Legal and regulatory update for the life and health insurance sector

11 Dec 2024 - APRA has released its quarterly private health insurance performance statistical publication for the September 2024 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-performance-statistics-for

12 Dec 2024 - RBNZ has issued the second amendment to the Interim Solvency Standard 2023, which will take effect for all relevant insurers from 1 March 2025. https://www.rbnz.govt.nz/hub/news/2024/12/second-amendment-to-insurance-interim-solvency-standard-issued

13 Dec 2024 - The FSC has come out in support of the Government’s announcement to allow KiwiSaver funds to be invested in unlisted assets. https://blog.fsc.org.nz/media-statement-13-december-2024

13 Dec 2024 - The Government is progressing a package of reforms to help ensure our capital markets are working to support a productive economy. As a first step, the Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. This will give businesses more flexibility and bring New Zealand closer in line with other countries like Australia. These changes are expected to be in place by May 2025. The Government has also opened consultation on two specific proposals that will help create more effective capital markets: Enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. https://www.mbie.govt.nz/about/news/strengthening-new-zealands-capital-markets

13 Dec 2024 - APRA has released its annual private health insurance statistical publication for the 2023-2024 year. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-annual-private-health-insurance-statistics-for-2023

13 Dec 2024 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q4 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html

16 Dec 2024 - The XRB has published a document that provides: information on their plan to consult on Aotearoa New Zealand Climate Standards (NZ CS), focusing on the topic of differential climate-related reporting and context to readers of the MBIE discussion document Adjustments to the climate-related disclosures regime. https://www.xrb.govt.nz/dmsdocument/5355/

Legal and regulatory update for the life and health insurance sector

3 Dec 2024 - On 5 December, the RBNZ will publish new statistics from the monthly New Credit Flows Survey. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.

3 Dec 2024 - New Zealanders made a record 1003 privacy complaints to the Office of the Privacy Commissioner last financial year. Agencies (business and organisations) also reported 864 privacy breaches. https://privacy.org.nz/publications/statements-media-releases/no-one-should-be-happy-we-received-over-1000-privacy-complaints/

4 Dec 2024 - The FMA has published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-encouraged-by-first-climate-statements/

4 Dec 2024 - Australia has passed two major pieces of privacy law reform: the Australian Privacy and Other Legislation Amendment Bill 2024 and the Online Safety Amendment (Social Media Minimum Age) Bill 2024. https://www.bellgully.com/insights/privacy-update-australian-government-passes-two-major-pieces-of-privacy-law-reform/

4 Dec 2024 - The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on 5 December, with the new weights released. The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country’s direct bilateral trade in goods and services with New Zealand, for the year ended June. https://www.rbnz.govt.nz/hub/news/2024/12/updated-weights-for-trade-weighted-index

5 Dec 2024 - APRA has released its general insurance and life insurance statistical publications for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-general-insurance-and-life-insurance-statistics-for

5 Dec 2024 - APRA has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-2

5 Dec 2024 - The Government has launched a review of New Zealand’s competition rules, looking to update the competition settings in the Commerce Act to ensure NZ's legal framework is right; and review the governance and effectiveness of the Commerce Commission to ensure NZ's regulatory and enforcement framework is right. https://www.beehive.govt.nz/release/major-review-competition-lift-productivity

6 Dec 2024 - The Retirement Commissioner Jane Wrightson says the Commission’s annual budget has remained unchanged since 2016 and the Commission will be using its financial reserves over the next four years to run the organisation. https://www.interest.co.nz/investing/131130/retirement-commissioner-jane-wrightson-says-commission%E2%80%99s-annual-budget-has

9 Dec 2024 - The Reserve Bank of New Zealand welcomes the new Financial Policy Remit. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-welcomes-new-financial-policy-remit

10 Dec 2024 - The FMA is launching a pilot “regulatory sandbox” and is asking for applications from interested parties. A regulatory sandbox is a concept which allows firms to test innovative products, services or business models.  An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year.  https://www.fma.govt.nz/library/opinion/fma-launches-regulatory-sandbox-pilot-for-2025/

