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
RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor; FMA announce review of advice sector; FMA release regulatory returns snapshot; FMA publish Samantha Barrass’ speech; FMA release latest Jess Learns to Invest podcast; APRA accept Court Enforcable Undertaking from ANZ; Hon Scott Simpson’s March 2025 diary released; COFR held quarterly meeting; FMA publish fair conduct programme insights report; RBNZ welcome applications to ESAS under new criteria.
1 Apr 2025 - The RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the Minister soon. https://www.rbnz.govt.nz/hub/news/2025/04/process-for-the-appointment-of-a-governor-for-a-six-month-term
2 Apr 2025 - FMA announce a review of the advice sector to help drive better outcomes for industry and consumers. It will focus on four key themes, which are:
Consumer preferences and demographics
Industry business models
Digital advice and innovation
Ease of provision of financial advice
2 Apr 2025 - The FMA release a Regulatory Returns snapshot for 1 July 2023 – 30 June 2024. Key statistics (as of 30 June 2024)
1410 licensed financial advice providers submitted regulatory returns
8472 financial advisers compared to 9300 in 2021
Life and health insurance are the most common financial products advice is provided on
36 FAPs are providing digital advice and 86,500 retail clients received digital advice
97% of complaints received were settled within 3 months.
https://www.fma.govt.nz/library/reports-and-papers/financial-advice-providers-industry-snapshot/
2 Apr 2025 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-advice-new-zealand-conference/
2 Apr 2025 - The FMA release Jess Learns to Invest Episode 3 | Understanding Managed Funds with Tom Hartmann. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-3/
3 Apr 2025 - APRA has accepted a Court Enforceable Undertaking from Australia and New Zealand Banking Group (ANZ) to address ongoing weaknesses in the bank’s non-financial risk management practices and risk culture. https://www.apra.gov.au/news-and-publications/apra-accepts-court-enforceable-undertaking-from-anz-and-increases-capital-add
4 Apr 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, March 2025 diary released with the following potential financial services sector related meeting noted:
6 Mar 2025 – MEET: Commerce Commission Chair and CE (Dr John Small, Adrienne Meikle)
10 Mar 2025 – MEET: NZ Banking Association CE (Roger Beaumont)
10 Mar 2025 – MEET: FMA Chair and Acting CE (Craig Stobo and Liam Mason)
10 Mar 2025 – MEET: Financial Services Stakeholders (Carl Blanchard & invited guests)
10 Mar 2025 - SPEAK: Financial Services Forum
11 Mar 2025 – SPEAK: Fintech Hui
13 Mar 2025 – MEET: Financial Ombudsman Reviewer (Nanette Moreau)
18 Mar 2025 -MEET: Financial Services Council CE (Kirk Hope)
18 Mar 2025 – MEET: ASB CEO (Vittoria Short, Louise Griffin)
19 Mar 2025 – MEET: FAMNZ (Leigh Hodgetts)
24 Mar 2025 – MEET: NZBA (Roger Beaumont and Dan Huggins)
25 Mar 2025 -MEET: CE of Westpac (Catherine McGrath)
26 Mar 2025 – MEET: Banking Ombudsman CE and Chair (Nicola Sladden and Miriam Dean)
26 Mar 2025 – MEET: Retirement Commissioner (Jane Wrightson)
27 Mar 2025 – MEET: FINCAP (Jake Lilley, Fleur Howard)
27 Mar 2025 – MEET: Financial Service Federation (Katie Rawlinson)
28 Mar 2025 – ATTEND: NZ Banking Assoc Council
31 Mar 2025 - MEET: Suncorp CEO (Jimmy Higgins)
4 Apr 2025 - The Council of Financial Regulators (CoFR) held its quarterly meeting on Monday 24 March 2025. The Council discussed the key external factors that could impact the financial system, noting in particular the rapid developments in artificial intelligence and ongoing geopolitical uncertainty. The Council reviewed developments in New Zealand’s payments system and noted the importance of upcoming developments like the passage of the Customer and Products Data Bill. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2025.html
4 Apr 2025 - The FMA have published their fair conduct programme insights report. https://www.fma.govt.nz/library/reports-and-papers/fair-conduct-programme-insights-report/
7 Apr 2025 - The RBNZ is welcoming applications to the Exchange Settlement Account System (ESAS) under new access criteria announced on 31 March 2025. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-welcomes-new-applications-to-the-exchange-settlement-account-system
Legal and regulatory update for the life and health insurance sector
CoFI came into effect; RBNZ appears before the Finance and Expenditure committee; COFR publish Q1 2025 regulatory initiatives calendar; Parliament indicate IPP3A will come into force on 1 May 2026; RBNZ is opening access to its Exchange Settlement Account System’ APRA release private health insurance risk equalisation stats; Credit Contracts and Consumer Finance Amendment Bill, Financial Markets Conduct Amendment Bill and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill were introduced into Parliament.
