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.
nib quarterly premium review results in price increases
nib’s premium review results in price increases for current members and new policies sold this quarter.
As part of a quarterly review, nib have reviewed their health insurance premiums. The changes affect both current members renewing their policies and new policies sold this quarter. The changes for renewing customers are below, with the change in premium for each member varying depending on the benefits, options and excess they have selected, who the policy covers and whether the premium includes a policy fee.
Premiums included in quotations for prospective new members will be updated from 1 July 2024 and the new rates will be automatically updated in nibAPPLY. Quotations dated before 1 July 2024 will be honoured if the application goes into force within 30 days of the quotation date.
More details can be found on nib’s FAQ page or advisers can contact their nib Adviser Partner Manager.
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Michael Weston, Partners Life CEO, says how he plans to keep growth momentum
Fidelity Life increase their mandatory medical limit for BMI to 37
Fidelity Life ask advisers what their next adviser council should cover
Fidelity Life publish new, updated Working together guide
Fidelity Life extend adviser feedback survey deadline to 21 July
Financial Advice New Zealand webinar 'Professional Development Planning' 10 July
mySolutions webinar 'The Compliance Refinery - AML/CFT Changes' 3 July
The FMA and the Retirement Commission remind people to do a KiwiSaver health check
Complaint to IFSO results in ex gratia payment for clients
AMP’s former head of advice sues The Australian newspaper for defamation over what he says were false allegations he misled ASIC
Legal and regulatory update for the life and health insurance sector
The Accident Compensation (Interest on Instalment Plans) Amendment Bill read a third time; FMA hold Q&A sessions on CoFI; FMA hold online session on how to apply for a financial institution licence; FMA publish their Statement of Intent and Statement of Performance Expectations.
25 Jun 2024 - The committee stage of the Accident Compensation (Interest on Instalment Plans) Amendment Bill was completed and The Accident Compensation (Interest on Instalment Plans) Amendment Bill was read a third time. https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942
26 Jun 2024 - The FMA are holding two Q&A session on CoFI fair conduct programmes on 3 & 9 July. https://www.eventbrite.com/cc/qa-session-on-cofi-fair-conduct-programmes-3444339
26 Jun 2024 - The FMA are holding an online session on how to apply for a financial institution licence on 24 July. https://www.eventbrite.co.nz/e/how-to-apply-for-a-financial-institution-licence-tickets-929411062507?aff=oddtdtcreator
26 Jun 2024 - The FMA have published their Statement of Intent and Statement of Performance Expectations. The Statement of Intent sets out how they will do their work, what they will deliver, and how they will measure progress over the next four years. The Statement of Performance Expectations sets out their performance targets for the financial year ahead and includes several new measures focused on guidance, engagement, and the delivery of streamlined systems. https://www.fma.govt.nz/library/corporate-publications/statement-of-intent/
Steve Wright identifies areas where FAPs and advisers need to improve
Steve Wright has examined the FMA’s FAP monitoring report and gone through the findings to highlight areas advisers and FAPs need to keep their eyes on.
While the FMA was for the most part happy with the results of their monitoring visits to around 60 FAPs, they did highlight a number of gaps where improvement is needed. In particular, the FMA identified ‘tick-box’ approaches to compliance as a root cause of some of these gaps.
Some areas that were identified as needing improvement were proper oversight of advice; identifying and working to close knowledge gaps; a considered approach to continuing professional development (CPD) with the identified learning achieved and recorded; some situations where the advice given was ‘unsatisfactory’; consideration of clients’ future needs.
