Legal and regulatory update for the life and health insurance sector

5 Apr 2024 - Reserve Bank of New Zealand Board member Hinerangi Raumati-Tu’ua MNZM has resigned from her role with RBNZ, following appointment to the Board of the Guardians of New Zealand Superannuation. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-board-member-departing

8 Apr 2024 - The Financial Markets Authority  is introducing a new standard condition for certain market licence holders following consultation. The new licence condition will focus on business continuity and technology systems. The new condition will come into effect on 1 July 2024.
The standard condition is relevant to the following types of market service licences:

• Managers of registered schemes (but not restricted schemes) 

• Providers of discretionary investment management services 

• Derivatives issuers 

• Prescribed intermediary services (peer-to-peer lending providers and crowdfunding service providers).

The new standard condition requires licence holders to have and maintain a business continuity plan that is appropriate for the scale and scope of its service. Licence holders will also be required to make sure that their critical technology systems are operationally resilient. If the licence holder suffers an event that materially affects the supply of its service, it must notify the FMA as soon as possible, or no later than 72 hours after it has determined the event is a material incident. 

https://www.fma.govt.nz/news/all-releases/media-releases/new-standard-condition-plus-new-process-for-reporting-operational-incidents/

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

• 4 Mar 2024 -  DINNER: Retirement Commissioner (Jane Wrightson)

• 5 Mar 2024 – SPEAK: Financial Advice NZ Conference

• 6 Mar 2024 – MEET: FMA Chair (Todd Mark)

• 6 Mar 2024 –MEET: Suncorp NZ (Jimmy Higgins, Clayton Cosgrove)

• 7 Mar 2024 – SPEAK: Insurance Council of NZ Conference

• 8 Mar 2024 -MEET: ASB CEO (Victtoria Shortt)

• 14 Mar 2024 – MEET: ANZ (Antonia Watson, Craig Bruce, Jessica Mckay-McCutch)

• 14 Mar 2024 – MEET: Insurance Council of NZ CE and Chair (Tim Grafton, Amanda Whitting)

• 19 Mar 2024 –MEET: Commerce Commission

• 20 Mar 2024 – MEET: Insurance Brokers Association of NZ (Melanie Gorham)

• 28 Mar 2024 – MEET ASIC (Kate O'Rourke and Nathan Bourne)

https://www.beehive.govt.nz/sites/default/files/2024-04/Proactive%20Diary%20Release%20Mar%2024%27%20Hon%20Andrew%20Bayly.pdf

11 Apr 2024 - FMA has opened consultation on proposed exemptions for UK financial advice firms from certain requirements of the Financial Markets Conduct Act 2013. These exemptions would allow UK firms to provide financial advice to clients in New Zealand on the UK law aspects of transferring funds in a UK pension scheme with safeguarded benefits to a New Zealand qualified registered overseas pension scheme. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-proposed-exemptions-for-advice-on-uk-law-aspects-of-defined-benefit-pension-transfers/