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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Feedback requested on the Code of Professional Conduct for Financial Advice Services
The Financial Advice Code Committee is seeking industry feedback on proposed amendments to the Code of Professional Conduct for Financial Advice Services.
The consultation outlines three proposed amendments to the Code:
Formally recognise version 3 of the Level 5 Certificate, noting those who can demonstrate their competence, knowledge, and skill by reference to version 1 or version 2 of the Level 5 Certificate, or an equivalent qualification don’t need to update their qualification.
Retain the Level 5 Certificate qualification outcomes as the minimum standard for investment planning competence and remove the interim status of Code Standard 7.
Clarify the requirements for continuing professional development in CS9.
Code Committee Chair Angus Dale-Jones said
“The proposed amendments reinforce the importance of continuing professional development for financial advisers. That’s fundamental for the availability and quality of financial advice for all New Zealanders.”
Submissions are due by 5pm on Wednesday 14 August 2024. The committee will give an online presentation about the consultation on Thursday 4 July, you register here.
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Financial Advice New Zealand has launched its Connect Tour 2024
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Jon-Paul Hale critiques insurers' use of “MedSafe indicated” wording in policies
Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans.
Jon-Paul Hale critiques insurers' use of 'MedSafe indicated' wording in policies, saying if clinicians and customers were more aware of what the wording meant they may change their treatment plans to ensure that coverage extends to the use of the medicine.
In policy wordings, “MedSafe indicated” can significantly limit access to treatment; where MedSafe guidelines include "indicated first-line treatment", this means the medication is only authorised for use as the first treatment. Hale suggests that clients consider any mediations with ‘first-line’ indications may wish to be treated with these medications first, as insurers are unlikely to approve them for later use.
What may surprise you is that many, many, medicines are prescribed that are outside Medsafe indications. Some are prescribed even though the medicine is unapproved for any purpose in New Zealand. Several insurers will not cover medicines that are unapproved. Obtaining a Medsafe approval for the use of a medicine can be time consuming and expensive. We are a small market and some disorders are rare. That means that while it may be economically viable to gain approvals in the United States and Europe, sometimes the New Zealand market may be too small for these companies to consider seeking approval economically viable, especially when some medical professionals will still prescribe an unapproved medicine.
At Quality Product Research Limited we are committed to ensuring that research scores are descriptive of these differences, which are increasingly important. There is a review of the non-PHARMAC coverage item in our health / medical insurance research which is being consulted on right now. If you would like to participate in the review please contact us. Results of the review will be announced at our forthcoming national roadshow which runs from 23 July to 29 August. Register for the roadshow, at a venue near you, here.
References:
Medsafe – about and role: https://www.medsafe.govt.nz/other/about.asp
Medsafe – use of Unapproved Medicines and Unapproved Use of Medicines: https://medsafe.govt.nz/profs/riss/unapp.asp#need
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Partners Life campaign top in the 2023 Global Effie Rankings - insurance category
AIA recognised as one of the most diverse insurance companies
AM Best withdraws ratings for Accuro
Philip Macalister discusses research on areas advisers can improve in
Retirement Commissioner proposes 15 recommendations aimed at enhancing KiwiSaver
The FSC continues to call for review into KiwiSaver settings
Health New Zealand orders hiring freeze on all non-frontline roles
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)
FSC report finds 70% of kiwis are worried about money
The Financial Services Council’s (FSC) latest Financial Resilience Index tracker has found New Zealanders to be increasingly under financial pressure.
The Financial Services Council’s (FSC) Financial Resilience Index tracker has found New Zealanders to be increasingly under financial pressure.
The Index tracker revealed 70% of New Zealander's are worrying about money daily, weekly or monthly, the highest level since 2020 which reached 60%.
Inflation and interest rates are concerning New Zealanders, at 89.6% and 75.6% respectively.
Confidence in job security has started to fall, down to 85% from a high of 89% in 2023.
More kiwis are reporting having personal debt than last year, up 6%.
More kiwis have one month or less of savings on hand to maintain their current lifestyle should they lose their job.
60% of non-homeowners have reported meeting living expenses is somewhat or very difficult.
48.5% were very or somewhat unconfident with the overall economy at the moment. 76.4% of respondents were somewhat or very concerned about house prices.
The survey took place in March 2024, with 2002 respondents. FSC members can download the full report in the FSC members area.
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BNZ win Canstar 2024 Innovation Excellence Award for their Digital International Payments
Legal and regulatory update for the life and health insurance sector
The FSC publish Life Insurance and KiwiSaver quarterly snapshots; a guidance note for duty holders that are AML/CFT reporting entities; ASIC publish Information Sheet 282 on unsolicited contact leading to financial advice; and a new RBNZ consultation.