10 Dec 2024 - RBNZ's Digital Cash consultation finds cash is crucial and current payment options are not delivering what customers want. https://www.rbnz.govt.nz/hub/news/2024/12/kiwis-say-cash-and-privacy-are-crucial-in-record-digital-cash-consultation-response

10 Dec 2024 - RBNZ has published Tara-ā-Umanga Business Expectations Survey: Development update following third pilot. They plan to run a fourth pilot in January 2025.  https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bse-background-material/bes-development-update-pilot3.pdf?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=8347780dcb-Stats+Alert+Business+Survey+of+expectations&utm_medium=email&utm_term=0_-8347780dcb-597079373

11 Dec 2024 - The RBNZ has released a thematic review into how deposit takers support financial inclusion. The review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-thematic-review-identifies-opportunities-to-enhance-financial-inclusion-practices

11 Dec 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November 2024 diary released with the following potential financial services sector related meetings noted:

• 4 Nov 2024 – MEET: Financial Markets Authority (FMA Officials)

• 5 Nov 2024 – ATTEND: Launch of Australasian Open Banking eco system report (invited guests)

• 7 Nov 2024 – MEET: NZBA (Roger Beaumont, Miles Erwin)

• 7 Nov 2024 – CALL: Banking Ombudsman (Miriam Dean)

• 11 Nov 2024 – MEET: Kiwisaver Roundtable (invited guests)

• 11 Nov 2024 – MEET: CEO of Financial Services Council (Kirk Hope)

• 13 Nov 2024 – MEET: FMA (Craig Stobo and Samantha Barrass)

• 13 Nov 2024 – MEET: MBIE Officials (Suzanne Stew)

• 20 Nov 2024 – MEET: NZBA (Dan Huggins)

• 20 Nov 2024 – MEET: MBIE Officials (MBIE officials)

• 21 Nov 2024 – SPEAK: NZ & Australia Chartered Accontants Conference (conference attendees)

• 21 Nov 2024 – MEET: Commerce Commission Meeting (Commerce Commission Officials)

• 22 Nov 2024 – MEET: Securities Industry Association and FMA (Tim Kiefte, Bridget MacDonald, Craig Stobo, Samantha Barrass and SIA members)

• 27 Nov 2024 – PHONE: Retirement Commissioner (Jane Wrightson )

https://www.beehive.govt.nz/sites/default/files/2024-12/Proactive%20Diary%20Release%20Nov%2024%27%20Hon%20Andrew%20Bayly.pdf

Legal and regulatory update for the life and health insurance sector

28 Nov 2024 - Kiwibank has been fined $1.5 million after pleading guilty to 21 breaches of the Fair Trading Act, resulting in overcharges to 35,000 customers totaling $6.8 million. https://comcom.govt.nz/news-and-media/media-releases/2024/systemic-breaches-of-consumer-law-lead-to-$1.5million-fine-for-kiwibank

28 Nov 2024 - The FMA will publish its first climate-related disclosures insights report in early December. It will include findings and areas for improvement based on the reviews of climate statements prepared for reporting periods ended between 31 December 2023 – 31 March 2024. The FMA will be running webinars on Tuesday 10 and Thursday 12 December to discuss the report and answer questions.

