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.
Government announces reforms to strengthen NZ’s capital markets
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy.
The Government has announced a package of reforms to help ensure New Zealand’s capital markets are working to support a productive economy. 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. These changes are expected to be in place by May 2025.
The Government has also opened consultation on two proposals: enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. Consultation closes 14 February 2025.
The Financial Services Council (FSC) has expressed strong support for enabling KiwiSaver funds to invest in unlisted assets. FSC CEO Kirk Hope said,
“By enabling KiwiSaver investments in unlisted assets, such as infrastructure projects and innovative New Zealand businesses, we can unlock substantial capital for domestic growth.”
“This reform will not only provide Kiwi businesses with much-needed capital to innovate and expand but the opportunity of greater diversification for KiwiSaver.”
Some financial advisers warn that regulators need to get on board with the proposals, however. At a recent event we held in conjunction with the Financial Services Council, advisers asked questions about whether the Financial Markets Authority would be supportive of fund managers choosing to invest more in private assets and infrastructure projects which tend to be illiquid in nature. We think that these are good questions, and the answers will be highly sensitive to the context in each fund: for example, the scale of the investments relative to the total fund size and the liquidity of other assets, and the ages, balances, and probable withdrawal patterns of investing members.
More news:
Fidelity Life discounts on certain exclusions for Trauma covers are live
AIA release updated Working with AIA Guide
AIA webinar 'Webinar - Guide to Medical Conditions' 28 February
More locations offering AIA Vitality Fitness Assessments & Health Checks
Steve Wright dissects a recent FSCL complaint
nib promotion offers $300 woolworths vouchers to eligible applicants
Advice Link has appointed of a new general manager Sébastien Pierre
Tony Vidler writes of the importance of soft skills
Government announces hikes to ACC levies
Chapter Zero discusses experiences from year one of New Zealand's mandatory climate reporting
Significant increase in cyber incidents across New Zealand in Q3 2024
Mary-Jane Daly has been appointed as a Director at Partners Life
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024.
The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024. Ms Daly will assume the role of Chair on 1 February 2025, after a two-month handover period from current Chair Jim Minto.
Daly is a professional Independent Director with over 10 years’ experience. She is currently Chair of both AIG Insurance New Zealand Limited and the Fonterra Shareholders' Fund as well as being an Independent Director of Kiwi Property Group Limited and Kiwibank Limited, and a member of the MBIE Risk and Advisory Committee.
Minto joined the Board in February 2017, with his tenure concluding on 31 January 2025. During his leadership he oversaw the acquisition agreement of BNZ Life Insurance in 2020. He also facilitated the transition of Partners Life to being a wholly owned subsidiary of Dai-ichi Life Group Holdings Limited in 2022 following the shareholder sale process.
More news:
O’Hagan Homes Loans & Insurances has merged with Apex Advice
AIA awarded the Accessibility Tick for the second time
BNZ announces investment in fintech company Centrapay
Westpac publish 2024 Sustainability and Climate Reports
Australian advisers told email systems are a point of vulnerability
Impact funds leap from $1 billion to $5 billion of assets under management within a year
Fidelity Life announce incoming Board Chair
Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025.
Fidelity Life has announced that Scott Pickering will take up the reins as chair of its Board of Directors, effective 1 January 2025. Pickering joined the Fidelity Life board in July this year and holds other roles on boards at Evolution Healthcare, Kiwibank, Insurance Australia Group, IAG New Zealand, Engage Consulting and Bowls New Zealand as well as being an advisor to HealthNow and Bain & Co.
More news:
Momentum Life offer 20% off wills and chance to win
Paul Connolly from Kiwibank named Cybersecurity Leader of the Year
AIA NZ achieves Advanced GenderTick Status; Westpac reaccredited with the Advanced GenderTick
Winners at the Haven Awards 2024 announced
Data shows $194 million was lost to bank scams in the year ending September 30
The Retirement Commission launches National Strategy for Financial Capability 2025–2027
KiwiSaver assets grow to $117.6 billion in the third quarter of this year
Bell Gully writes of the rise of generative AI, including an overview of the relevant NZ statute
Poll finds the cost of delivering advice is the biggest challenge
Partners Life release claims statistics
Partners Life have released historical and current claims statistics.
Some interesting statistics have been released by Partners Life around claims. Since Partners Life launched in 2011:
Partners Life have paid out more than 70,000 claims worth more than $1.25 billion.
Their biggest monthly disability claim paid was for $1,617,691
The longest running claim paid for monthly disability cover was 4,068 days and the average claim length was 293 days
Partners Life paid 13,379 monthly disability cover claims totalling $225,954,755
Their biggest life cover claim paid was for $2,964,706
Partners Life paid 1422 life cover claims totalling $334,281,111
Partners Life paid 51,827 private medical cover claims totalling $353,468,683
Their biggest private medical cover claim paid was for $982,800
Partners Life paid 3,948 trauma cover claims totalling $357,357,574
Their biggest trauma cover claim paid was for $3,218,899
For the year ended 31 March 2024, Partners Life
paid 93% of claims
paid $51,020,381 of monthly disability cover claims cost across 3,332 claims paid
paid $61,130,350 of life cover claims across 208 claims paid
paid $71,705,905 of private medical cover claims across 12,891 claims paid
paid $66,106,600 of trauma cover claims across 655 claims paid
More daily news:
ASB looks for Chief Investment Officer
BNZ survey finds 87% of New Zealanders were targeted by scams in the past 12 months
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
This week is Cyber Smart Week
Running from 21 – 27 October, Cyber Smart Week is here! With the theme of ‘The Scamathon’, it highlights the importance of being more secure online.
