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.
AIA celebrate 5 years of AIA Vitality
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market
AIA have released some statistics about AIA Vitality to celebrate five years of AIA Vitality being in the market.
To date, over 60,000 people have joined AIA Vitality.
On average, an AIA Vitality member in New Zealand completes a health and wellbeing assessment available in the app every 15 minutes.
AIA Vitality members have completed over 18,500 free Vitality Health Checks.
Since becoming AIA Vitality members:
79% have moved to a healthy glucose range from an unhealthy glucose range.
64% have moved to a healthy cholesterol level from an unhealthy level.
49% have moved to a healthy blood pressure range from an unhealthy range.
Less than 50% of New Zealanders meet the recommended guidelines of 2.5 hours of weekly physical activity but 95% of AIA Vitality Silver+ members meet this target.
AIA Vitality members combined have walked the length of New Zealand 1,295 times.
Members have achieved over 86,800 Status Reward vouchers and 976,500 Active Rewards vouchers – a combined worth of $9.1 million in rewards.
To celebrate the anniversary, AIA is giving customers who activate their AIA Vitality membership by 31 October the chance to win one of 20 Woolworths Gift Cards, each worth $500. Existing AIA Vitality members who hit their $5 weekly physical activity target anytime between 5 August and 1 September, go in the draw to win 1 of 5 Apple Store Gift Cards worth $729.
AIA have recently made some improvements to AIA Vitality, with a new AIA Vitality app with enhanced features and functionality being launched in April this year.
More news:
AIA offer clients a chance to win a year's insurance
The FSC runs a Money Month campaign on Money and You website
Partners Life and Banqer launch free financial literacy course
AIA appoint Bianca Bettini as new AIA Vitality Coach
Andrew Bayly says the CCCFA’s director and senior management liability provisions to stay
Westpac connect Volley to their Open Banking platform
Bell Gully put together an overview of the Customer Data Right bill and the CDR framework
Finance Minister says she wants external investors for outside capital for Kiwibank
GP’s having to raise fees after insufficient government funding increase
Michael Weston talks about how he wants to take Partners Life forward
In an interview on Good Returns TV, Michael Weston, new CEO at Partners Life, talks about how he wants to move Partners Life forward.
Good Returns TV has an interview with Michael Weston, Partners Life CEO. Weston says in the four months he’s been in the role, he’s been spending a lot of time with our advisers, getting to know the regulators and key business partners.
Weston talks about how he’s working to continue the values and the culture of the brand and as he goes forward he’s concentrating on what the next stage of growth for the company will look like, looking to spot unserved needs and ensure Partners Life has the right capabilities in place. He wants to keep focusing on innovation and in terms of the business environment currently, looking at making their solutions simpler and more accessible to a wider range of New Zealanders.
More news:
mySolutions webinar 'New mySolutions Member Benefit - myGrowth Platform' 31 July
Fidelity Life roll out enhanced GP lookup feature for their new E-App
Last week for Fidelity Life's customer engagement initiative
nib offer customers 3 months free on Easy Health, Ultimate Health or Ultimate Health Max policies
Partners Life partner with Banqer for annual Money Month Challenge
David Carney talks about the role of AI in financial advice
The Financial Services Federation signs up mortgage advisers as affiliate members
Kiwibank creates content series focusing on first homeownership
Legal and regulatory update for the life and health insurance sector
APRA release responses to consultations; FMA finds NZer’s agree on what constitutes fairness; FMA seek feedback on proposed info sheet for climate reporting entities; FSC release regulatory forecast for July; FAPs need to submit annual regulatory returns by 30 September; Minister of Commerce and Consumer Affairs’ June diary released; FMA launch new podcast series; The Customer and Product data Bill was read a first time; FMA publish guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act.
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to the 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-releases-response-on-enhancements-to-quarterly-insurance-publications
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on proposed minor amendments 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-response-to-consultation-on-minor-amendments-to-prudential-1
18 Jul 2024 - FMA research finds the majority of New Zealanders generally agree on what constitutes fairness in financial services. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-fairness-in-financial-services/
19 Jul 2024 - The Financial Markets Authority is seeking feedback on a proposed information sheet that provides guidance for climate reporting entities (CREs) in relation to the following disclosure documents, in light of the climate-related disclosures (CRD) regime:
• any current or new Product Disclosure Statement for their financial products
• the Other Material Information on the offer register on Disclose for their financial products
• any Statement of Investment Policies and Objectives on the offer register on Disclose
• any annual report."
