Legal and regulatory update for the life and health insurance sector

1 Mar 2024 - Commerce Minister Andrew Bayly has told banks that by September they need to come up with a voluntary reimbursement scheme for customers who have been scammed. https://www.interest.co.nz/banking/126640/new-zealand-banks-told-come-reimbursement-scheme-scam-victims-september

4 Mar 2024 - Nearly 3,500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-037mr-asic-shuts-down-nearly-3-500-scam-websites-steps-up-surveillances-in-push-to-protect-consumers/

4 Mar 2024 - The Reserve Bank of New Zealand has published consultation feedback and decisions on collecting data to support cyber resilience. They will proceed with implementing formal material cyber incident reporting requirements, periodic reporting of all cyber incidents and a survey on cyber resilience of regulated entities.  https://www.rbnz.govt.nz/hub/news/2024/03/new-measures-to-build-cyber-resilience