where FAPs and advisers need to improve

Steve Wright has examined the FMA’s FAP monitoring report and gone through the findings to highlight areas advisers and FAPs need to keep their eyes on.

While the FMA was for the most part happy with the results of their monitoring visits to around 60 FAPs, they did highlight a number of gaps where improvement is needed. In particular, the FMA identified ‘tick-box’ approaches to compliance as a root cause of some of these gaps.

Some areas that were identified as needing improvement were proper oversight of advice; identifying and working to close knowledge gaps; a considered approach to continuing professional development (CPD) with the identified learning achieved and recorded; some situations where the advice given was ‘unsatisfactory’; consideration of clients’ future needs.

More daily news:

mySolutions webinar 'Camilla Tumai, Bizcap Offering' 26 June

Pinnacle Life has been shortlisted for the 2024 Best Places to Work Awards

Southern Cross Healthcare supports Bowel Cancer New Zealand’s awareness campaign

Southern Cross Healthcare organises volunteer beach cleanups

Tony Vidler discusses the importance of an individual brand

TAP introduce the TAP Adviser Steering Committee

AMP announce 23 of their funds have been certified by the Responsible Investment Association Australasia (RIAA)

New research shows physical activity can clear brain toxins while simulating new neurons and connections

The US surgeon general seeks tobacco-like warning labels on social media platforms

Jon-Paul Hale critiques insurers' use of “MedSafe indicated” wording in policies

Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans to ensure that coverage extends to the use of the medicine.

In policy wordings, “MedSafe indicated” can significantly limit access to treatment; where MedSafe guidelines include "indicated first-line treatment", this means the medication is only authorised for use as the first treatment. Hale suggests that clients consider any mediations with ‘first-line’ indications may wish to be treated with these medications first, as insurers are unlikely to approve them for later use.

What may surprise you is that many, many, medicines are prescribed that are outside Medsafe indications. Some are prescribed even though the medicine is unapproved for any purpose in New Zealand. Several insurers will not cover medicines that are unapproved. Obtaining a Medsafe approval for the use of a medicine can be time consuming and expensive. We are a small market and some disorders are rare. That means that while it may be economically viable to gain approvals in the United States and Europe, sometimes the New Zealand market may be too small for these companies to consider seeking approval economically viable, especially when some medical professionals will still prescribe an unapproved medicine.

At Quality Product Research Limited we are committed to ensuring that research scores are descriptive of these differences, which are increasingly important. There is a review of the non-PHARMAC coverage item in our health / medical insurance research which is being consulted on right now. If you would like to participate in the review please contact us. Results of the review will be announced at our forthcoming national roadshow which runs from 23 July to 29 August. Register for the roadshow, at a venue near you, here.

References:

Medsafe – about and role: https://www.medsafe.govt.nz/other/about.asp

Medsafe – use of Unapproved Medicines and Unapproved Use of Medicines: https://medsafe.govt.nz/profs/riss/unapp.asp#need

More daily news:

Partners Life a finalist in the ‘Insurer Innovation’ category at 'The World’s Digital Insurance Awards'

Partners Life campaign top in the 2023 Global Effie Rankings - insurance category

AIA recognised as one of the most diverse insurance companies

AM Best withdraws ratings for Accuro

Philip Macalister discusses research on areas advisers can improve in

Retirement Commissioner proposes 15 recommendations aimed at enhancing KiwiSaver

The FSC continues to call for review into KiwiSaver settings

Health New Zealand orders hiring freeze on all non-frontline roles

Legal and regulatory update for the life and health insurance sector

19 Jun 2024 - The Financial Markets Authority and the External Reporting Board have jointly produced a set of guides designed to help people understand the Climate-related Disclosures (CRD) regime and the information being provided in climate statements which are now starting to be published by climate reporting entities. https://financialmarketsauthority.cmail20.com/t/r-l-tdgjjx-btuitpxk-y/

19 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has announced the release of the new digital prudential framework in the form of the "Prudential Handbook".  The Handbook brings all APRA's prudential standards, guidance and supporting information into one place; presents them in a digital format that can be easily navigated and searched; and caters to a range of different users across regulated industries and in the broader community. https://www.apra.gov.au/news-and-publications/apra-releases-new-digital-prudential-handbook

20 Jun 2024 - The Financial Markets Authority has published its Auditor Regulation and Oversight Plan 2024-2027. The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-regulation-and-oversight-plan-2024-2027/

20 Jun 2024 - Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026. https://www.beehive.govt.nz/release/reserve-bank-chair-reappointed

21 Jun 2024 - The Financial Advice Code Committee is seeking feedback on proposed amendments to the standards of competence, knowledge, and skill in the Financial Advice Code. https://financialadvicecode.govt.nz/2024/06/21/update-21-june-2024-consultation-on-financial-advice-competence-knowledge-and-skill/