31 Mar 2025 - The Conduct of Financial Institutions (CoFI) regime came into full effect today. 77 financial institutions have been licensed by the FMA - 17 banks, 46 insurers and 14 non-bank deposit takers (credit unions, building societies and some finance companies). https://www.fma.govt.nz/news/all-releases/media-releases/cofi-regime-in-effect/
31 Mar 2025 - The RBNZ appeared before the Finance and Expenditure Committee (FEC) for their banking inquiry and discussed the wide range of initiatives underway to support and improve competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-outlines-work-to-support-competition
31 Mar 2025 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q1 2025. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2025.pdf
31 Mar 2025 - Parliament has indicated that IPP3A will come into force on 1 May 2026, and all organisations will need to have their systems in place to meet the new requirements by then. The Office of the Privacy Commissioner is aiming to have the guidance developed and published on their website to allow organisations plenty of time to implement the requirements of the new Act. https://privacy.org.nz/news/statements-media-releases/the-privacy-amendment-bill-is-coming-soon-heres-what-you-need-to/
31 Mar 2025 - The RBNZ is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation. The new criteria will open ESAS eligibility to more non-bank entities in two phases:
• First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
• Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs)."
31 Mar 2025 - APRA has released its private health insurance risk equalisation statistics publication for the 2023/24 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-4
31 Mar 2025 - Credit Contracts and Consumer Finance Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Markets Conduct Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Service Providers (Registration and Dispute Resolution) Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
Legal and regulatory update for the life and health insurance sector
Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs; APRA to consult on captial settings for annuity products; from 31 March, banks, insurers and non-bank deposit takers need to be licensed to continue providing relevant services to consumers in New Zealand; FMA to publish question set and key themes on financial institutions regulatory returns; APRA release quarterly insurance statistics for December 2024; RBNZ to commence quarterly publication of the new Business Expectations Survey in mid-May.
24 Feb 2025 - Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs. https://www.beehive.govt.nz/minister/hon-scott-simpson
27 Feb 2025 - The Australian Prudential Regulation Authority has confirmed it will proceed with a public consultation on capital settings for annuity products. This aligns with APRA’s goal to support life insurers to increase the availability of retirement products for retirees, as outlined in its Corporate Plan 2024-25. https://www.apra.gov.au/news-and-publications/apra-confirms-consultation-on-changes-to-capital-requirements-for-annuity
27 Feb 2025 - From 31 March 2025, the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) requires banks, insurers and non-bank deposit takers to be licensed to continue providing relevant services to consumers in New Zealand. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
27 Feb 2025 - The FMA will be publishing the financial institutions regulatory returns final question set along with a Summary of Key Themes, including the submissions received from the consultation, and a Regulatory Impact Statement, by end of March 2025. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
28 Feb 2025 - APRA release quarterly insurance statistics for December 2024. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-december-2024
3 Mar 2025 - RBNZ plan to commence ongoing quarterly publication of the new Tara-ā-Umanga Business Expectations Survey in mid-May 2025 (for the June quarter) in advance of the 28 May Monetary Policy Statement. https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
Legal and regulatory update for the life and health insurance sector
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time; Professor Philip Vermeulen appointed to RBNZ's governing Board; ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime; The Privacy Amendment Bill was read a second time.
13 Feb 2025 - The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time and referred to the Justice Committee. https://bills.parliament.nz/v/6/81644768-3902-4253-9723-08DD1EDF8E71?Tab=history
13 Feb 2025 - Professor Philip Vermeulen has been appointed to the RBNZ's governing Board. Philip will serve for a five-year term, from 10 February 2025 to 31 January 2030. https://www.rbnz.govt.nz/hub/news/2025/02/phillip-vermeulen-appointed-to-board
18 Feb 2025 - ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC’s proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. They are inviting feedback on the proposal to give relief from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties where:
the breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
the number of impacted consumers is not more than five, and
the total financial loss or damage to all impacted consumers resulting from the breach is not more than $500 (including where the loss has been remediated), and
the breach is not a contravention of the client money reporting rules, and clearing and settlement rules.
