Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Legal and regulatory update for the life and health insurance sector
RBNZ warn Quest Insurance Group Limited; APRA publish findings of climate risk survey; The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time; XRB announce climate and assurance proposals; APRA publish FAQ’s for insurers; ASIC announce enforcement priorities for 2025; FMA release latest podcast; Minister of Commerce and Consumer Affairs’ diary released; FMA publish updated calendar of events.
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
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)
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
Privacy authorities release statement on additional takeaways for industry; APRA release Life Insurance Claims and Disputes statistics; FMA consult on renewal of class exemptions for DIMS licensees from certain financial reporting requirements; ASIC release audit findings; FSC publish spotlights on Life Insurance and KiwiSaver; Government seeks feedback on information sharing agreement between IRD and MBIE; FMA renews notices.
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
The FMA publish their annual report and ease of doing business report; APRA & ASIC publish opening statements to the House of Representatives Standing Committee on Economics; Select Committee publish final report on Privacy Amendment Bill; Takeovers panel Christmas hours released; APRA publish Deputy Chair Margaret Cole's speech; ASIC urge financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of AI.
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
FMA publish speech by CEO Samantha Barrass; RBNZ publish speech by Assistant Governor Karen Silk; Hon Andrew Bayly’s September diary released; RBNZ publish bulletin on banking funding developments; The Budapest Convention and Related Matters Legislation Amendment Bill had its first reading; FMA publishes guidance; APRA publish Annual Report; The committee stage of the Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was completed; new Privacy complaints guide; RBNZ release voluntary Climate-related Disclosure; ASIC announces new appointments; The Contracts of Insurance Bill was read a second time; Commerce Commission Commissioner reappointed; RBNZ delay November FSR.
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)
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
ASIC issue update on licensing; AML/CFT reforms to come; FMA research on KiwiSaver providers; RBNZ publish Governor's speech on improving Māori access to capital; APRA release June 2024 quarter insurance statistical publications; Updated AML/CFT Programme Guideline released.
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
RBNZ refresh financial stability indicators; RBNZ give development update on the Tara-ā-Umanga Business Expectations Survey; FDRS members' forum and AGM date released; new law strengthens ASIC's ability to respond to risks around financial market infrastructure; APRA release response to consultation.
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
Legal and regulatory update for the life and health insurance sector
The Minister for Commerce and Consumer Affairs announces policy decisions on Financial Services Reforms; FMA publish Jane Brown's speech; APRA consultation on minor updates; new appointees to FMA board; ASIC release enforcement and regulatory update; Cabinet exempt buy now, pay later providers from CCCFA provisions; FMA publish research on the use of AI in financial services sector; Finance and Expenditure Committee recommends the Contracts of Insurance Bill move forward; Hon Andrew Bayly's August 2024 diary released; APRA propose changes to the capital framework for banks in relation to hybrid instruments; FMA publish insights from funds that claim to have ethical features.
5 Sep 2024 - The Minister for Commerce and Consumer Affairs has announced policy decisions on Financial Services Reforms and indicated the Government intends to introduce a bill in December 2024 addressing the proposed reforms.
For consumer credit legislation the decisions are to:
Regulate consumer creditors via a market services licence, to simplify and streamline current regulatory arrangements.
Remove the due diligence duty and attendant personal liability for senior managers and directors.
Retain the consequences for failure to make initial disclosure or disclosure of agreed changes, but only where the borrower or the FMA can show the failure caused harm.
Retain the high-cost credit provisions as they are currently (no changes)
Exempting Buy Now Pay Later providers from the fee requirements in ss 41 and 44A of the CCCFA
For financial services conduct legislation, the decisions are to:
Simplify and clarify minimum requirements for fair conduct programmes.
Retain the current open-ended definition of the fair conduct principle (no changes)
Require the FMA to issue a single licence covering different classes of market services, including for consumer credit where applicable.
