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
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
Banks call for governmental support in anti-scam efforts
The New Zealand Banking Association (NZBA) has called for governmental support to establish a New Zealand Anti-Scam Centre.
Following a parliamentary inquiry last year into banks processes and consumer protections against spam, Commerce and Consumer Affairs Minister Andrew Bayly tasked banks to come up with a voluntary reimbursement scheme for customers who have been scammed.
NZBA CEO Roger Beaumont wrote to Andrew Bayly about the collective effort required from government, telecommunications companies, social media platforms and search to improve the capabilities of the Anti-Scam Centre.
“Banks have got the ball rolling with the Anti-Scam Centre by targeting mule bank accounts, which are used by criminals to move stolen money. To take the centre to the next level, we’re initially asking the government for operational support by involving the police and other relevant agencies. We’re also asking the government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
Last September, banks announced they would be taking other initiatives to combat spam, including introducing a confirmation of payee service and removing weblinks from texts to customers.
Last year, the Ministry of Business, Innovation & Employment estimated nearly $200 million was lost to scams during the 12 months to September 2023, up 8% from the previous year.
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Legal and regulatory update for the life and health insurance sector
27 Jul 2023 - Micheal Hewes, FMA Director – Deposit Taking, Insurance, and Advice presented at the Financial Markets Law conference on the conduct of Financial Institutions regime https://www.fma.govt.nz/library/speeches-and-presentations/michael-hewes-presents-at-the-financial-markets-law-conference/
28 Jul 2023 - Minister of Commerce and Consumer Affairs, Hon Dr Duncan Webb, June 2023 diary released with the following potential financial services sector related meeting noted:
• 15 June 2023 – Meeting with Kiwibank (CE)
• 19 June 2023 – Meeting with NZ Bankers Association; Kiwibank; Westpac; ASB; ANZ; BNZ; Cooperative Bank (CE's)
• 19 June 2023 – Meeting with TSB; Heartland Bank (CE's)
• 22 June 2023 –Meeting with NZ Bankers Association (CE, Engagement Director)
• 28 June 2023 - Meeting with FMA (Chair, CE)
• 28 June 2023 - Speech at Better Banking Report Launch
• 29 June 2023 - Meeting with Consumer Data Rights Stakeholders
https://www.beehive.govt.nz/sites/default/files/2023-07/June%202023%20Proactive%20Diary%20Hon%20Dr%20Duncan%20Webb%20.pdf
28 Jul 2023 - The FMA's climate-related disclosures experts discuss the key concepts of scenario analysis and outline FMA’s compliance expectations. https://www.fma.govt.nz/library/speeches-and-presentations/presentation-scenario-analysis/
31 Jul 2023 - The Reserve Bank of New Zealand – Te Pūtea Matua has released its first consultation material on implementing the recently enacted Deposit Takers Act 2023 (the Act), with proposals for the Proportionality Framework and for levies to fund the Depositor Compensation Scheme (DCS). Consultation closes 25 September 2023. https://www.rbnz.govt.nz/hub/news/2023/07/first-stage-of-consultation-on-deposit-takers-act-implementation-launches
31 Jul 2023 - The Commerce Commission is looking at ways to remove barriers to more innovative payment options that would allow Kiwis to make in-person payments directly between bank accounts, as a low-cost alternative to current card payment options. The Commission is seeking views on its characterisation of the issues and opportunities in this space, responses are due by 4pm on 25 September 2023 https://comcom.govt.nz/news-and-media/media-releases/2023/commission-explores-pathways-for-more-innovative-payment-options