28 Nov 2024 - Following consultation in July on proposed guidance for references to climate statements in disclosure documents, the FMA have decided to pause work on this project. https://www.fma.govt.nz/assets/Exemption/Submissions-report-CRD-PDS-proposed-guidance.pdf?utm_medium=email&utm_campaign=FMA%20UPDATE%20NOVEMBER%202024&utm_content=FMA%20UPDATE%20NOVEMBER%202024+CID_ba79ea243bfbf23eb5e123188c21af00&utm_source=FMA%20Campaign%20Monitor%20Emails&utm_term=available%20here

28 Nov 2024 - The FMA release Navigating KiwiSaver Episode 4: KiwiSaver fees. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-4/

28 Nov 2024 - APRA has released its quarterly private health insurance publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-6

29 Nov 2024 - The Office of the Privacy Commissioner has confirmed that Privacy week 2025 will run from the 12-16 May 2025, with the theme "Privacy on Purpose". https://us18.campaign-archive.com/?u=5b61763783257eac3d863f400&id=e5ffb9f447

2 Dec 2024 - The FMA have released the results of its first Consumer Confidence Survey. Findings included 98% of kiwis have at least one banking product; credit card ownership is down 3% while buy-now-pay-later is up 5%; 86% of all kiwis have at least one insurance product; 85% of NZers have at least one investment product. https://www.fma.govt.nz/news/all-releases/media-releases/inaugural-consumer-confidence-survey/

Legal and regulatory update for the life and health insurance sector

25 Nov 2024 - In 2025, ASIC will consult with stakeholders to update some key regulatory guides (RGs), taking into account law reform, insights from case law about the provisions and other relevant issues. The RGs that they intend to update next year, include:

• Regulatory Guide 53 The use of past performance in promotional material

• Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations)

• Regulatory Guide 181 Licensing: Managing conflicts of interest

• Regulatory Guide 183 Approval of financial services codes of conduct, and

• Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance.

https://asic.gov.au/about-asic/news-centre/news-items/asic-update-on-maintenance-of-regulatory-guides/?altTemplate=betanewsroom

26 Nov 2024 - The FMA held a roundtable with New Zealand’s Non-Bank Deposit Taker sector. https://www.fma.govt.nz/library/opinion/non-bank-deposit-taker-sector-roundtable/

26 Nov 2024 - Annual Report of the Privacy Commissioner 2024 published. https://privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2024/

27 Nov 2024 - APRA and ASIC have published a letter containing observations on registration and notification lodgements made since the Financial Accountability Regime (FAR) commenced for the banking industry. The letter identifies areas that require further consideration by banking entities and reiterates specific aspects, consistent with previously released FAR guidance, to entities across the banking, insurance and superannuation industries. https://www.apra.gov.au/news-and-publications/apra-and-asic-release-observations-from-banking-industrys-implementation-of

Legal and regulatory update for the life and health insurance sector

12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited

12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme

13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks.   https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate

13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/

13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:

• A one year extension to the adoption provision for scope 3 GHG emissions disclosures

• A one year extension to the adoption provision for anticipated financial impacts disclosures

• A new one year adoption provision relating to the assurance of scope 3 GHG emissions

The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
 The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.

https://www.xrb.govt.nz/news/latest-news/

14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers.   https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers

14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.

• Misconduct exploiting superannuation savings

• Unscrupulous property investment schemes

• Failures by insurers to deal fairly and in good faith with customers

• Strengthening investigation and prosecution of insider trading

• Business models designed to avoid consumer credit protections

• Misconduct impacting small businesses and their creditors

• Debt management and collection misconduct

• Licensee failures to have adequate cyber-security protections

• Greenwashing and misleading conduct involving ESG claims

• Member services failures in the superannuation sector

• Auditor misconduct

• Used car finance sold to vulnerable consumers by finance providers

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-252mr-asic-announces-new-enforcement-priorities-with-a-focus-on-cost-of-living-pressures/?altTemplate=betanewsroom

14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/

15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released  with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)

https://www.beehive.govt.nz/sites/default/files/2024-11/Proactive%20Diary%20Release%20Oct%2024%27%20Hon%20Andrew%20Bayly.pdf

15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/

Legal and regulatory update for the life and health insurance sector

29 Oct 2024 - Global privacy authorities, including the office of the Privacy Commissioner, have engaged with some of the world’s largest social media companies after issuing a joint statement on data scraping last year. As a result of this engagement, they have now issued a follow-up statement laying out additional takeaways for industry. This follow-up joint statement lays out further expectations, including that organisations:

• Comply with privacy and data protection laws when using personal information, including from their own platforms, to develop artificial intelligence (AI) large language models.