13 May 2024 - The FSC has published the March 2024 Life Insurance quarterly snapshot. https://blog.fsc.org.nz/life-insurance-industry-spotlight-march-2024
13 May 2024 - The FSC has published the March 2024 KiwiSaver quarterly snapshot. https://blog.fsc.org.nz/kiwisaver-spotlight-march-2024
13 May 2024 - The three AML/CFT Act supervisors – FMA, DIA and RBNZ – along with their partner agencies – MFAT and NZ Police – have provided a Guidance Note for duty holders that are AML/CFT reporting entities. The Guidance Note specifically relates to notifying a customer of an asset freeze or blocked transaction under the Russia Sanctions Act. https://www.fma.govt.nz/library/guidance-library/guidance-note-for-duty-holders-that-are-amlcft-reporting-entities/
15 May 2024 - ASIC has published Information Sheet 282 Unsolicited contact leading to financial advice (INFO 282), which outlines how financial services laws apply to unlicenced entities referring consumers to a third party for the provision of financial advice. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-information-for-unlicensed-entities-making-unsolicited-contact-with-consumers/
16 May 2024 - The Reserve Bank of New Zealand is consulting on the first set of standards under the Deposit Takers Act 2023. https://www.rbnz.govt.nz/hub/news/2024/05/deposit-takers-act-standards-open-for-consultation
Financial Advice New Zealand appoints new Head of Professional Development
Financial Advice New Zealand has appointed Cecilia Farrow to the newly created role of Head of Professional Development.
Financial Advice New Zealand has appointed Cecilia Farrow to the new role of Head of Professional Development. Farrow was a former director on the Board of Financial Advice New Zealand.
Farrow says
“Throughout my 27 years in financial services, I have been passionate about contributing to lifting financial advice to a professional status. The settings are in place now for all financial advisers, irrespective of the scope of advice they specialise in, to be recognised as a professional. We know this will increase trust by consumers and reduce barriers to kiwi’s seeking out quality financial advice. It’s exciting to have the opportunity to spearhead the Financial Advice New Zealand professional development programme and professional designations pathways to support our members to reach the pinnacle of their chosen career.”
Following Cecila running a powerful workshop on the subject of professional designation for insurance advisers at the recent Financial Advice New Zealand conference in Wellington, this appointment makes a great deal of sense. We wish Cecilia all the best with this important portfolio, and we intend to amplify messages around the value of a good industry-based practitioner’s qualification, and lend a hand where we can.
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nib adviser health promotions are available for Advisers to access via Fidelity Life’s E-App
FSC event 'New Zealand and Climate Change: Where are we now?' 12 June
Real Mortgages merges with adviceHQ
Southern Cross Healthcare hospitals partner with Baxter Healthcare to recycle PVC IV bags
Public health experts warn low immunisation rates put New Zealand at risk of large measles epidemic
New Zealand’s unemployment rate rises to 4.3%
KiwiSaver financial hardship withdrawals hit an all-time high of $29.3 million in March
Haydee Stroud appointed FSC’s Acting CEO
Haydee Stroud has been appointed Acting CEO at the Financial Services Council (FSC).
Haydee Stroud has been appointed Acting CEO at the Financial Services Council (FSC). Stroud will take on the role from 8 May, following Richard Klipin’s resignation.
Stroud has been with the FSC since 2017. FSC Board Chair Rob Flannagan said
“Haydee has played a key part in the FSC’s growth and success over the last seven years, and holds a wealth of knowledge and experience in the FSC’s ecosystem, operations and vision.”
“We are confident that Haydee will lead the FSC with stable hands and sustain the momentum the FSC has built in 2024 whilst the Board continues recruitment for a CEO.”
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Fidelity Life Engage Conference 2024 will be held 6 - 7 November
Financial Advice NZ webinar 'Achieving Higher Compliance - Three Common Shortcomings' 8 May
Number of people suspending KiwiSaver contributions due to financial hardship highest in a decade
Doctors strike as some get pay rise while others get pay cut
Inquiry finds New Zealand’s emergency management system is not fit-for-purpose
Southern Cross Healthcare integrate Te Ao Māori into operations
Southern Cross Healthcare is intensifying its efforts to incorporate Te Ao Māori principles.
Southern Cross Healthcare is intensifying its efforts to incorporate Te Ao Māori principles. Dean Cowles, nationa nursing advisor for Māori affairs is spearheading the effort to enhance Southern Cross staff’s understanding of and connection to Te Ao Māori. He says
“Our aim is to embed Te Ao Māori in all that we do at Southern Cross Healthcare. Our Te Ao Māori journey will strengthen our ability to improve Māori health outcomes and future-proof our Māori workforce.”
Initiatives include a Māori Navigation framework aimed at ensuring comprehensive and holistic care for Māori; setting up Hospital Hauora Māori Committees at local levels; rolling out Kaimahi roles across all locations; and conducting clinical tikanga workshops.
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mySolutions webinar presented by Steve Maley, 9am 10 April
Financial Advice webinar 'Raising Awareness of the Value of Financial Advice' 10 April
The National Strategy for Financial Capability Partners Conference is on 8 & 9 May
Apex Advice are looking for a Data Specialist in Auckland
Katrina Shanks talks about the importance of mentoring in finance
Research points to the gender pay gap as the main cause for women contributing less to KiwiSaver
25% of roles at the Ministry of Health, about 180 jobs, proposed to be disestablished
Quarterly rate review results in rising premiums at nib
nib has reviewed its health insurance premiums. Current members’ premiums are reviewed annually at their policy anniversary, with the increases ranging from 9% to 16%, as per below.
Premiums for prospective new members will be updated from 1 April 2024, with new rates being automatically updated in nibAPPLY.
You can find out more in their frequently asked questions here.
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FSC publish KiwiSaver Industry Spotlight December 2023