Legal and regulatory update for the life and health insurance sector

10 Dec 2023 - The Australian Labor government will create a new regulation-lite category of ‘qualified advisers’ as part of controversial reforms unwrapped last week. Banks, insurers, superannuation funds and others will be able to employ advisers under looser regulatory controls than professional counterparts. Qualified advisers will focus on providing simple financial advice, will be prohibited from charging a fee and from receiving a commission, and they will be required to meet a Government-mandated education standard. https://investmentnews.co.nz/investment-news/reg-lite-institutional-advice-proposal-divides-australian-industry/

11 Dec 2023 - The Reserve Bank of New Zealand has confirmed that New Zealand’s largest banks are now compliant with their Outsourcing Policy (BS11). https://www.rbnz.govt.nz/hub/news/2023/12/major-banks-compliant-with-rbnz-outsourcing-policy