Legal and regulatory update for the life and health insurance sector
22 Mar 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, February 2023 diary released with the following potential financial services sector related meeting noted:
• 2 Feb 2023 – Interview with Good Returns Magazine
• 3 Feb 2023 – Calls with Westpac, ANZ, Kiwibank, ASB, BNZ (CEO’s)
• 4 Feb 2023 –Call with NZ Insurance Council (CE)
• 7 Feb 2023 – Video Conference with NZ Bankers Association
• 8 Feb 2023 - Meeting with Financial Services Federation (Executive Director)
• 10 Feb 2023 - Meeting with FinCap (CE and Policy Adviser)
• 16 Feb 2023 - Pre-record of speech to Financial Services Council Future Ready Summit
• 17 Feb 2023 – Call with NZ Bankers Association (CEO)
• 18 Feb 2023 - Panel discussion at NZ Shareholders Assn Investor Conference
• 21 Feb 2023 – Meeting with NZ Bankers Association (CE & Govt Relations Manager)
• 23 Feb 2023 – Meeting with Commerce Commission (Chair)
• 28 Feb 2023 – Speech to Fintech Hui Taumata
• 28 Feb 2023 – Meeting with IAG (CEO & Exec Manager Corporate Relations)
• 28 Feb 2023 – Meeting with Tower Insurance (CE)
https://www.beehive.govt.nz/sites/default/files/2023-03/February%20Diary%202023.pdf
17 Mar 2023 - The Government has announced funding of $3 million for providers to help people access community-based Building Financial Capability services. https://www.beehive.govt.nz/release/government-delivers-3-million-funding-boost-building-financial-capability-services
17 Mar 2023 - Financial advice regulatory regime is now in full effect; the transitional licensing phase has ended https://www.fma.govt.nz/news/all-releases/media-releases/financial-advice-regulatory-regime-now-in-full-effect/
17 Mar 2023 - Deputy Governor Christian Hawkesby puts out a statement saying the RBNZ is confident the banks they monitor have sound liquidity an dfunding positions and that the RBNZ is monitoring the situation closely. https://www.rbnz.govt.nz/hub/news/2023/03/statement-from-deputy-governor-christian-hawkesby-regarding-bank-financial-strength
17 Mar 2023 - ASIC has provided conditional relief for life insurers from the design and distribution obligations (DDO) when reissuing life insurance policies in certain, limited circumstances. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-070mr-asic-grants-conditional-relief-to-facilitate-reissue-of-certain-life-insurance-policies/
16 Mar 2023 - INFINZ holding one-day course ‘Climate-related disclosure standards: Practical guide for Directors & Senior Executives’ 16 & 30 May
https://www.infinz.com/Site/what_we_are_offering/learningandevelopment/crd-masterclass/