Legal and regulatory update for the life and health insurance sector
18 Mar 2025 - NZ IFRS 18 Presentation and Disclosure in Financial Statements is mandatory for all Tier 1 and Tier 2 for-profit entities from 1 January 2027. Entities will likely need to update their systems, record-keeping and the financial statement preparation process by this date. NZ IFRS 18 will replace NZ IAS 1 Presentation of Financial Statements and introduces several new requirements, including
New categories and subtotals in the statement of profit or loss
Disclosure requirements for management-defined performance measures
Enhanced guidance on grouping (aggregation and disaggregation) of information
https://www.xrb.govt.nz/news/latest-news/
18 Mar 2025 - The XRB is holding a need-to-know webinar update session on 8 April at 12:30pm, which will include a high-level overview of the new NZ IFRS 18 requirements. https://www.xrb.govt.nz/news/latest-news/
18 Mar 2025 - The XRB are seeking feedback on proposed NZ IFRS 18 RDR concessions for Tier 2 for-profit entities via an open consultation. Consultation closes 29 May 2025. https://www.xrb.govt.nz/consultations/accounting-standards-open-for-consultation/rdr-concessions-nz-ifrs-18/
18 Mar 2025 - The XRB publish 'Transition planning - Guidance for staff'. This guide is for staff involved in coordinating or leading the transition planning process in their organisation. It covers the thinking and related business processes to develop a transition plan, as well as the drafting of the transition plan itself. https://www.xrb.govt.nz/dmsdocument/5342/
18 Mar 2025 - The FMA has filed criminal charges against former financial adviser David McEwen, for failing to comply with an FMA stop order, due to concerns he is still contacting potential investors. https://www.fma.govt.nz/news/all-releases/media-releases/criminal-charges-against-david-mcewen/
20 Mar 2025 - FMA releases ‘5 mins with the FMA’ podcast #11: Outcomes Focused Regulation. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-11/
21 Mar 2025 - The RBNZ has been named as the winner of two categories in this year’s Central Banking awards - the Corporate Services Initiative Award for their Information Management Uplift, and the Green Award for their climate stress testing work. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-takes-out-two-wins-in-this-years-central-banking-awards