24 Jun 2024 - The FMA's new ‘Spotlight’ series looks at the different kinds of KiwiSaver funds and explores how they work. https://www.fma.govt.nz/library/articles/spotlight-on-conservative-funds/

24 Jun 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly May 2024 diary released  with the following potential financial services sector related meeting noted:

• 2 May 2024 – MEET: FMA (FMA officials)

• 7 May 2024 – MEET: Commerce Commission Board

• 10 May 2024 – MEET: Institute of Financial Professionals NZ (Board members)

• 10 May 2024 –MEET: Kiwisaver Stakeholders Roundtable Lunch

• 16 May 2024 – ATTEND: Institute of Finance Professionals NZ Awards Dinner

• 17 May 2024 -CALL: Retirement Commissioner (Jane Wrightson)

• 22 May 2024 – MEET: External Reporting Board (Alex Burton, Michele Embling)

• 23 May 2024 – MEET: Commerce Commission (Commerce Commission Officials)

https://www.beehive.govt.nz/sites/default/files/2024-06/Proactive%20Diary%20Release%20May%2024%27%20Hon%20Andrew%20Bayly%20%281%29.pdf

Quotemonster Information Security Bulletin – Phishing Scams become more sophisticated

This is our seventh information security bulletin, all about the recent phishing attempts and what to do if you suspect you’ve fallen victim to phishing.

New phishing campaigns impacting New Zealanders

Recently there has been a surge in compromised accounts being used to send phishing emails from trusted or known contacts. These emails are being sent using Microsoft OneDrive/SharePoint sharing invitations and redirecting users to malicious websites.

If you click the link in a file sharing invitation email and are directed to a login page, make sure to check if the domain in the address bar matches the expected account login page (e.g. login.microsoftonline.com or login.live.com) before entering your information. Check this every time!

Just getting the email doesn’t put you at risk, but if you click the link or enter any information, your risk increases. You could be affected if you have you have provided login details and/or two-factor authentication codes to unfamiliar domain. Check for any unfamiliar logins, which may be from an odd location or an unknown device; and make sure to check for any unfamiliar email rules, which could delete, move, mark as read or forward messages.

What is phishing?

Phishing is a type of email scam where the sender attempts to get you to provide them with personal information, especially financial details. Often the sender will pretend to be a trustworthy organisation, like a bank or a government agency. Phishing emails will ask you to either click a link and enter personal information, open an attachment in the email, or buy a gift card or voucher.

These emails often look legitimate, using the same design and logos as the company or organisation they’re pretending to be. While it used to be relatively easy to spot a phishing email due to spelling errors or poor grammar, these scams are a lot more sophisticated now and will often use the same tone of language as the organisation they are purporting to be.

How do I spot a phishing email?

• Reputable companies and organisations will never ask you to provide personal information by email – any email you get that does this is a huge red flag.

• Double check the sender’s email address to see if it looks legitimate. Companies like banks won’t have email addresses that end in gmail.com or hotmail.com.

• Be wary of any unexpected emails.

• Any anomalies in the email’s tone, language or signature that differ from the sender’s usual style could point to a phishing email.

• Check where links lead by hovering your mouse over the link to see what the domain is – often a suspicious link will point to an address which isn’t related to the content of the email or the wording on the link.

What happens if I open the attachment?

Opening an attachment from a phishing email allows the sender to infect your computer with malware – malicious software. Malware can allow the senders to access your personal information without you knowing. Malware can spread through your programs and files, corrupting them and slowing down your computer or causing your computer to stop working. If you have malware on your computer, you are more vulnerable to other attacks, like ransomware.

What do I do if I receive a suspected phishing email?

If you suspect you have received a phishing email, do not click any links or open any attachments, these are typically in the form of payment requests or remittances. Contact the supposed sender through a different communication channel (e.g. call through to their contact centre – making sure to get their phone number from their website, not from details in the email) to verify whether the email is authentic or not. Report the email to your IT department and/or relevant authority (e.g. CERT NZ).

Want to know more?

CERT NZ is regularly updated with the latest scams targeting New Zealanders, you can view their alerts here https://www.cert.govt.nz/individuals/alerts/

We also highly recommend signing up to Cert NZ’s regular email updates by clicking on the ‘Subscribe to updates’ button at the top of every page on their website.

We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.

Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.

Stay vigilant and safe.

ISB 07-202406

Take your Business Statement of Advice (SoA) to the next level!

Take your Business Statement of Advice (SoA) to the next level and join us on Tuesday, 2 July 2024 11:00 am-12:00 pm as Aneel, our AdviceTech Lead demonstrates how to produce a business SoA supported with pricing and research on lump sum and Key Person Cover.

The next products on our radar are Rural Cover and Business Expenses, so keep an eye out for more information on this.

If you would like to register yourself or are interested in a personalised session for your organisation, please send us an email on aneel.ravji@qpresearch.co.nz

We look forward to seeing you there!