Legal and regulatory update for the life and health insurance sector
28 Mar 2023 - Taxation (Annual Rates for 2022-23, Platform Economy, and Remedial Matters) Bill (No 2) completed third reading in Parliament. https://bills.parliament.nz/v/6/d5894797-4e05-4cd5-a11e-0b28520e3a19?Tab=history
29 Mar 2023 – RBNZ sought feedback on proposed new guidance for the financial sector on managing climate-related risks with submissions closing on 7 June 2023. https://www.rbnz.govt.nz/hub/news/2023/03/feedback-sought-on-guidance-for-managing-climate-related-risks
29 Mar 2023 – Chapter Zero released a Chapman Tripp legal opinion outlining emerging expectations on directors to manage nature-related risk. https://www.chapterzero.nz/news/the-business-of-nature-new-legal-opinion-outlines-emerging-expectations-on-directors-to-manage-nature-related-risk/
29 Mar 2023 – The RBNZ announced the immediate discontinuance of the following Quarterly Insurance Survey publications:
The Quarterly Insurance Survey will eventually be replaced by new financial reports. For more information and to keep up to date with progress and timings, please visit the RBNZ Insurance Data Upgrade webpage. https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-insurers/resources-for-insurers/insurance-data-upgrade
29 Mar 2023 – The Commerce Commission published its “Misuse of market power guidelines”, ahead of a law change that will make it easier to take action against businesses with market power whose conduct stifles competition. https://comcom.govt.nz/business/avoiding-anti-competitive-behaviour/misuse-of-market-power