19 Jul 2024 - The FSC release their regulatory forecast for July 2024. https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-july-2024
22 Jul 2024 - All licensed Financial Advice Providers (FAP) are required to complete and submit an annual regulatory return. Licensees will be required to complete an annual regulatory return for the 12-month period ending 30 June and submit it to the FMA by 30 September. https://www.fma.govt.nz/business/online-services/
22 Jul 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly June 2024 diary released with the following potential financial services sector related meetings noted:
• 11 Jun 2024 – MEET: NZ and Australian Banking Association Delegation Discussion (Roger Beaumont, Hon Anna Bligh and delegates)
• 20 Jun 2024 – ZOOM: Financial Data and Technology Association (Jamie Leach)
• 26 Jun 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 26 Jun 2024 – MEET: FMA Board (Craig Stobo & Samantha Barrass)
23 Jul 2023 - The FMA launch a new podcast series ‘Occasional Conversations’. In the first episode, Chief Economist, Stuart Johnson and Senior Adviser, Sophia Scragg discuss a new piece of research around fairness in financial services. https://www.fma.govt.nz/preview/f733d97cfbbf3475/0466832b401b7101/
24 Jul 2024 - The Customer and Product Data Bill was read a first time and referred to the Economic Development, Science and Innovation Committee. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
24 Jul 2024 - The Financial Markets Authority has published guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act 2013 (FMC Act). It replaces the FMA’s 2014 guidance note for brokers and information sheet on custodians’ obligations to align with the new regulatory regime. It also provides additional guidance for custodians who have specific obligations in addition to those that apply to all client money and property service providers. https://www.fma.govt.nz/news/all-releases/media-releases/guidance-note-for-providers-of-client-money-or-property-services/
Legal and regulatory update for the life and health insurance sector
New guides to help people understand Climate-related Disclosures; APRA release new digital prudential framework; FMA publish auditor regulation and oversight plan; reappointment of RBNZ Chair; feedback sought on Financial Advice Code; FMA spotlight KiwiSaver fund types; Minister of Commerce & Consumer Affairs May diary released.
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)
Craig Stobo appointed as chair of FMA
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA).
Craig Stobo has been appointed as the new chair of the Financial Markets Authority (FMA). Stobo has been appointed for a five-year term and takes over from Mark Todd, whose term expired at the end of April.
Commerce and Consumer Affairs Minister Andrew Bayly said
“Mr Stobo brings a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive.
The FMA will benefit from Mr Stobo’s understanding of market issues and regulation, as well as the importance of informed participation from businesses and investors.”
More daily news:
The FSC brings the industry together to respond to the Contracts of Insurance Bill
Anna Schubert discusses ways AIA help advisers manage stress
AIA launch a Neurodiversity Toolkit
Southern Cross Healthcare have joined the New Zealand Disability Employers' Network
MAS is a finalist in the Ethical and Impact Investment Awards
Submissions open for the ANZIIF industry awards
Kiwibank welcome Anne Haira to the Kiwibank board
Westpac won the Corporate ESG award at the INFINZ awards
ASB has joined the Hidden Disabilities Sunflower programme
People seeking help from financial mentors jumps 40% in a year
Legal and regulatory update for the life and health insurance sector
Privacy Commissioner clarifies guidelines on notification periods; The Customer and Product Data Bill introduced to parliament; Privacy study finds higher levels of concern among Māori; Minister of Commerce and Consumer Affairs April 2024 diary released
16 May 2024 - Office of the Privacy Commissioner clarifies guidelines around 72 hours notification period for privacy breaches. https://privacy.org.nz/publications/statements-media-releases/how-long-is-72-hours/
16 May 2024 - The Customer and Product Data Bill was introduced to Parliament. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
20 May 2024 - A recent study by the office of the Privacy Commissioner of New Zealander’s attitudes to privacy shows higher levels of concern among Māori. https://privacy.org.nz/publications/statements-media-releases/maori-are-more-concerned-about-privacy-in-every-way/
21 May 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly April 2024 diary released with the following potential financial services sector related meeting noted:
4 April 2024 – MEET: Westpac (Pip Greenwood)
4 Apr 2024 – MEET: Suncorp (Jimmy Higgins and Clayton Cosgrove)
8 Apr 2024 – VISIT: Commerce Commission (Commerce Commission Staff)
10 Apr 2024 –MEET: Insurance and Financial Services Ombudsman (Karen Stevens)
10 Apr 2024 – MEET: AIA NZ (Nick Stanhope)
10 Apr 2024 -MEET: Commerce Commision (Commerce Commission Officials)
23 Apr 2024 – MEET: Westpac (Catherine McGrath)
23 Apr 2024 – MEET: Takeovers Panel (Takeovers Panel members)
30 Apr 2024 –MEET: Commerce Commission (Commerce Commission Officials)
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.