Running from 21 – 27 October, Cyber Smart Week is here! With the theme of ‘The Scamathon’, it highlights the importance of being more secure online. Some key precautions you should be taking include:
Using long, strong and unique passwords
Using two-factor authentication (2FA)
Reporting any suspected scams to your management or IT teams
Turning on automatic updates
Stopping to think before you click – could it be a scam?
Own your online has produced a 5-part video series about business online security – you can watch them all here.
Episode 1 - How to protect your business: Learn why it’s important for your business to prioritise online security and how to start getting your business in better shape.
Episode 2 - How to protect your online accounts: Learn about the most important protections you can put in place for your online accounts.
Episode 3 - Protecting data and systems: Learn why it’s important to protect your data and your customers’ data and how to put these protections in place. Also learn how your business can best recover from an online attack.
Episode 4 - Protect your website and social media: Learn how to put the right protections in place for your website and social media accounts.
Episode 5 - How to spot phishing: Learn about the most common online attack – phishing – and how your business can avoid getting caught by it.
They are also running a series of online events around online security you can register to join.
· Online security for individuals, 1pm, Monday 21 October 2024
· Working together to improve cyber resilience across the health sector, 10:30am, Tuesday 22 October 2024
· Online security for small businesses – simple steps for a big improvement, 3pm, Tuesday 22 October 2024
· Supporting clients with cyber security - for mentors and advisors, 11am, Wednesday 23 October 2024
· Financial sector cyber security threats and protections, 2pm, Wednesday 23 October 2024
· Online security for seniors, 1pm, Thursday 24 October 2024
· Cyber security insights for tech professionals, 10:30am, Thursday 24 October 2024
More news:
David Whyte calls for financial advisers to be exempt from CoFi
Julian Fayad believes AI could handle up to 80% of advisor loan deals within seven years
New Zealand’s headline inflation rate fell to 2.2% in the September quarter
Clive Fernandes launches a new AI venture aiming to automate 80% of KiwiSaver client-servicing tasks
Deepfake scams on the rise
Research commissioned by MasterCard has found that 29% of New Zealanders and 18% of NZ businesses have been targeted by deepfake scams in the past year.
Research commissioned by MasterCard has found that 29% of New Zealanders and 18% of NZ businesses have been targeted by deepfake scams in the past year. Deepfake scams use generative artificial intelligence (AI) to impersonate individuals, with the aim of stealing their targets’ money or personal information.
Deepfakes scams can utilise video, images and audio and can look increasingly convincing. Confidence levels in the ability to correctly identify deepfakes are low, with only 12% of respondents confident they would be able to detect a deepfake scam. Deepfakes are eroding trust in public figures and digital platforms, with 41% of individuals being more sceptical towards celebrities and influencers; 61% of kiwis being less trusting of social media platforms; 40% of New Zealanders being less trusting of emails and 37% of respondents being less trusting of phone calls compared to the previous year.
Some steps businesses are taking to address these risks include employing identification verification for accessing sensitive information, offering cybersecurity training and conducting training on financial transactions.
More news:
mySolutions webinar 'How non-PHARMAC drugs are covered in our Private Medical offering' 23 October
Chubb’s Underwriting Click to Chat function is live on Adviser Hub
AIA health premiums increasing from 1 November
AIA release latest version of Underwriting Guide
Link Financial Group appoints Luke Roberts and Quentin Holmes as national growth managers
Tony Vidler talks about the importance of focusing on existing client base
Quotemonster Information Security Bulletin – Site SSL Certificate Chain Update
This is our ninth information security bulletin, about a recent update to a Certificate Authority (CA) that we use.
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This is our ninth information security bulletin, about a recent update to a Certificate Authority (CA) that we use on www.quotemonster.co.nz.
One of the certificate authorities, Let’s Encrypt, who we use on Quotemonster has announced a series of changes in its chain of trust over the coming weeks. Realistically, this will only affect some of the older devices, users of Android 7.0 or earlier. As of December 2022, only 4% of devices ran on Android 7.0 or earlier, this is likely to have reduced even more over the last few years, so we are confident that most of our users will not experience any disruptions when trying to access Quotemonster via a mobile device. However, some may still use these devices, and an easy way to resolve any error messages that you receive regarding Trusted Settings is to install and use Firefox Mobile.
Please click here to download Firefox for Android.
We appreciate your understanding and support, both now and in the years to come as we provide safe and secure communication to everyone who uses Quotemonster.
Want to know more?
We are here to help! You can email us to ask for copies of past security bulletins. You can also review our outsource provider statement at the bottom right-hand corner of every page on the site at www.quotemonster.co.nz. More information about relevant certifications, policies, and procedures will be shared in future information security bulletins. We recommend you keep these with other compliance documents.
Please contact us on 09 480 6071 or at info@quotemonster.co.nz if you have any concerns or questions.
ISB 09-202409
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
Partners Life appoints new Chief Risk Officer
Partners Life has appointed James Greig as Chief Risk Officer.
Partners Life has appointed James Greig as Chief Risk Officer. Greig joins from Southern Cross Health Society, where he is the Head of Risk. Greig has more than 20 years’ experience across insurance and business roles in both New Zealand and Australia. He has held senior positions across strategy, operations, technology and risk roles, including six years as Director of Supervision at the Financial Markets Authority.
More news:
Nominations open for Kiwibank New Zealander of the Year Awards
NZUAC's 2024 Auckland Expo is on August 27
ANZ is being investigated by ASIC over allegations it manipulated Australian government bond sales
The Government hints they’re open to selling Kiwibank to enable it to grow
Lending and investment company Squirrel has been the target of a cyber attack