Allow the FMA to rely on an assessment made by the Reserve Bank of New Zealand (RBNZ) in some circumstances.
Introduce change in control approval requirements.
Introduce on-site inspection powers for the FMA.
For effective dispute resolution, the decisions are to:
Enhance the process for reviewing the schemes (noting further work is underway in relation to key performance indicators, scheme governance arrangements and a single front door web portal). "
https://www.beehive.govt.nz/release/improving-access-finance-kiwis
5 Sep 2024 - The FMA publish Jane Brown's speech to the New Zealand Insurance Law Association 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-to-new-zealand-insurance-law-association-2024/
6 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs), general, life and private health insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-updates-to-prudential-framework-for-adis-insurers-and
7 Sep 2024 - Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed to the Financial Markets Authority Board for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member since April 2019, has been reappointed. https://www.goodreturns.co.nz/article/976523586/3-new-fma-board-members.html
9 Sep 2024 - ASIC released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-199mr-asic-to-target-misconduct-in-banking-and-superannuation-sectors/?altTemplate=betanewsroom
9 Sep 2024 - Cabinet has decided to exempt New Zealand's three surviving fintech buy now, pay later service providers from default fee provisions in the Credit Contracts and Consumer Finance Act (CCCFA). https://www.interest.co.nz/personal-finance/129607/gareth-vaughan-questions-whether-fintech-buy-now-pay-later-sector-deserves
10 Sep 2024 - The Financial Markets Authority has published research on the use of Artificial Intelligence (AI) in New Zealand’s financial services sector. The FMA will host a roundtable on 1 October 2024 with the study participants to further explore how AI and GenAI is being used in New Zealand’s financial services and how firms are managing risks. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-artificial-intelligence-in-financial-services/
10 Sep 2024 - New Zealand’s Finance and Expenditure Committee has recommended that the Contracts of Insurance Bill move forward and proposed several key amendments aimed at reshaping the insurance landscape. https://www.insurancebusinessmag.com/nz/news/breaking-news/committee-backs-major-shakeup-of-nz-insurance-laws-504842.aspx
10 Sep 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released with the following potential financial services sector related meetings noted:
2 Aug 2024 – FIntech Industry Roundtable (Jason Roberts and Guests)
8 Aug 2024 – MEET: Commerce Commission and Commerce and Consumer Affairs Officials (MBIE and Comm Comm Officials)
9 Aug 2024 – VISIT: TSB Bank (Kerry Boielle and Larissa Vaughan)
15 Aug 2024 – MEET: Payments NZ (Members of the API Centre)
19 Aug 2024 – MEET: Commerce Commission Officials (John Small and Brian)
20 Aug 2024 – CALL : Chair of Commerce Commission (Dr John Small)
21 Aug 2024 – MEET: Retirement Commissioner (Jane Wrightson)
28 Aug 2024 – MEET: Commerce Commission - Monthly Meeting (Commerce Commission Officials)
29 Aug 2024 – MEET: FMA Board Chair and CE (Craig Stobo, Samantha Barrass and Edwin Metson)
10 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has proposed changes to the capital framework for banks in relation to hybrid instruments to simplify and improve the effectiveness of bank capital in a crisis.
APRA is proposing that banks phase out the use of AT1 capital instruments (often called hybrid bonds) and replace them with cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress. The total amount of regulatory capital that APRA requires banks to hold would remain unchanged and banks would remain ‘unquestionably strong’. https://www.apra.gov.au/news-and-publications/apra-proposes-update-to-bank-capital-framework-to-strengthen-crisis
11 Sep 2024 - The Financial Markets Authority has published insights from its supervision of funds that claim to have ethical features. The insights are based off findings from reviewing disclosure documents, advertising, reporting on sustainability progress, and whether investments held by funds align with their sector exclusion policies. https://www.fma.govt.nz/news/all-releases/media-releases/ethical-investing-disclosure-insights-update/
Legal and regulatory update for the life and health insurance sector
APRA announces changes to internal structure and publishes latest Corporate Plan; The FMA will release a Climate-related Disclosures Monitoring Report in November; The FMA release series of videos to kickstart conversations around money; The FMA's Fairness Research roundtable with smaller-sized firms to take place in September; FAPs must submit their annual regulatory returns by 30 September; FMA will consult on questions they propose to ask in regulatory returns for financial institutions; Annual Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Conference 30 & 31 October.
