Legal and regulatory update for the life and health insurance sector
16 Jun 2023 - FMA warns New Zealanders of phony interest comparison website “Compare Fixed Term Deposits (CFTD)” harvesting investor details https://www.fma.govt.nz/news/all-releases/media-releases/fma-warns-new-zealanders-of-comparison-website-harvesting-investor-details/
19 Jun 2023 - A public appointment process has started for 2 external members of the Reserve Bank’s Monetary Policy Committee (MPC) ahead of these members’ terms expiring in 2024. https://www.rbnz.govt.nz/monetary-policy/external-member-of-the-monetary-policy-committee?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=1c0e492c48-Recruitment+begins+for+two+new+external+MPC&utm_medium=email&utm_term=0_-1c0e492c48-%5BLIST_EMAIL_ID%5D
19 Jun 2023 - APRA consults on minor amendments to prudential framework for ADIs and insurers https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-amendments-to-prudential-framework-for-adis-and
20 Jun 2023 - Cabinet has agreed to a market study into competition in the banking sector for personal banking services. The Commerce Commission will focus on examining barriers to new competitors entering or expanding in the market, the introduction of innovative products and services and consumers’ ability to switch between banks. As part of the study, the Commission will examine banks’ profitability and other financial measures to assess competition in the sector. The study will be completed by the end of August 2024 and will determine any actions needed to make sure competition is working for bank customers. https://www.beehive.govt.nz/release/market-study-investigate-banking-competition
20 Jun 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, May 2023 diary released with the following potential financial services sector related meeting noted:
• 9 May 2023 – Meeting with Retirment Commissioner
• 10 May 2023 – Meeting with Insurance Brokers Association of NZ (CEO & GM)
• 12 May 2023 – Speech to the Financial Markets Authority Staff conference
• 15 May 2023 –Meeting with FMA (CE, Hon James Shaw)
• 16 May 2023 - Meeting with Commerce Commission (Chair, CE)
• 19 May 2023 - Meeting with Financial Markets Authority (CE)
• 19 May 2023 - Meeting with FinCap (CE, Advisor)
• 19 May 2023 – Meeting with ANZ (CE, Govt Relations)
• 23 May 2023 - Meeting with BNZ (CE)
• 31 May 2023 – Council of Financial Regulators Town Hall Event
21 Jun 2023 - The Ministry of Business, Innovation and Employment (MBIE) is consulting on an exposure draft of regulations to support the Climate-related Disclosures regime. These regulations set our requirements relating to record-keeping and infringement fees. The consultation will run from 21 June to 12 July 2023. https://www.mbie.govt.nz/about/news/have-your-say-on-climate-related-disclosures-regulations/
22 Jun 2023 - MBIE opens consultation on Customer and Product Data Bill. This consultation runs until 24 July 2023. https://www.mbie.govt.nz/business-and-employment/business/competition-regulation-and-policy/consumer-data-right/
22 Jun 2023 - Privacy Commissioner encourages submissions on Customer and Product Data Bill https://privacy.org.nz/publications/statements-media-releases/privacy-commissioner-encourages-submissions-on-customer-and-product-data-bill/
22 Jun 2023 - The Financial Markets Authority has announced upcoming webinars on July 20 and July 27 tackling scenario analysis in the climate-related disclosures (CRD) regime. https://www.fma.govt.nz/library/events/crd-regime-july-webinars/
23 Jun 2023 - FMA publishes Climate Related Disclosure record keeping draft guidance for consultation. The full set of documents the FMA has released are:
• The proposed guidance for keeping proper climate-related disclosure records.
• The FMA’s climate-related disclosures monitoring approach and plan for 2023-2026.
• The use of third-party providers in climate related disclosures.
https://financialmarketsauthority.cmail20.com/t/r-l-ttijhdjk-btuitpxk-i/
26 Jun 2023 - The Financial Markets Authority published its final guidance for financial institutions that distribute products and services through intermediaries as part of the Conduct of Financial Institutions (CoFI) regime. https://financialmarketsauthority.cmail20.com/t/r-l-ttiiljjl-btuitpxk-y/
26 Jun 2023 - RBNZ identifies a small number of minor errors in the Interim Solvency Standard 2023 (the Standard) and have issued an ‘Amendment Standard’ to correct them. Stakeholders have made the RBNZ aware of a number of additional issues with the Standard and they intend to address these issues over coming months by consulting on and issuing a further amendment. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f7418c0121&e=082a4db7be