More daily news:
mySolutions webinar 'Camilla Tumai, Bizcap Offering' 26 June
Pinnacle Life has been shortlisted for the 2024 Best Places to Work Awards
Southern Cross Healthcare supports Bowel Cancer New Zealand’s awareness campaign
Southern Cross Healthcare organises volunteer beach cleanups
Tony Vidler discusses the importance of an individual brand
TAP introduce the TAP Adviser Steering Committee
The US surgeon general seeks tobacco-like warning labels on social media platforms
Legal and regulatory update for the life and health insurance sector
New guides to help people understand Climate-related Disclosures; APRA release new digital prudential framework; FMA publish auditor regulation and oversight plan; reappointment of RBNZ Chair; feedback sought on Financial Advice Code; FMA spotlight KiwiSaver fund types; Minister of Commerce & Consumer Affairs May diary released.
19 Jun 2024 - The Financial Markets Authority and the External Reporting Board have jointly produced a set of guides designed to help people understand the Climate-related Disclosures (CRD) regime and the information being provided in climate statements which are now starting to be published by climate reporting entities. https://financialmarketsauthority.cmail20.com/t/r-l-tdgjjx-btuitpxk-y/
19 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has announced the release of the new digital prudential framework in the form of the "Prudential Handbook". The Handbook brings all APRA's prudential standards, guidance and supporting information into one place; presents them in a digital format that can be easily navigated and searched; and caters to a range of different users across regulated industries and in the broader community. https://www.apra.gov.au/news-and-publications/apra-releases-new-digital-prudential-handbook
20 Jun 2024 - The Financial Markets Authority has published its Auditor Regulation and Oversight Plan 2024-2027. The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-regulation-and-oversight-plan-2024-2027/
20 Jun 2024 - Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026. https://www.beehive.govt.nz/release/reserve-bank-chair-reappointed
21 Jun 2024 - The Financial Advice Code Committee is seeking feedback on proposed amendments to the standards of competence, knowledge, and skill in the Financial Advice Code. https://financialadvicecode.govt.nz/2024/06/21/update-21-june-2024-consultation-on-financial-advice-competence-knowledge-and-skill/
24 Jun 2024 - The FMA's new ‘Spotlight’ series looks at the different kinds of KiwiSaver funds and explores how they work. https://www.fma.govt.nz/library/articles/spotlight-on-conservative-funds/
24 Jun 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly May 2024 diary released with the following potential financial services sector related meeting noted:
2 May 2024 – MEET: FMA (FMA officials)
7 May 2024 – MEET: Commerce Commission Board
10 May 2024 – MEET: Institute of Financial Professionals NZ (Board members)
10 May 2024 –MEET: Kiwisaver Stakeholders Roundtable Lunch
16 May 2024 – ATTEND: Institute of Finance Professionals NZ Awards Dinner
17 May 2024 -CALL: Retirement Commissioner (Jane Wrightson)
22 May 2024 – MEET: External Reporting Board (Alex Burton, Michele Embling)
23 May 2024 – MEET: Commerce Commission (Commerce Commission Officials)
Legal and regulatory update for the life and health insurance sector
APRA releases prudential practice guide; FMA publishes info for smaller firms on fair conduct programmes and applying for CoFI licence; RBNZ release updated design proposals for their business expectations survey; XRB launch Standards Navigator.
13 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has released its finalised prudential practice guide to help banks, insurers and superannuation trustees strengthen their management of operational risk and improve business continuity planning. https://www.apra.gov.au/news-and-publications/apra-finalises-cross-industry-guidance-on-operational-resilience
14 Jun 2024 - The Financial Markets Authority has published an information sheet specifically for smaller firms to assist in establishing and maintaining a Fair Conduct Programme (FCP) and applying for a Financial Institution (CoFI) licence. https://www.fma.govt.nz/news/all-releases/media-releases/fma-provides-additional-support-to-smaller-firms-for-cofi-licensing/
17 Jun 2024 - The Reserve Bank of New Zealand has released Tara-ā-Umanga Business Expectations Survey: Design proposals following consultation and pilot, which outlines lessons learnt and resulting design proposals for their new Business Expectations Survey, BES, Tara-ā-Umanga. Changes include making the survey shorter and quicker for businesses to fill in; questions will focus on inflation expectations, wages, and unemployment; they will survey businesses in the primary industry; and they will not include very small businesses (those with fewer than 6 employees). https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
18 Jun 2024 - The External Reporting Board has launched the XRB Standards Navigator, which takes static PDF versions of XRB standards and presents them in a more accessible, dynamic and user- friendly format. https://standards.xrb.govt.nz/standards-navigator/
Naomi Ballantyne joins The Adviser Platform Board
TAP Group has announced the appointment of Naomi Ballantyne as an independent director.