28 Aug 2024 - The Australian Prudential Regulation Authority (APRA) today announces some changes to its internal structure designed to ensure it remains equipped to deal with emerging and future challenges. The changes will support APRA’s updated strategic priorities. The most significant change will see APRA move to having its five industry supervision groups being managed in two supervision divisions instead of the current three frontline supervision divisions – Banking, Superannuation and Insurance (encompassing general, life and private health insurance). From 2 September, the two frontline supervision divisions will be:
a General Insurance and Banking division; and
a Life Insurance, Private Health Insurance and Superannuation division.
https://www.apra.gov.au/news-and-publications/apra-announces-internal-reorganisation-to-better-support-strategic-priorities
28 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has published its latest Corporate Plan outlining how it will maintain the strength and stability of Australia’s banks, insurers and superannuation trustees over the next four years. https://www.apra.gov.au/news-and-publications/apra-outlines-new-priorities-2024-25-corporate-plan
29 Aug 2024 - Climate reporting entities (CREs) with reporting periods ending 31 March 2024 have been lodging their climate statements on the Climate-related Disclosures Register. The FMA will be releasing a Climate-related Disclosures Monitoring Report in November this year, detailing their key monitoring findings and areas they would like CRE's to focus on for the next reporting period. https://www.fma.govt.nz/library/guidance-library/crd-monitoring-plan-2023-2026/
29 Aug 2024 - As part of Sorted Money Month, the FMA have released a series of videos designed to kickstart conversations around money. https://www.fma.govt.nz/library/campaigns/sorted-money-month-2024/
29 Aug 2024 - The FMA is hosting two Fairness Research roundtables with banks, non-bank deposit takers, insurers, fund managers, and financial advice firms to discuss fairness in financial services. The first event, with larger-sized firms, explored key topics including the interpretation of fairness from both consumer and provider perspectives, the role of governance in promoting fair outcomes, and future trends that may impact fairness in the sector. A second event, with smaller-sized firms, takes place in September. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-fairness-in-financial-services
29 Aug 2024 - All licensed Financial Advice Providers must submit an annual regulatory return as part of licensing conditions. 31% have already submitted their regulatory return during July and August. The submission period will close on 30 September 2024. Regulatory returns should be submitted through the FMA Online Services portal. https://www.fma.govt.nz/business/online-services
29 Aug 2024 - In September The FMA will be publicly consulting on the questions they propose to ask in the regulatory returns for financial institutions. This consultation will be open for a 6-week period from 16 September 2024 to 25 October 2024.
29 Aug 2024 - The annual Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Conference is being held in Wellington this year, on Wednesday 30 October and Thursday 31 October. Hosted by the New Zealand Financial Intelligence Unit and The Association of Certified Anti-Money Laundering Specialists, the theme of this year’s conference is “Shifting Paradigms: Navigating the Future of Financial Crime”. https://www.police.govt.nz/fiu-acams-conference-2024
Legal and regulatory update for the life and health insurance sector
ASIC expands strategic priorities; IRD seek feedback on long-term insights briefing; APRA release enhanced quarterly insurance statistics; the FSC publish the Aug 2024 Regulatory Forecast; Privacy Commissioner releases privacy week webinar recordings.
