Legal and regulatory update for the life and health insurance sector

Written By Kelly O

25 Nov 2024 - In 2025, ASIC will consult with stakeholders to update some key regulatory guides (RGs), taking into account law reform, insights from case law about the provisions and other relevant issues. The RGs that they intend to update next year, include:

  • Regulatory Guide 53 The use of past performance in promotional material

  • Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations)

  • Regulatory Guide 181 Licensing: Managing conflicts of interest

  • Regulatory Guide 183 Approval of financial services codes of conduct, and

  • Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance.

https://asic.gov.au/about-asic/news-centre/news-items/asic-update-on-maintenance-of-regulatory-guides/?altTemplate=betanewsroom

26 Nov 2024 - The FMA held a roundtable with New Zealand’s Non-Bank Deposit Taker sector. https://www.fma.govt.nz/library/opinion/non-bank-deposit-taker-sector-roundtable/

26 Nov 2024 - Annual Report of the Privacy Commissioner 2024 published. https://privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2024/

27 Nov 2024 - APRA and ASIC have published a letter containing observations on registration and notification lodgements made since the Financial Accountability Regime (FAR) commenced for the banking industry. The letter identifies areas that require further consideration by banking entities and reiterates specific aspects, consistent with previously released FAR guidance, to entities across the banking, insurance and superannuation industries. https://www.apra.gov.au/news-and-publications/apra-and-asic-release-observations-from-banking-industrys-implementation-of

Kelly O
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