Legal and regulatory update for the life and health insurance sector
17 Jul 2023 - The Australian Prudential Regulation Authority (APRA) has finalised a new prudential standard aimed at ensuring banks, insurers and superannuation trustees can better manage operational risks and respond to business disruptions. https://www.apra.gov.au/news-and-publications/apra-finalises-new-prudential-standard-on-operational-risk
18 Jul 2023 - The FMA has released its scenario analysis information sheet to help climate reporting entities (CREs) meet their obligations under the Climate-Related Disclosures (CRD) regime. It sets out how the FMA will apply the CRD framework relating to scenario analysis; what the FMA will look for when determining compliance with those standards; and other considerations that may help CREs ensure they meet the disclosure requirements. https://www.fma.govt.nz/news/all-releases/media-releases/scenario-analysis-information-sheet-for-climate-related-disclosures-regime/
18 Jul 2023 -The Australian Securities and Investments Commission (ASIC) has written to the Insurance Council of Australia, the Council of Australian Life Insurers and the Financial Services Council about its review of over 100 Target Market Determinations (TMDs) for general and life insurance products.The letters outline ASIC’s findings based on a sample of general and life insurance products. ASIC considered that the products reviewed represent higher risk and/or potential for poor value to consumers. https://asic.gov.au/about-asic/news-centre/news-items/asic-review-of-insurance-target-market-determinations/
19 Jul 2023 - The Therapeutic Products Bill was read a third time and passed through under urgency https://www.beehive.govt.nz/release/new-era-therapeutic-products-regulation