22 Aug 2024 - Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-184mr-asic-expands-strategic-priorities-for-coming-12-months/?altTemplate=betanewsroom
22 Aug 2024 - Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.
Inland Revenue is proposing that its next long-term insights briefing explores what broad structure of the tax system would be suitable for the future, given long-term fiscal pressures and current tensions in our system. The briefing would approach this topic by focusing on two elements of the tax system: the regimes through which we tax income and consumption, and our mix of tax bases. The closing date for feedback is 4 October 2024. https://www.taxpolicy.ird.govt.nz/consultation/2024/2024-long-term-insights-briefing
22 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has released its suite of quarterly industry aggregate insurance statistical publications with enhanced content and presentation. The first edition of the enhanced quarterly publications includes data for the September 2023, December 2023 and March 2024 reporting periods. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-quarterly-insurance-statistics
23 Aug 2024 - The Financial Services Council NZ publish the August 2024 edition of Regulatory Forecast, a member-only document https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-august-2024
26 Aug 2024 - The Office of the Privacy Commissioner has released recordings of presentations shown during Privacy Week 2024. https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2024/
Legal and regulatory update for the life and health insurance sector
APRA provide guidance on cyber control weaknesses; Stephanie Charles appointed to the Takeovers Panel; Hon Andrew Bayly July 2024 diary released; Commerce Commission release final report into competition in the personal banking sector; Commerce Commission grant Payments NZ Limited conditional authorisation to develop a partnering framework relating to the provision of API services; RBNZ consult on policy proposals; APRA publish notes form life insurance CEO roundtable.
15 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has written to all regulated entities to provide further insights and guidance on common cyber control weaknesses. https://www.apra.gov.au/news-and-publications/apra-shares-further-insights-on-common-cyber-control-weaknesses
16 Aug 2024 - Stephanie Charles has been appointed to the Takeovers Panel, commencing on 13 August 2024. https://www.takeovers.govt.nz/about-the-panel/news/takeovers-panel-welcomes-new-australian-panel-member-appointment
20 Aug 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly July 2024 diary released with the following potential financial services sector related meetings noted:
• 15 Jul 2024 – ZOOM: Commerce Commission (Commerce Commission Officials)
• 23 Jul 2024 – MEET: Fincap (Jake Lilley and Ruth Smithers)
• 25 Jul 2024 – MEET: NZBA CEO (Roger Beaumont)
• 31 Jul 2024 – MEET: Commerce Commission (Commerce Commission Officials)
20 Aug 2024 - The Commerce Commission’s Final Report into competition in the personal banking sector points to the potential of a stronger Kiwibank as a disruptor to the four major retail banks, and open banking as a “game-changer”, unlocking competition and revolutionising choice for Kiwi consumers. The Commission is recommending a raft of regulatory and structural changes to drive more competition for the benefit of Kiwi consumers – after the 14-month market study found “a stable, highly profitable, two-tier oligopoly with no disruptive maverick and a lack of obvious or aggressive price competition”. https://comcom.govt.nz/news-and-media/media-releases/2024/a-stronger-kiwibank-and-open-banking-could-shake-up-nz-banking-sector
20 Aug 2024 - The Commerce Commission has granted Payments NZ Limited (Payments NZ) conditional authorisation to work with current and future API providers (ie, banks) and third parties (eg, fintechs) to develop and apply a partnering framework relating to the provision of API services by API providers to third parties (the Proposed Arrangement). https://comcom.govt.nz/news-and-media/media-releases/2024/commerce-commission-authorises-payments-new-zealand-to-further-develop-its-open-banking-framework
21 Aug 2024 - The Reserve Bank of New Zealand is consulting on policy proposals for the next set of standards under the Deposit Takers Act 2023, and an Issues Paper on the crisis management framework in the Act. https://www.rbnz.govt.nz/hub/news/2024/08/proposals-for-deposit-taker-standards-and-crisis-management-open-for-consultation
21 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has published the public notes from the life insurance CEO roundtable held on Wednesday, 17 July 2024. https://www.apra.gov.au/news-and-publications/apra-releases-notes-on-life-insurance-ceo-roundtable-july-2024