• Deploy a combination of safeguarding measures and regularly review and update them to keep pace with advances in scraping techniques and technologies.

• Ensure that permissible data scraping for commercial or socially beneficial purposes is done lawfully and in accordance with strict contractual terms. https://www.privacy.org.nz/publications/statements-media-releases/global-privacy-authorities-issue-follow-up-joint-statement-on-data-scraping-after-industry-engagement/

29 Oct 2024 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 July 2023 to 30 June 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-9

30 Oct 2024 - The FMA are consulting on renewal of class exemption for DIMS licensees from certain financial reporting requirements, consultation closes 29 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-renewal-of-class-exemption-for-dims-licensees-from-certain-financial-reporting-requirements/

30 Oct 2024 - ASIC has released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-240mr-asic-releases-fy-2023-24-financial-reporting-and-audit-report-and-launches-auditor-independence-surveillance/?altTemplate=betanewsroom

30 Oct 2024 - The FSC has published its KiwiSaver Industry Spotlight September 2024. https://blog.fsc.org.nz/kiwisaver-spotlight-september-2024

30 Oct 2024 - The Government is seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA would allow Inland Revenue and MBIE to share prescribed information with the other agency for the benefits outlined in the discussion document. https://www.taxpolicy.ird.govt.nz/news/2024/consultation-information-sharing-ir-mbie-aisa

31 Oct 2024 - The FMA has decided to renew the Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2019, and the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2019, for a further five years. They are working to finalise new notices to give effect to this decision, which they intend to have in place before the current notices are revoked on the close of 30 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-class-exemption-renewal-for-disclosure/

30 Oct 2024 - The FSC has published its Life Insurance Industry Spotlight September 2024. https://blog.fsc.org.nz/lifeinsurance-spotlight-september-2024

Legal and regulatory update for the life and health insurance sector

24 Oct 2024 - The FMA published its annual report for the year to 30 June 2024. The report details the FMA’s core focus areas: monitoring and supervision of market participants, implementation of new legislation, enforcement action and providing resources for investors and consumers.  The FMA also released its annual ‘Ease of doing business’ report, which surveys stakeholders and industry participants to understand the effectiveness of their interactions with the FMA, and their views on FMA’s overall effectiveness in delivering its mandate. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-2024-annual-report/

25 Oct 2024 - APRA publish their opening statement to the House of Representatives Standing Committee on Economics - October 2024. https://www.apra.gov.au/news-and-publications/opening-statement-to-house-of-representatives-standing-committee-on-6

25 Oct 2024 - ASIC publish the opening statement by ASIC Chair Joe Longo at the House of Representatives Standing Committee on Economics. https://asic.gov.au/about-asic/news-centre/speeches/house-of-representatives-standing-committee-on-economics-opening-statement-25-october-2024/?altTemplate=betanewsroom

25 Oct 2024 - The Justice Select Committee have published their final report on the Privacy Amendment Bill. https://selectcommittees.parliament.nz/view/SelectCommitteeReport/5f2d852a-1aba-4b8b-2620-08dcf48e13aa

25 Oct 2024 - The Takeovers Panel offices will close from the end of the day on Monday, 23 December 2023, and reopen on Monday, 6 January 2024. https://www.takeovers.govt.nz/guidance/codeword/issue-57/panel-christmas-close-down-period

27 Oct 2024 - The FMA's annual report shows they turned in a more than $2.8 million surplus during the 12 months to June 30. The FMA reported revenue of almost $80.7 million while expenses hit a record high of $77.8 million.The FMA completed investigations into 1,118 ‘misconduct cases’, of which 993 were dealt with in the ‘compliant’ timeframe. https://investmentnews.co.nz/investment-news/fma-over-spends-books-surplus-on-legal-winnings/