18 Feb 2025 - The Privacy Amendment Bill was read a second time. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae
Legal and regulatory update for the life and health insurance sector
New FMA podcast; FSC publish Life Insurance Industry Spotlight for December 2024; FMA holding webinar on scams; FMA clarify licensing requirements for e-money and payment service providers; ASIC publish Financial Advice Update for February; XRB publish a Greenhouse Gas Assurance Report Explainer; The XRB seek input to a submission to the International Public Sector Accounting Standards Board.
5 Feb 2025 - The FMA publish Jess Learns to Invest Episode 1 - Investing 101 with Simran Kaur. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-1/
11 Feb 2025 - The FSC has published its Life Insurance Industry Spotlight December 2024. https://blog.fsc.org.nz/kiwisaver-spotlight-december-2024
12 Feb 2025 - The FMA is holding a webinar 'The changing landscape of investment scams in New Zealand' on 19 February 2 - 3pm. https://forms.office.com/pages/responsepage.aspx?id=DBuDvYE37ECAHl37ombezyQqRiaQuB9NnrA0reO0FFNUQ1FMUjc3RTNJVUFMNUpBOTkwOFZLSDlLVy4u&route=shorturl
12 Feb 2025 - The FMA has clarified the licensing requirements for e-money and payment service providers in New Zealand. There is no specific licence for e-money institutions or payments service providers in New Zealand. Instead, providers will have a range of obligations under New Zealand’s financial services regulatory regime, either through the Financial Markets Conduct Act, or the Non-bank Deposit Takers Act. The level of regulation will largely depend on whether providers are issuing debt securities as part of their service offering. https://www.fma.govt.nz/library/opinion/fma-provides-clarity-to-e-moneypayment-services-providers-on-licensing-requirements/
12 Feb 2025 - ASIC has published their Financial advice update - February 2025. https://asic.gov.au/about-asic/news-centre/news-items/financial-advice-update-february-2025/
13 Feb 2025 - The XRB has published a Greenhouse Gas (GHG) Assurance Report Explainer to help users navigate GHG assurance reports, which will soon accompany the climate statements of climate reporting entities. https://www.xrb.govt.nz/dmsdocument/5371/
13Feb 2025 - The XRB are seeking input to a submission to the International Public Sector Accounting Standards Board (IPSASB) in response to its exposure draft of a global public sector climate-related disclosure standard. https://www.xrb.govt.nz/consultations/climate/
AM Best reaffirms Partners Life ratings
AM Best has reaffirmed the financial strength rating and the long-term issuer credit rating for Partners Life.
AM Best has reaffirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) for Partners Life Limited, with the outlook for both remaining stable. AM Best categorises Partners Life’s balance sheet position as very strong.
More news:
TAP has launched a new AI Document Reader
Financial Advice NZ’s National Adviser Conference introduces sessions for new advisers
FSC Empower Women Networking Events 6 & 11 March
The Adviser Platform launch Insider Insights video series
68% of Australians are worried about paying for life insurance
Update to New Zealand Retirement Expenditure Guidelines released
Legal and regulatory update for the life and health insurance sector
APRA release quarterly private health insurance performance stats; RBNZ issue second amendment to the Interim Solvency Standard 2023; Government announces reforms to strengthen NZ’s capital markets; FSC support allowing KiwiSaver funds to be invested in unlisted assets; APRA release annual private health insurance stats; CoFR release regulatory initiatives calendar for Q4; XRB publish documents on plan to consult on climate standards.
