Legal and regulatory update for the life and health insurance sector

2 Nov 2023 - Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. Since July 2023, ASIC has disrupted scam activity by initiating takedowns of more than 2,500 investment scam and phishing websites.  https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-290mr-asic-s-new-website-takedown-capability-knocks-out-over-2-500-investment-scam-and-phishing-websites/

3 Nov 2023 - Adrian Orr delivered a keynote speech at the Chapter Zero Breakfast in Auckland, titled 'No longer tomorrow’s problem: How the Reserve Bank is working with its stakeholders to respond to Climate Change' https://www.rbnz.govt.nz/news-and-events/events/2023/november/how-the-reserve-bank-is-working-with-its-stakeholders-to-respond-to-climate-change

6 Nov 2023 - The Commerce Commission has joined competition, consumer protection, and economic regulators from across the Pacific to share intelligence, investigative techniques, and best practice in a newly formed initiative - the Pacific Island Network of Competition Consumer and Economic Regulators or PINCCER. https://comcom.govt.nz/news-and-media/media-releases/2023/competition,-consumer-and-economic-regulatory-authorities-form-network-to-promote-well-functioning-markets-in-the-pacific

6 Nov 2023 - Privacy Commissioner's Annual Report for the year ending 30 June 2023 is published. https://privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2023/

7 Nov 2023 - The Reserve Bank of New Zealand announces key decisions on review of policy for branches of overseas banks. Key decisions in the Branch Review include:

• restricting all branches in New Zealand to engaging in wholesale business (that is with corporates, institutions and other wholesale investors), meaning they could not take retail deposits or offer products or services to retail customers;

• limiting the maximum size of a branch to NZ$15 billion in total assets; and

• continuing to allow the dual registration of branches, provided:

  • the relevant subsidiary and branch are sufficiently separate, and any identified risks are mitigated by specific conditions; and

  • dual-registered branches only conduct business with large wholesale customers.

https://www.rbnz.govt.nz/have-your-say/review-of-policy-for-branches-of-overseas-banks