Legal and regulatory update for the life and health insurance sector

13 May 2024 - The FSC has published the March 2024 Life Insurance quarterly snapshot. https://blog.fsc.org.nz/life-insurance-industry-spotlight-march-2024

13 May 2024 - The FSC has published the March 2024 KiwiSaver quarterly snapshot. https://blog.fsc.org.nz/kiwisaver-spotlight-march-2024

13 May 2024 - The three AML/CFT Act supervisors – FMA, DIA and RBNZ – along with their partner agencies – MFAT and NZ Police – have provided a Guidance Note for duty holders that are AML/CFT reporting entities. The Guidance Note specifically relates to notifying a customer of an asset freeze or blocked transaction under the Russia Sanctions Act. https://www.fma.govt.nz/library/guidance-library/guidance-note-for-duty-holders-that-are-amlcft-reporting-entities/

15 May 2024 - ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-information-for-unlicensed-entities-making-unsolicited-contact-with-consumers/

16 May 2024 - The Reserve Bank of New Zealand is consulting on the first set of standards under the Deposit Takers Act 2023. https://www.rbnz.govt.nz/hub/news/2024/05/deposit-takers-act-standards-open-for-consultation