Legal and regulatory update for the life and health insurance sector
29 Mar 2023 – The Digital Identity Services Trust Framework Bill completed third reading in Parliament. https://bills.parliament.nz/v/6/b00cd25e-18dd-48d7-a68a-047aa9f41fce?Tab=history https://www.beehive.govt.nz/release/govt-helps-protect-new-zealanders-digital-identities-0
29 Mar 2023 – The Financial Services Council released a life insurance consumer guide titled, “Getting the Most Out of Life.” https://blog.fsc.org.nz/guide-getting-the-most-out-of-life
30 Mar 2023 – Department of Internal Affairs released its first annual Digital Messaging Transparency Report. The report details outcomes of spam and scam investigations undertaken by DIA, including volumes and nature of reporting, and investigatory processes from January 2020 to December 2022. https://www.dia.govt.nz/Spam-Transparency-reports
30 Mar 2023 - The Commerce Commission published annual returns guidance covering the obligation under the Credit Contracts and Consumer Finance Act 2003 for every creditor under a consumer credit contract to provide the Commerce Commission with an annual return in the manner prescribed in the Credit Contracts and Consumer Finance Regulations 2004. https://comcom.govt.nz/__data/assets/pdf_file/0020/311528/Annual-returns-guidance-March-2023.pdf
6 Apr 2023 - FMA release peer-to-peer and crowdfunding: sector snapshot https://www.fma.govt.nz/library/reports-and-papers/peer-to-peer-and-crowdfunding-sector-snapshot/
6 Apr 2023 - The Government has announced that changes to the Credit Contracts and Consumer Finance Act (CCCFA) will come into force in May. The changes include:
explicitly excluding discretionary expenses from affordability testing
providing more flexibility for lenders about how certain repayments are calculated
extending exceptions from full income and expense assessments for refinancing of existing credit contracts.
https://www.beehive.govt.nz/release/government-takes-further-steps-improving-safe-access-credit
11 Apr 2023 - Privacy Commissioner announces 'Privacy Week 2023: privacy rights in the digital age' which will run from 8-14 May https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2023/
11 Apr 2023 - Deposit Takers Bill completed its first reading in Parliament. A final report was presented to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/11fa96a7-e6bd-4a53-8516-d4d26c059072?Tab=history
11 Apr 2023 - Finance Minister Hon Grant Robertson is attending World Bank and IMF meetings https://www.beehive.govt.nz/release/finance-minister-attend-world-bank-and-imf-meetings-us