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 to publish new statistics on credit flows on 5 December; NZs made more than 1,000 privacy complaints; FMA publish Climate-Related Disclosures insights report; Australia pass two major pieces of privacy law reform; RBNZ’s annual re-weighting of the Trade-Weighted Index; APRA release general & life insurance stats for Sep quarter and respond to consultation; Government launches review of NZ’s competition rules; Retirement Commission budget remains unchanged since 2016; RBNZ welcomes new Financial Policy Remit; FMA to launch a pilot regulatory sandbox; results from RBNZ’s digital cash consultation released; RBNZ release update on business expectations survey; RBNZ release review of how deposit takers support financial inclusion; Minister’s November diary released.
3 Dec 2024 - On 5 December, the RBNZ will publish new statistics from the monthly New Credit Flows Survey. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.
3 Dec 2024 - New Zealanders made a record 1003 privacy complaints to the Office of the Privacy Commissioner last financial year. Agencies (business and organisations) also reported 864 privacy breaches. https://privacy.org.nz/publications/statements-media-releases/no-one-should-be-happy-we-received-over-1000-privacy-complaints/
4 Dec 2024 - The FMA has published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements. https://www.fma.govt.nz/news/all-releases/media-releases/fma-encouraged-by-first-climate-statements/
4 Dec 2024 - Australia has passed two major pieces of privacy law reform: the Australian Privacy and Other Legislation Amendment Bill 2024 and the Online Safety Amendment (Social Media Minimum Age) Bill 2024. https://www.bellgully.com/insights/privacy-update-australian-government-passes-two-major-pieces-of-privacy-law-reform/
4 Dec 2024 - The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on 5 December, with the new weights released. The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country’s direct bilateral trade in goods and services with New Zealand, for the year ended June. https://www.rbnz.govt.nz/hub/news/2024/12/updated-weights-for-trade-weighted-index
5 Dec 2024 - APRA has released its general insurance and life insurance statistical publications for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-general-insurance-and-life-insurance-statistics-for
5 Dec 2024 - APRA has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-2
5 Dec 2024 - The Government has launched a review of New Zealand’s competition rules, looking to update the competition settings in the Commerce Act to ensure NZ's legal framework is right; and review the governance and effectiveness of the Commerce Commission to ensure NZ's regulatory and enforcement framework is right. https://www.beehive.govt.nz/release/major-review-competition-lift-productivity
6 Dec 2024 - The Retirement Commissioner Jane Wrightson says the Commission’s annual budget has remained unchanged since 2016 and the Commission will be using its financial reserves over the next four years to run the organisation. https://www.interest.co.nz/investing/131130/retirement-commissioner-jane-wrightson-says-commission%E2%80%99s-annual-budget-has
9 Dec 2024 - The Reserve Bank of New Zealand welcomes the new Financial Policy Remit. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-welcomes-new-financial-policy-remit
10 Dec 2024 - The FMA is launching a pilot “regulatory sandbox” and is asking for applications from interested parties. A regulatory sandbox is a concept which allows firms to test innovative products, services or business models. An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year. https://www.fma.govt.nz/library/opinion/fma-launches-regulatory-sandbox-pilot-for-2025/
10 Dec 2024 - RBNZ's Digital Cash consultation finds cash is crucial and current payment options are not delivering what customers want. https://www.rbnz.govt.nz/hub/news/2024/12/kiwis-say-cash-and-privacy-are-crucial-in-record-digital-cash-consultation-response
10 Dec 2024 - RBNZ has published Tara-ā-Umanga Business Expectations Survey: Development update following third pilot. They plan to run a fourth pilot in January 2025. https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bse-background-material/bes-development-update-pilot3.pdf?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=8347780dcb-Stats+Alert+Business+Survey+of+expectations&utm_medium=email&utm_term=0_-8347780dcb-597079373
11 Dec 2024 - The RBNZ has released a thematic review into how deposit takers support financial inclusion. The review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-thematic-review-identifies-opportunities-to-enhance-financial-inclusion-practices
11 Dec 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November 2024 diary released with the following potential financial services sector related meetings noted:
4 Nov 2024 – MEET: Financial Markets Authority (FMA Officials)
5 Nov 2024 – ATTEND: Launch of Australasian Open Banking eco system report (invited guests)
7 Nov 2024 – MEET: NZBA (Roger Beaumont, Miles Erwin)
7 Nov 2024 – CALL: Banking Ombudsman (Miriam Dean)
11 Nov 2024 – MEET: Kiwisaver Roundtable (invited guests)
11 Nov 2024 – MEET: CEO of Financial Services Council (Kirk Hope)
13 Nov 2024 – MEET: FMA (Craig Stobo and Samantha Barrass)
13 Nov 2024 – MEET: MBIE Officials (Suzanne Stew)
20 Nov 2024 – MEET: NZBA (Dan Huggins)
20 Nov 2024 – MEET: MBIE Officials (MBIE officials)
21 Nov 2024 – SPEAK: NZ & Australia Chartered Accontants Conference (conference attendees)
21 Nov 2024 – MEET: Commerce Commission Meeting (Commerce Commission Officials)
22 Nov 2024 – MEET: Securities Industry Association and FMA (Tim Kiefte, Bridget MacDonald, Craig Stobo, Samantha Barrass and SIA members)
27 Nov 2024 – PHONE: Retirement Commissioner (Jane Wrightson )
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