29 Oct 2024 - APRA publish Deputy Chair Margaret Cole's speech to the AFR Super & Wealth Summit 2024. https://www.apra.gov.au/news-and-publications/apra-deputy-chair-margaret-cole-speech-to-afr-super-wealth-summit-2024

29 Oct 2024 - ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC’s first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite current AI use being relatively cautious. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-238mr-asic-warns-governance-gap-could-emerge-in-first-report-on-ai-adoption-by-licensees/?altTemplate=betanewsroom

Legal and regulatory update for the life and health insurance sector

15 oct 2024 - The FMA has published the speech by FMA Chief Executive Samantha Barrass at the Institute of Financial Professionals New Zealand Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-infinz-20242024/

16 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Transmission of monetary policy to financial conditions' from the Citi Australia and New Zealand Investment Conference. https://www.rbnz.govt.nz/hub/news/2024/10/transmission-of-monetary-policy-to-financial-conditions

16 Oct 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released  with the following potential financial services sector related meetings noted:

• 4 Sep 2024 – ATTEND: Financial Education Roundtable (invitees)

• 4 Sep 2024 – SPEAK: Financial Services Council Annual Conference Gala Dinner (conference delegates)

• 11 Sep 2024 – MEET: NZBA (Roger Beaumont)

• 13 Sep 2024 – MEET: BNZ CEO (Dan Huggins)

• 16 Sep 2024 – ATTEND: NZ Banking Association Council Meeting (Council Members)

• 23 Sep 2024 – ATTEND: Westpac Einvoicing customer event (Invited guests)

• 23 Sep 2024 – CALL: FMA CEO (Samantha Barrass)

• 23 Sep 2024 – ATTEND: Financial Service Federation Dinner (Invited guests)

• 24 Sep 2024 – MEET: Privacy Commissioner (Michael Webster)

• 24 Sep 2024 – ZOOM: XRB (Michelle Embling, and April Mackenzie)

• 25 Sep 2024 – MEET: Banking Ombudsman (Nicola Sladden)

• 26 Sep 2024 – MEET: Commerce Commission (Commerce Commission Officials)

• 26 Sep 2024 – MEET: NZBA (Roger Beaumont and Miles Erwin)

• 27 Sep 2024 – CALL: Westpac CEO (Catherine McGrath)

• 30 Sep 2024 – ZOOM: Commerce Commission (Commerce Commission Officials)

https://www.beehive.govt.nz/sites/default/files/2024-10/Proactive%20Diary%20Release%20Sept%2024%27%20Hon%20Andrew%20Bayly.pdf

16 Oct 2024 - RBNZ publish a Bulletin which provides an overview of bank funding and mortgage rate pricing developments in recent years. https://www.rbnz.govt.nz/hub/news/2024/10/monetary-policy-pass-through-to-bank-funding-costs-and-mortgage-rates

16 Oct 2024 - The Budapest Convention and Related Matters Legislation Amendment Bill had its first reading and was referred to Select Committee. https://bills.parliament.nz/v/6/f2d3b46e-56c2-41cd-0edd-08dcdb5e62cc?Tab=history

16 Oct 2024 - The FMA has published guidance which explains their interpretation of the law, to promote consistent market practices and ensure the requirements of section 212 (Initial steps in winding up of registered scheme) and section 213 (Winding-up report) of the Financial Markets Conduct Act 2013 (FMC Act) are met.  https://www.fma.govt.nz/library/guidance-library/winding-up-requirements-for-registered-schemes/

16 Oct 2024 - The Australian Prudential Regulation Authority (APRA) has published its Annual Report for the 2023-24 financial year. https://www.apra.gov.au/news-and-publications/apra-publishes-2023-24-annual-report

16 Oct 2024 - The committee stage of the Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was completed.  https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-16-october-2024/