Naomi Ballantyne, ONZM, who has more than 40 years’ experience in the insurance industry and founded Partners Life in 2011, said
“Throughout my career I’ve proudly spearheaded some positive changes that have done great things for New Zealanders. I aim to continue that, helping the group stay ahead of the ever-changing insurance landscape and drive innovation that benefits the industry as a whole.”
More daily news:
Financial Advice NZ webinar 'Shaping the Future of Financial Advice in New Zealand' 19 June
Financial Advice NZ webinar 'How to use FMA's online regulatory return portal' 26 June
Chubb Life share their 2023 claims statistics
Chubb Life Support Person of the Year for 2024 was Amie Eves
Beth Marshall has been appointed to the role of Senior Group Business Partnership Manager
Chubb Life appoint Sebastian Krueger as Head of Technology
Study finds insurance and financial services experienced the highest increases in wage growth
Legal and regulatory update for the life and health insurance sector
Office of the Privacy Commissioner asks for submissions on guidance; RBNZ activates DTI restrictions; FMA holds webinars on how to apply for a COFI licence and how to submit FAP regulatory returns; FMA publish findings from monitoring FAPs; The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament; APRA emphasise importance of data backups; CEO of the External Reporting Board resigns; COFR release latest Quarterly Statement; RBNZ releases dates for Monetary Policy Statement publication; Commerce Commission files criminal charges against Kiwibank
22 May 2024 - The Office of the Privacy Commissioner asks for submissions on new guidance, Poupou Matatapu – doing privacy well. https://privacy.org.nz/news/consultations/poupou-matatapu/
28 May 2024 - The Reserve Bank of New Zealand - has confirmed the activation of Debt-to-Income (DTI) restrictions and loosening of Loan-to-Value Ratio (LVR) restrictions. https://www.rbnz.govt.nz/hub/news/2024/05/reserve-bank-activates-debt-to-income-restrictions
30 May 2024 - The Financial Markets Authority is holding a webinar on how to apply for a CoFI licence at 11am on 5 June. To attend, email cofi@fma.govt.nz
30 May 2024 - The Financial Markets Authority publish findings from the FMA’s supervision activities and monitoring of Class 1 and 2 licensed financial advice providers. https://www.fma.govt.nz/news/all-releases/media-releases/fap-monitoring-insights-report/
30 May 2024 - The Financial Markets Authority is holding a series of online sessions to help Financial Advice Providers submit their FAP regulatory returns.