Government has repealed parts of the Credit Contracts and Consumer Finance Act
The government has repealed some parts of the Credit Contracts and Consumer Finance Act (CCCFA). Commerce Minister Andrew Bayly said of the affordability regulations introduced to the CCCFA in December 2021
“These regulations created unnecessary compliance costs and are an excessive barrier for lending. And worse, the regulations failed to protect the most vulnerable Kiwis – the very people they were intended to safeguard”
The time to process loans increased substantially, with Minister Bayly saying some lenders had told him small loans that used to take two hours to process took up to eight hours to process under the new regulations.
Additional reforms to the act include:
Improving dispute resolution to better protect consumers.
Exempting councils from the CCCFA so they are able to offer low-risk financial products to help households improve their energy efficiency by installing heat pumps and insulation.
Removing duplicate reporting requirements.
We hope that the relaxation on small loans flows through to banks being able to offer more flexibility to people with what amounts to a timing issue, rather than a lending issue. But we know that lending rules are notoriously difficult to manage. This is one of the reasons why aspects of the wider programme are of more interest.
Minter Ellison puts the changes into context within a program of changes to financial law and regulation which the government has planned.
Of particular interest are the changes in supervisions structures with the responsibility for administering the CCCFA moving from the Commerce Commission to the Financial Markets Authority. Lending is a financial product, and we think the Financial Markets Authority, with conduct supervision responsibilities and, essentially, all the other financial products, is probably a good home for this law from an ongoing regulation perspective.
More daily news:
Jon-Paul Hale highlights issues with digital documents
The Ombudsmen FSCL and the IFSO Scheme are in merger talks
Empower Women breakfast at the National Strategy for Financial Capability Partners Conference
Andrew Dentice urges more discussion on the benefits of open banking
Pharmac outlines funding plans for continuous glucose monitors for type 1 diabetics
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
UniMed gets approval from RBNZ to take on Accuro’s portfolio
UniMed has received approval from the Reserve Bank of New Zealand to take on the portfolio of insurance co-operative Accuro.
Once Accuro’s 30,000 members have been transferred to UniMed, UniMed will be the third largest health insurance provider in New Zealand, with combined membership of 140,000.
Once the transfer is finalised, members will transition to being part of the UniMed society, though the Accuro brand will remain. Accuro members will continue to have the same policies and healthcare benefits as they do now. Once the transer is complete Accuro will cancel its insurance licence and take steps to dissolve the Accuro Health Insurance Society.
UniMed Chair Peter Tynan says
“The additional scale will ensure UniMed is in the best possible position to create efficiencies, develop new services and products and meet the challenges of increasing member expectations all at a time when the cost of health services is rising, and the regulatory environment continues to evolve.”
More daily news:
The FSC publish their Regulatory Outlook for April
nib would welcome Medicines Act review and regulation to get more treatment options approved
AIA launch 2024 CEO Think Tank programme
AIA offer one month's premium free on new eligible policies issued by 17 June 2024
The New Zealand Society of Actuaries appoints Helen Mexted as chief executive