Legal and regulatory update for the life and health insurance sector
24 May 2023 - APRA released Australian private health insurance statistics for March 2023 https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-march-2023
24 May 2023 - Office of the Privacy Commissioner’s (OPC) latest Insights Report shows four key insights for small businesses:
Understanding privacy does not necessarily translate into good privacy practices.
What business sector you are in can increase your privacy risk.
Businesses need systems for giving people their own information, promptly.
Whether a business is big or small, the privacy breach risk is about the same.
https://privacy.org.nz/publications/statements-media-releases/new-news-page-7/
25 May 2023 - The Privacy Commissioner has outlined expectations around organisations using generative artificial intelligence (AI)
1. Have senior leadership approval
2. Review whether a generative AI tool is necessary and proportionate
3. Conduct a Privacy Impact Assessment
4. Be transparent
5. Develop procedures about accuracy and access by individuals
6. Ensure human review prior to acting
7. Ensure that personal or confidential information is not retained or disclosed by the generative AI tool
https://privacy.org.nz/news/media-releases/privacy-commissioner-outlines-expectations-around-ai-use/
26 May 2023 - RBNZ confirmed its proposal to ease mortgage loan-to-value ratio (LVR) restrictions. From 1 June 2023 LVR restrictions will be eased, from: 10% limit for loans with LVR above 80% for owner occupiers, and 5% limit for loans with LVR above 60% for investors. To: 15% limit for loans with LVR above 80% for owner occupiers, and 5% limit for loans with LVR above 65% for investors. https://www.rbnz.govt.nz/hub/news/2023/05/lvr-restriction-easing-confirmed
29 May 2023 - On 2 June, the Reserve Bank of New Zealand will publish new statistics from the monthly New Credit Flows Survey, making more data available to all users. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. They are also looking at expanding publications this year from financial reporting in the Bank Balance Sheet survey (BBS) and Loan to Valuation - New commitments (LVRNC). https://www.rbnz.govt.nz/en/regulation-and-supervision/oversight-of-banks/resources-for-banks/surveys/new-credit-flows
29 May 2023 - FMA hold final online session 8 June to provide an in-depth view of the questions that will be asked in the annual FAP Regulatory Returns. https://financialmarketsauthority.cmail19.com/t/r-l-ttjttlly-btuitpxk-u/
30 May 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:
• 4 Apr 2023 – Meeting with Commerce Commission
• 5 Apr 2023 – Pre-record of speech for the Financial Services Complaints Ltd Conference opening
• 5 Apr 2023 – Meeting with Banking Ombudsman Scheme (Chair, Banking Ombudsman)
• 5 Apr 2023 – Meeting with Financial Services Complaints Ltd (Chair, Financial Ombudsman, CEO, Case Management Team Leader)
• 19 Apr 2023 - Meeting with The Cooperative Bank (CEO)
• 19 Apr 2023 - Videoconference with ASB (CE)