Legal and regulatory update for the life and health insurance sector
30 Oct 2023 - The FMA publish key findings from the 2022 re-licensing of Supervisors https://www.fma.govt.nz/assets/Reports/Key-findings-from-2022-Supervisor-relicensing.pdf
31 Oct 2023 - The FMA is reminding licensed financial service providers about the importance of cyber-resilience as part of Cyber Smart Week 2023 https://financialmarketsauthority.cmail19.com/t/r-l-tixdult-btuitpxk-t/
31 Oct 2023 - The FMA released Climate-related Disclosures – Scenario analysis information sheet, detailing compliance expectations of the FMA for scenario analysis disclosures made under the climate-related disclosures (CRD) regime https://www.fma.govt.nz/library/guidance-library/scenario-analysis-information-sheet/
31 Oct 2023 - ASIC has released its second publication on information lodged under the reportable situations regime. Over 16,000 reports were made to ASIC by financial services and credit licensees under the regime between 1 July 2022 and 30 June 2023. The publication shows little improvement has been made in key areas of concern that ASIC highlighted in the first publication on insights from this regime last year. Among other things:
the proportion of the licensee population reporting remains very low, indicating that some licensees may not be complying with the regime
licensees are still taking too long to identify and investigate some breaches
a significant number of remediation activities are still taking too long to complete, and
there remain opportunities to improve identification and reporting root causes of breaches.
31 Oct 2023 - Financial Inclusion is one of CoFR’s five priority themes. COFR has pulled together recent publications in this area include the RBNZ’s Approach to Financial Inclusion and a joint message from the FMA and the Commerce Commission on supporting customers in financial difficulty. https://www.cofr.govt.nz/priority-themes/inclusion.html
1 Nov 2023 - The Reserve Bank of New Zealand release their November 2023 Financial Stability Report, which shows New Zealand's financial system remains strong and is well placed to handle the current adjustment to higher interest rates and more severe economic scenarios. https://www.rbnz.govt.nz/hub/news/2023/11/financial-system-still-adjusting-to-higher-interest-rates