Legal and regulatory update for the life and health insurance sector

3 July 2023 - The National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem of investment scams, which are costing Australians more than $1 billion a year. The fusion cell will be led by the ACCC and ASIC and include representatives from the banks, telecommunications industry and digital platforms. It will be the first fusion cell co-ordinated by the new National Anti-Scam Centre and will identify methods for disrupting investment scams to minimise scam losses. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-180mr-national-anti-scam-centre-s-first-fusion-cell-to-disrupt-investment-scams/

4 Jul 2023 - An Analytical Note by the Reserve Bank of New Zealand has found that Monetary Policy Statements are written in a way that matches the aims of monetary policy. https://www.rbnz.govt.nz/hub/news/2023/07/analytical-note-finds-monetary-policy-statements-text-meets-policy-aims

4 Jul 2023 - The New Life Insurance Code of Practice for the Australian market came into effect on 1 July 2023. https://riskinfonz.co.nz/2023/07/04/australia-adopts-new-life-insurance-code-of-practice/

5 Jul 2023 - NZ Banking Association publish their regulatory radar for June 2023 https://financialadvice.nz/wp-content/uploads/2023/07/June-2023-Banking-Sector-Regulatory-Radar.pdf

5 Jul 2023 - APRA working on independent tripartite cyber assessment study with more than 300 banks, insurers and superannuation trustees https://www.apra.gov.au/news-and-publications/cyber-security-stocktake-exposes-gaps

6 Jul 2023 - Changes to ACC’s Accredited Employers Programme (AEP) aim to deliver a better experience for workers whose injury claims are handled by their employers rather than through ACC directly. https://www.beehive.govt.nz/release/better-experience-workers-changes-acc-programme

6 Jul 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for May 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-may2023.pdf

7 Jul 2023 - The Government has issued a package of regulatory amendments to the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime. The regulations will come into force in three stages from 31 July 2023 to 1 June 2025. 
The first stage of changes, which come into force on 31 July 2023, are to provide immediate regulatory relief for many reporting entities where risk has been identified as being low.
The second stage, which comes into force 1 June 2024, introduces new obligations for entities that already have existing AML/CFT obligations.
The final stage, which comes into force 1 June 2025, introduces new obligations on sectors that were not previously subject to AML/CFT obligations.
https://www.dia.govt.nz/AML-CFT-Regulatory-and-Legislative-Changes-Anti-Money-Laundering-and-Counter-Financing-of-Terrorism

7 Jul 2023 - The Financial Intelligence Unit (FIU) are running free goAML training sessions in Timaru and Christchurch. These in person sessions will run for 2 hours and will cover an overview of the goAML system, along with how to submit suspicious activity and prescribed transaction reports. https://www.dia.govt.nz/AML-CFT-Free-goAML-training