Legal and regulatory update for the life and health insurance sector

23 Mar 2025 - The FMA now publishes monthly market engagement undertaken by the FMA on their website. https://www.fma.govt.nz/business/

25 Mar 2025 - New research commissioned by the RBNZ has highlighted barriers that can prevent some New Zealanders from opening bank accounts. The research, titled First steps to financial inclusion, explored opening bank accounts from the perspective of frontline bank staff and customers. It found that certain groups were reported to be most likely to find it difficult to open a bank account, including recent migrants, rural communities, the elderly, people with disabilities, and trusts (including Māori trusts). https://www.rbnz.govt.nz/hub/news/2025/03/new-report-suggests-that-collective-action-is-needed-to-improve-access-to-bank-accounts

25 Mar 2025 - Customer and Product Data Bill completes third reading. https://bills.parliament.nz/v/6/770A5F4E-2185-4F1F-1395-08DC75512299?Tab=history

26 Mar 2025 - The FMA are consulting on a range of class exemption that are due to expire before the end of 2026.  https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/

27 Mar 2025 - The committee stage of the Privacy Amendment Bill was completed. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae?Tab=history

27 Mar 2025 - The Chief Ombudsman Peter Boshier has released his final report to Parliament. https://www.ombudsman.parliament.nz/news