Session 1 - Friday 14 June 2024 at 9am
Session 2 - Monday 24 June at 2pm
Session 3 - Monday 08 July at 10am
Session 4 - Tuesday 16 July at 10am
30 May 2024 - The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942?Tab=history
3 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has written to all APRA-regulated entities emphasising the critical role of data backups in cyber resilience. The letter details the common issues observed in backup practices that could hinder system restoration during an incident. APRA expects regulated entities to review their backup arrangements and address any identified gaps promptly. https://www.apra.gov.au/news-and-publications/apra-clarifies-expectations-on-cyber-security-and-adequacy-of-backups
4 Jun 2024 - The Chief Executive of the External Reporting Board (XRB), April Mackenzie, has resigned. https://www.xrb.govt.nz/news/latest-news/
7 Jun 2024 - The Council of Financial Regulators release their Quarterly Statement for June 2024. Kris Faafoi joined the meeting to discuss the insurance sector’s priorities, risks, and challenges. The conversation covered three priority areas: 1) insurance affordability; 2) resilience; and 3) the regulatory environment. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-june-2024.html
11 Jun 2024 - The Reserve Bank of New Zealand has released the dates for publication of its quarterly Monetary Policy Statement, Monetary Policy Review decisions and the 6-monthly Financial Stability Report. The new dates cover the period from August 2025 to July 2026. https://www.rbnz.govt.nz/hub/news/2024/06/monetary-policy-announcement-and-financial-stability-report-dates-for-late-2025-and-2026
11 Jun 2024 - The Commerce Commission has filed criminal charges against Kiwibank Limited (Kiwibank), alleging systemic breaches of the Fair Trading Act. The breaches relate to issues that resulted in more than $7 million being incorrectly charged to over 36,000 customers for fees and interest rates in relation to home loans, credit cards and overdrafts, over a period of several years. https://comcom.govt.nz/news-and-media/media-releases/2024/kiwibank-faces-criminal-charges-following-issues-that-caused-over-$7m-in-overcharges
nib looks to improve services to Māori
nib is looking to improve services to Māori communities by learning from indigenous health providers in other countries.
nib is looking to improve services to Māori communities by learning from indigenous health providers in other countries. Leadership from nib and Iwi partners involved in the Toi Ora project have recently returned from a study tour to Canada. Those involved met with Canada’s First Nations Health Authority, Pacific Blue Cross, First Nations Tax Commission (FNTC) and Squamish Nation to get insights into how these organisations deliver services to First Nations people in Canada and how these lessons could be applied in New Zealand.
Sarah McBride, nib NZ’s Head of Iwi Initiatives, said learnings included better ways to use existing funding, the importance of using health-related statistics and relevant previous cases to support new projects, and co-creation with local partners.
More daily news:
Potential CoFI change gives FMA power of onsite inspection without warning
Partners Life to launch new Underwriting Workbench
Michael Weston speaks about his plans for Partners Life
nib release their top five health claims for April
The FMA has highlighted the authorised body system as a potential problem area
Financial Advice NZ publish Budget 2024 Summary - Adviser to Client Resource
Entries open for Insurance Business’ 5-Star Insurance Innovators awards
MAS is looking for a Head of Private Wealth
Budget 2024 includes new health investments
Professor Lester Levy has been appointed as a member and Chair of the Board of Health New Zealand
Momentum Life streamline quality assurance processes using AI
Momentum Life has adopted an AI-powered compliance and quality assurance tool, QBOT (Quality Bot). QBOT transcribes call recordings from Momentum Life’s contact centre, almost in real-time, saving on expensive and time-consuming call reviews. QBOT also identifies and flags calls for further review. Employees can easily access results, monitor call compliance and focus efforts on calls and agents that need support.
Implementation of the tool has allowed Momentum Life to handle increasing workloads without expanding its workforce and is freeing up staff to focus on other aspects of quality assurance and risk management.
Legal and regulatory update for the life and health insurance sector
MBIE Consultation on changes in regulation of the financial services sector, APRA release on private health insurance, plus ASIC guidance.
22 May 2024 - The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on options for streamlining how banks and other financial service providers are regulated by the government.
MBIE is consulting on:
• possible changes to the Credit Contracts and Consumer Finance Act.
• changes to the systems and controls financial institutions need to have in place to support how they provide services to consumers, and how the Financial Markets Authority regulates the market.
• opportunities to improve the accessibility and effectiveness of the financial dispute resolution system.
https://www.mbie.govt.nz/have-your-say/fit-for-purpose-financial-services-reform
22 May 2024 - The Australian Prudential Regulation Authority has released its quarterly private health insurance publication for the March 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-march-2024
22 May 2024 - ASIC has released guidance to financial advisers and Australian financial services licensees about the experienced provider pathway following changes to the law made by the Treasury Laws Amendment (2023 Measures No. 3) Act 2023. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-guidance-on-the-experienced-provider-pathway-for-financial-advisers/