11 Dec 2024 - APRA has released its quarterly private health insurance performance statistical publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-performance-statistics-for
12 Dec 2024 - RBNZ has issued the second amendment to the Interim Solvency Standard 2023, which will take effect for all relevant insurers from 1 March 2025. https://www.rbnz.govt.nz/hub/news/2024/12/second-amendment-to-insurance-interim-solvency-standard-issued
13 Dec 2024 - The FSC has come out in support of the Government’s announcement to allow KiwiSaver funds to be invested in unlisted assets. https://blog.fsc.org.nz/media-statement-13-december-2024
13 Dec 2024 - The Government is progressing a package of reforms to help ensure our capital markets are working to support a productive economy. As a first step, the Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. This will give businesses more flexibility and bring New Zealand closer in line with other countries like Australia. These changes are expected to be in place by May 2025. The Government has also opened consultation on two specific proposals that will help create more effective capital markets: Enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. https://www.mbie.govt.nz/about/news/strengthening-new-zealands-capital-markets
13 Dec 2024 - APRA has released its annual private health insurance statistical publication for the 2023-2024 year. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-annual-private-health-insurance-statistics-for-2023
13 Dec 2024 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q4 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html
16 Dec 2024 - The XRB has published a document that provides: information on their plan to consult on Aotearoa New Zealand Climate Standards (NZ CS), focusing on the topic of differential climate-related reporting and context to readers of the MBIE discussion document Adjustments to the climate-related disclosures regime. https://www.xrb.govt.nz/dmsdocument/5355/
Partners Life appoints new Chief Financial Officer
Mark Schollum has been appointed as Partners Life's new chief financial officer.
Mark Schollum has been appointed as Partners Life's new chief financial officer. Schollum is currently Chief Financial Officer at Chubb Life New Zealand and has held a variety of roles in the life insurance industry in New Zealand and internationally. He is qualified as a Chartered Accountant and is a member of the New Zealand Institute of Directors. Schollum will start his new role in March next year.
More news:
FSC Women in Finance Leadership Series is on 20 March
NZFSG has introduced Adviser Insights reporting tool
Government greenlights Kiwibank raising $500m ahead of eventual float
Confidence in New Zealand’s economy has nearly doubled among directors
Australia is set to introduce a ‘new class’ of financial advisers
Resolution Life purchased by Nippon Life
Nippon Life Insurance Company is set to acquire full ownership of Resolution Life Australasia and the remaining 20% stake in MLC Life Insurance currently held by National Australia Bank.
MLC Life Insurance and Resolution Life Australasia will merge under a new brand, Acenda. The merger is expected to be finalised in the second half of 2025, subject to regulatory approvals. MLC Life Insurance, will begin the transition to the Acenda brand from December 2024, targeting late 2025 to complete the transition. Once the merger is complete, Resolution Life Australasia will move to the Acenda brand in Australia, with the intention to transition the Resolution New Zealand business to the Acenda brand ‘in due course’.
Resolution Life Australasia is currently in the process of acquiring Asteron Life, Suncorp Group’s New Zealand life insurance business, which will operate as a standalone entity post-acquisition.
Tim Tez, CEO of Resolution Life Australasia, said
“New Zealand remains an important market for both Resolution Life Australasia and Nippon Life. [The] announcement will not impact our focus on completing the acquisition of Asteron Life and our support of the business’ current strategic growth agenda.”
More news:
Fidelity Life accepted 93% of all new claims in FY24
Westpac has unveiled its GDP nowcasting model
Semi-Finalists for the Kiwibank 2025 New Zealander of the Year Awards announced
Mary-Jane Daly has been appointed as a Director at Partners Life
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024.
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024. Ms Daly will assume the role of Chair on 1 February 2025, after a two-month handover period from current Chair Jim Minto.
Daly is a professional Independent Director with over 10 years’ experience. She is currently Chair of both AIG Insurance New Zealand Limited and the Fonterra Shareholders' Fund as well as being an Independent Director of Kiwi Property Group Limited and Kiwibank Limited, and a member of the MBIE Risk and Advisory Committee.
Minto joined the Board in February 2017, with his tenure concluding on 31 January 2025. During his leadership he oversaw the acquisition agreement of BNZ Life Insurance in 2020. He also facilitated the transition of Partners Life to being a wholly owned subsidiary of Dai-ichi Life Group Holdings Limited in 2022 following the shareholder sale process.
More news:
O’Hagan Homes Loans & Insurances has merged with Apex Advice
AIA awarded the Accessibility Tick for the second time
BNZ announces investment in fintech company Centrapay
Westpac publish 2024 Sustainability and Climate Reports
Australian advisers told email systems are a point of vulnerability
Impact funds leap from $1 billion to $5 billion of assets under management within a year