16 Oct 2024 - The office of the Privacy Commissioner has published 'Handling privacy complaints: a step-by-step guide'. https://privacy.org.nz/publications/guidance-resources/handling-privacy-complaints-a-step-by-step-guide/

17 Oct 2024 - The RBNZ has released its first voluntary Climate-related Disclosure - Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining their progress in understanding, monitoring, and managing climate-related risks. https://www.rbnz.govt.nz/hub/publications/reports/2024/climate-related-disclosure/data/climate-related-disclosure-2023-24

17 Oct 2024 - ASIC announce appointments to the ASIC Executive Leadership team: Peter Soros as Executive Director Regulation and Supervision; Chris Savundra to the role of Executive Director Enforcement and Compliance. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-226mr-appointments-to-the-asic-executive-leadership-team/?altTemplate=betanewsroom

17 Oct 2024 - The Contracts of Insurance Bill was read a second time. https://bills.parliament.nz/v/6/019dad64-3f9e-46b8-5cd9-08dc67f794e8?Tab=history

18 Oct 2024 - The Ministry of Business, Innovation and Employment (MBIE) has confirmed that Dr Derek Johnston has been reappointed for a second term as a Commissioner at the Commerce Commission. https://www.mbie.govt.nz/about/news/dr-derek-johnston-reappointed-to-the-commerce-commission

18 Oct 2024 - The Reserve Bank of New Zealand’s November Financial Stability Report (FSR) for 2024 has been moved to 5 November. https://www.rbnz.govt.nz/hub/news/2024/10/financial-stability-report-moved-to-5-november

Legal and regulatory update for the life and health insurance sector

11 Oct 2024 - ASIC issues 2023-24 update on licensing and professional registration activities. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-2023-24-update-on-licensing-and-professional-registration-activities/?altTemplate=betanewsroom

13 Oct 2024 - The Government will reform New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-provide-significant-regulatory-relief-business

14 Oct 2024 - Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks.  https://www.fma.govt.nz/news/all-releases/media-releases/research-on-cre-and-the-kiwisaver-industry/

14 Oct 2024 - RBNZ publish Governor Adrian Orr's keynote speech: Improving Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2024/10/improving-maori-access-to-capital

14 Oct 2024 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the June 2024 quarter.  https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-june-2024

14 Oct 204 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have released the updated Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Programme Guideline.  https://www.dia.govt.nz/Updated-AML-CFT-programme-guideline---October-2024

Legal and regulatory update for the life and health insurance sector

18 Sep 2024 - The Reserve Bank of New Zealand has refreshed its chart pack of Financial Stability Indicators that help to inform its assessment of financial stability risks. The updated indicators feature data on: 
• Households;
• The housing market;
• Businesses and agriculture;
• The resilience of Banks and Non-Bank Deposit Takers; and
• Liquidity, funding and financial markets.

https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-updated-financial-stability-indicators

19 Sep 2024 - The Reserve Bank of New Zealand have given a development update on the Tara-ā-Umanga Business Expectations Survey. They plan to run two more pilots (in October 2024 and January 2025) before expecting to commence regular publication of the April 2025 survey in May 2025.

19 Sep 2024 - The Financial Dispute Resolution Service's Members' Forum and Annual General Meeting is on 22 October 2024, 3.30 pm. https://fdrs.org.nz/resources/news/fdrs-members-forum-and-annual-general-meeting-2024/

19 Sep 2024 - ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system.  The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 strengthens the existing regulatory regime, ensuring ASIC and the Reserve Bank of Australia (RBA) (together, the Regulators) have strong and dependable powers to monitor, manage and respond to risks related to FMIs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-208mr-asic-receives-new-powers-under-financial-market-infrastructure-reforms/?altTemplate=betanewsroom

23 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to its July 2024 consultation on the remaking of Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book (Advanced ADIs), which is due to sunset on 1 April 2025. https://www.apra.gov.au/news-and-publications/apra-remakes-prudential-standard-aps-117-capital-adequacy-interest-rate-risk