Legal and regulatory update for the life and health insurance sector
5 Feb 2024 - The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have jointly released a letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on the Financial Accountability Regime (FAR). https://www.apra.gov.au/news-and-publications/apra-and-asic-release-letter-on-financial-accountability-regime-far-adi
5 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
1 Dec 2023 – MEET: CCCFA Stakeholders Meeting
1 Dec 2023 – MEET: CoFI Stakeholders meeting
1 Dec 2023 – MEET: Commerce Stakeholders Meeting
11 Dec 2023 – MEET: Financial Markets Authority (FMA Staff)
11 Dec 2023 – MEET: MinterEllison lawyers re CCCFA
14 Dec 2023 – MEET: Chair of Banking Ombudsman Scheme (Miriam Dean)
20 Dec 2023 – MEET: Financial Services Federation (Lyn McMorran and Katharine Mcgie)
6 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has published new entries to frequently asked questions on the Australian Accounting Standards Board 17 (AASB17) collections. https://www.apra.gov.au/news-and-publications/apra-publishes-aasb17-update-to-insurance-frequently-asked-questions
12 Feb 2024 - The Commerce Commission has published a statement of preliminary issues relating to an application from Payments NZ Limited (Payments NZ) seeking authorisation to work with API providers and third parties to develop arrangements that, according to Payments NZ, will facilitate a more well-utilised, secure and innovative open banking framework. https://comcom.govt.nz/news-and-media/media-releases/2024/statement-of-preliminary-issues-released-for-payments-nzs-application-seeking-authorisation-to-further-develop-its-open-banking-framework
12 Feb 2024 - Financial Services Council released its Life Insurance Industry Spotlight statistcs for the September 2023 quarter https://blog.fsc.org.nz/life-insurance-industry-spotlight-september-2023
14 Feb 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a first time and referred to the Health Committee. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
15 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
16 Jan 2024 – ZOOM: Financial Markets Authority (Samantha Barrass & Edwin Metson)
23 Jan 2024 – MEET: Financial Advice NZ (Tony Dench & Heather Roy)
23 Jan 2024 – MEET: Fin Cap (Ruth Smithers)
23 Jan 2024 –MEET: CCCFA Round Table (MBIE Officials, Invited guests)
25 Jan 2024 – MEET: CEO Insurance Council (Tim Grafton)
26 Jan 2024 -MEET: Financial Markets Authority Board (FMA Board & Samantha Barrass)
30 Jan 2024 – MEET: Consumer NZ (Jon Duffy, Gemma Rasmussen, Aneleise Gawn)
30 Jan 2024 – MEET: Commerce and Consumer Affairs Officials (MBIE Officials)
31 Jan 2024 –SPEAK: Financial Services Council (Invited Guests)
31 Jan 2024 – MEET: Banking Ombudsman (Nicola Sladden)
31 Jan 2024 – MEET: Commerce Commission (MBIE & ComCom Officials)
31 Jan 2024 –MEET: Chair of Commerce Commission (John Small & Vanessa Horne)