Legal and regulatory update for the life and health insurance sector

13 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has released its finalised prudential practice guide to help banks, insurers and superannuation trustees strengthen their management of operational risk and improve business continuity planning. https://www.apra.gov.au/news-and-publications/apra-finalises-cross-industry-guidance-on-operational-resilience

14 Jun 2024 - The Financial Markets Authority has published an information sheet specifically for smaller firms to assist in establishing and maintaining a Fair Conduct Programme (FCP) and applying for a Financial Institution (CoFI) licence.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-provides-additional-support-to-smaller-firms-for-cofi-licensing/

17 Jun 2024 - The Reserve Bank of New Zealand has released Tara-ā-Umanga Business Expectations Survey: Design proposals following consultation and pilot, which outlines lessons learnt and resulting design proposals for their new Business Expectations Survey, BES, Tara-ā-Umanga. Changes include making the survey shorter and quicker for businesses to fill in; questions will focus on inflation expectations, wages, and unemployment; they will survey businesses in the primary industry; and they will not include very small businesses (those with fewer than 6 employees). https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development

18 Jun 2024 - The External Reporting Board has launched the XRB Standards Navigator, which takes static PDF versions of XRB standards and presents them in a more accessible, dynamic and user- friendly format. https://standards.xrb.govt.nz/standards-navigator/