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
Upcoming XRB events; FMA appoints new Executive Director Transformation and Operational Delivery; NZFIU release latest CASH report.
3 October 2024 - The External Reporting Board is hosting two events on 8 November: IASB Work Programme for Company Directors and IFRS 18 Insights. https://www.xrb.govt.nz/news/pitopito-korero/
3 October 2024 - FMA appoints Kari Jones as Executive Director Transformation and Operational Delivery. https://www.fma.govt.nz/news/all-releases/media-releases/fma-appoints-kari-jones/
3 October 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for September 2024. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-sep2024.pdf
Legal and regulatory update for the life and health insurance sector
31 Aug 2023 - Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill introduced to Parliament. This bill amends the Pae Ora (Healthy Futures) Act 2022 to better enable the long-term planning and delivery that is required to improve mental health and addiction outcomes. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
4 Sep 2023 - RBNZ publish Kerry Beaumont's speech '(Another) Seismic Shift in New Zealand: Banking regulatory reform - the Deposit Takers Act 2023" https://www.rbnz.govt.nz/hub/news/2023/09/evolving-financial-services-regulation-brings-rbnz-closer-to-international-best-practice
4 Sep 2023 - The Department of Internal Affairs has released a statement "If you have not filed your annual AML/CFT report by 31 August 2023, you are in breach of with your legal obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009." https://www.dia.govt.nz/AML-CFT-ITK-Annual-AML-CFT-reports-are-now-overdue.
4 Sep 2023 - The Financial Intelligence Unit (FIU) are running free goAML training sessions in Hamilton and Tauranga on Tuesday 19 September https://www.dia.govt.nz/AML-CFT-Free-GoAML-Training-for-Hamilton-and-Tauranga
5 Sep 2023 - A cross-sector thematic review of regulated entities’ governance practices by RBNZ and the FMA has highlighted the need for boards to be focused on continuous improvement to ensure future success. https://www.fma.govt.nz/news/all-releases/media-releases/rbnz-and-fma-governance-thematic-review-outlines-good-practices-and-areas-for-improvement/
Legal and regulatory update for the life and health insurance sector
8 Aug 2023 - The Reserve Bank of New Zealand has published the results of its first life insurance industry stress test (LIIST). The 2022/23 LIIST demonstrates the largest insurers in the sector are well placed to withstand severe economic and insurance shocks, while continuing to pay out on policy claims. https://www.rbnz.govt.nz/hub/news/2023/08/first-rbnz-life-insurance-stress-test-shows-industry-well-placed-to-withstand-severe-shocks
8 Aug 2023 - ASIC outline their key enforcement priorities for 2023 which include greenwashing, targeting the poor design and distribution of financial products, pricing promises in insurance, protecting financially vulnerable consumers from predatory lending practices or high-cost credit, and directors’ duties and governance failures. https://asic.gov.au/about-asic/news-centre/speeches/maintaining-a-strong-focus-on-enforcing-the-law/
9 Aug 2023 - Paul Gregory's speech on 'Greenwashing - a view from the regulator' at the Responsible Investment Association Australasia (RIAA) Conference Aotearoa NZ 2023 is published https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-paul-gregory-at-riaa-conference-2023/
9 Aug 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for June 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-june2023.pdf
10 Aug 2023 - The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has published the stress test scenario that our largest banks are using to test their ability to withstand severe, but plausible long-term climate-related challenges. https://www.rbnz.govt.nz/hub/news/2023/08/rbnz-releases-too-little-too-late-climate-resilience-stress-test-scenario
10 Aug 2023 - The Commerce Commission has outlined the key products and issues it proposes to explore in the market study into personal banking services, with the release of the Preliminary Issues paper. https://comcom.govt.nz/news-and-media/media-releases/2023/commerce-commission-outlines-proposed-focus-for-market-study-into-personal-banking
11 Aug 2023 - Findings from the latest Reserve Bank of New Zealand - Te Pūtea Matua Relationship Charter survey show significant improvements among insurer stakeholders in their ratings of the relationship with RBNZ. Key suggestions for what the Reserve Bank could do differently to improve the relationship included more proactive and personal contact from RBNZ, and flexibility on regulatory projects. 90% of bank participants gave an overall rating of ‘good’ or ‘very good’ for the relationship. Insurer participants’ ratings of the overall relationship with the Reserve Bank have increased significantly since last year (92% rating the relationship as ‘good’ or ‘very good’ in 2023 compared to 72% in 2022). https://www.rbnz.govt.nz/hub/news/2023/08/rbnzs-relationship-charter-shows-continued-growth-in-regulatory-relationships
Legal and regulatory update for the life and health insurance sector
3 July 2023 - The National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem of investment scams, which are costing Australians more than $1 billion a year. The fusion cell will be led by the ACCC and ASIC and include representatives from the banks, telecommunications industry and digital platforms. It will be the first fusion cell co-ordinated by the new National Anti-Scam Centre and will identify methods for disrupting investment scams to minimise scam losses. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-180mr-national-anti-scam-centre-s-first-fusion-cell-to-disrupt-investment-scams/
4 Jul 2023 - An Analytical Note by the Reserve Bank of New Zealand has found that Monetary Policy Statements are written in a way that matches the aims of monetary policy. https://www.rbnz.govt.nz/hub/news/2023/07/analytical-note-finds-monetary-policy-statements-text-meets-policy-aims
4 Jul 2023 - The New Life Insurance Code of Practice for the Australian market came into effect on 1 July 2023. https://riskinfonz.co.nz/2023/07/04/australia-adopts-new-life-insurance-code-of-practice/
5 Jul 2023 - NZ Banking Association publish their regulatory radar for June 2023 https://financialadvice.nz/wp-content/uploads/2023/07/June-2023-Banking-Sector-Regulatory-Radar.pdf
5 Jul 2023 - APRA working on independent tripartite cyber assessment study with more than 300 banks, insurers and superannuation trustees https://www.apra.gov.au/news-and-publications/cyber-security-stocktake-exposes-gaps
6 Jul 2023 - Changes to ACC’s Accredited Employers Programme (AEP) aim to deliver a better experience for workers whose injury claims are handled by their employers rather than through ACC directly. https://www.beehive.govt.nz/release/better-experience-workers-changes-acc-programme
6 Jul 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for May 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-may2023.pdf
7 Jul 2023 - The Government has issued a package of regulatory amendments to the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime. The regulations will come into force in three stages from 31 July 2023 to 1 June 2025.
The first stage of changes, which come into force on 31 July 2023, are to provide immediate regulatory relief for many reporting entities where risk has been identified as being low.
The second stage, which comes into force 1 June 2024, introduces new obligations for entities that already have existing AML/CFT obligations.
The final stage, which comes into force 1 June 2025, introduces new obligations on sectors that were not previously subject to AML/CFT obligations.
https://www.dia.govt.nz/AML-CFT-Regulatory-and-Legislative-Changes-Anti-Money-Laundering-and-Counter-Financing-of-Terrorism
7 Jul 2023 - The Financial Intelligence Unit (FIU) are running free goAML training sessions in Timaru and Christchurch. These in person sessions will run for 2 hours and will cover an overview of the goAML system, along with how to submit suspicious activity and prescribed transaction reports. https://www.dia.govt.nz/AML-CFT-Free-goAML-training