Legal and regulatory update for the life and health insurance sector
15 May 2023 - NZ Banking Association publish their regulatory radar for April 2023 https://www.nzba.org.nz/wp-content/uploads/2023/05/April-2023-Banking-Sector-Regulatory-Radar.pdf
16 May 2023 - The Financial Services Council released its Life Insurance Industry Spotlight statistics for the March 2023 quarter https://blog.fsc.org.nz/life-insurance-industry-spotlight-march-2023
16 May 2023 - Dr Charles Ehrhart from Chapter Zero NZ is elected to The Climate Governance Initiative Governing Board https://www.chapterzero.nz/news/dr-charles-ehrhart-new-zealand-elected-to-cgi-governing-board/
16 May 2023 - Accident Compensation (Access Reporting and Other Matters) Amendment Bill committee of the whole house concluded https://bills.parliament.nz/v/6/16c6f439-8524-4e9e-8fd9-cfac36444cb5?Tab=history
18 May 2023 - APRA has finalised new requirements and guidance aimed at strengthening the preparedness of banks, insurers and superannuation funds to respond to a crisis, with Prudential Standard CPS 190 Recovery and Exit Planning (CPS 190), Prudential Standard CPS 900 Resolution Planning (CPS 900) and Prudential Practice Guide CPG 900 Resolution Planning all being finalised https://www.apra.gov.au/news-and-publications/apra-finalises-reforms-aimed-at-strengthening-recovery-and-resolution
18 May 2023 - Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill introduced to parliament, read for a first time and referred to the Finance and Expenditure Committee. This bill includes smoothing the tax treatment of ACC lump sums so recipient pays the average of their applicable tax rate over the previous four years. https://www.beehive.govt.nz/release/tax-bill-improves-fairness-home-and-abroad
18 May 2023 - Taxation Principles Reporting Bill introduced to parliament, read for the first time and and referred to the Finance and Expenditure Committee. The bill aims to ensure that tax information is reported against a set of fundamental tax principles. https://www.beehive.govt.nz/release/bill-ensures-ongoing-reporting-tax-system-fairness