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
Privacy authorities release statement on additional takeaways for industry; APRA release Life Insurance Claims and Disputes statistics; FMA consult on renewal of class exemptions for DIMS licensees from certain financial reporting requirements; ASIC release audit findings; FSC publish spotlights on Life Insurance and KiwiSaver; Government seeks feedback on information sharing agreement between IRD and MBIE; FMA renews notices.
29 Oct 2024 - Global privacy authorities, including the office of the Privacy Commissioner, have engaged with some of the world’s largest social media companies after issuing a joint statement on data scraping last year. As a result of this engagement, they have now issued a follow-up statement laying out additional takeaways for industry. This follow-up joint statement lays out further expectations, including that organisations:
Comply with privacy and data protection laws when using personal information, including from their own platforms, to develop artificial intelligence (AI) large language models.
Deploy a combination of safeguarding measures and regularly review and update them to keep pace with advances in scraping techniques and technologies.
Ensure that permissible data scraping for commercial or socially beneficial purposes is done lawfully and in accordance with strict contractual terms. https://www.privacy.org.nz/publications/statements-media-releases/global-privacy-authorities-issue-follow-up-joint-statement-on-data-scraping-after-industry-engagement/
29 Oct 2024 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 July 2023 to 30 June 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-9
30 Oct 2024 - The FMA are consulting on renewal of class exemption for DIMS licensees from certain financial reporting requirements, consultation closes 29 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-renewal-of-class-exemption-for-dims-licensees-from-certain-financial-reporting-requirements/
30 Oct 2024 - ASIC has released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-240mr-asic-releases-fy-2023-24-financial-reporting-and-audit-report-and-launches-auditor-independence-surveillance/?altTemplate=betanewsroom
30 Oct 2024 - The FSC has published its KiwiSaver Industry Spotlight September 2024. https://blog.fsc.org.nz/kiwisaver-spotlight-september-2024
30 Oct 2024 - The Government is seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA would allow Inland Revenue and MBIE to share prescribed information with the other agency for the benefits outlined in the discussion document. https://www.taxpolicy.ird.govt.nz/news/2024/consultation-information-sharing-ir-mbie-aisa
31 Oct 2024 - The FMA has decided to renew the Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2019, and the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2019, for a further five years. They are working to finalise new notices to give effect to this decision, which they intend to have in place before the current notices are revoked on the close of 30 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-class-exemption-renewal-for-disclosure/
30 Oct 2024 - The FSC has published its Life Insurance Industry Spotlight September 2024. https://blog.fsc.org.nz/lifeinsurance-spotlight-september-2024
Legal and regulatory update for the life and health insurance sector
The FMA publish their annual report and ease of doing business report; APRA & ASIC publish opening statements to the House of Representatives Standing Committee on Economics; Select Committee publish final report on Privacy Amendment Bill; Takeovers panel Christmas hours released; APRA publish Deputy Chair Margaret Cole's speech; ASIC urge financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of AI.
24 Oct 2024 - The FMA published its annual report for the year to 30 June 2024. The report details the FMA’s core focus areas: monitoring and supervision of market participants, implementation of new legislation, enforcement action and providing resources for investors and consumers. The FMA also released its annual ‘Ease of doing business’ report, which surveys stakeholders and industry participants to understand the effectiveness of their interactions with the FMA, and their views on FMA’s overall effectiveness in delivering its mandate. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-2024-annual-report/
25 Oct 2024 - APRA publish their opening statement to the House of Representatives Standing Committee on Economics - October 2024. https://www.apra.gov.au/news-and-publications/opening-statement-to-house-of-representatives-standing-committee-on-6
25 Oct 2024 - ASIC publish the opening statement by ASIC Chair Joe Longo at the House of Representatives Standing Committee on Economics. https://asic.gov.au/about-asic/news-centre/speeches/house-of-representatives-standing-committee-on-economics-opening-statement-25-october-2024/?altTemplate=betanewsroom
25 Oct 2024 - The Justice Select Committee have published their final report on the Privacy Amendment Bill. https://selectcommittees.parliament.nz/view/SelectCommitteeReport/5f2d852a-1aba-4b8b-2620-08dcf48e13aa
25 Oct 2024 - The Takeovers Panel offices will close from the end of the day on Monday, 23 December 2023, and reopen on Monday, 6 January 2024. https://www.takeovers.govt.nz/guidance/codeword/issue-57/panel-christmas-close-down-period
27 Oct 2024 - The FMA's annual report shows they turned in a more than $2.8 million surplus during the 12 months to June 30. The FMA reported revenue of almost $80.7 million while expenses hit a record high of $77.8 million.The FMA completed investigations into 1,118 ‘misconduct cases’, of which 993 were dealt with in the ‘compliant’ timeframe. https://investmentnews.co.nz/investment-news/fma-over-spends-books-surplus-on-legal-winnings/
29 Oct 2024 - APRA publish Deputy Chair Margaret Cole's speech to the AFR Super & Wealth Summit 2024. https://www.apra.gov.au/news-and-publications/apra-deputy-chair-margaret-cole-speech-to-afr-super-wealth-summit-2024
29 Oct 2024 - ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC’s first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite current AI use being relatively cautious. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-238mr-asic-warns-governance-gap-could-emerge-in-first-report-on-ai-adoption-by-licensees/?altTemplate=betanewsroom
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
If you have an adviser – you tend to get better claim outcomes
Jon-Paul Hale questions the use of automated portals when it comes to claims time.
Regulatory reviews in Australia have found the claims acceptance rates for the life insurance industry between distribution channels. The difference is marked – claims acceptance rates for advised retail policies was 92.1% compared to 87.8% for direct policies. For a good review check out Jack Howitt’s article here.
Jon-Paul Hale emphasises the importance of advisers at claim time, which perhaps provides an explanation for part of the gap: Hale has questioned the use of automated portals when it comes to claims time. From his experience, there are plenty of claims where, had the clients claimed through the portals without his involvement, the clients wouldn’t have had such good outcomes. He gives a range of examples and cautions that clients can forget what cover they have and how it works – all at a time when they may be feeling overwhelmed from the medical situation they are facing.
On the other hand, the difference between group and retail policies in Australia leans back the other way – more towards how the policy was underwritten as a potential cause for the difference in outcomes. Group insurance policies have some of the highest claims acceptance rates at just over 95%. Howitt’s explanation is compelling:
“This is likely due to the fact that group life insurance policies are typically underwritten on a group basis, which means that insurers have less risk associated with each individual policy. Retail advised policies may have lower claims acceptance rates due to the fact that they are typically more complex and may involve higher risk individuals. Direct policies may have lower claims acceptance rates due to the fact that insurers have less information about policyholders.”
More news:
Adviser to pay former clients compensation after he breached their privacy and caused them stress
Stats NZ report finds Māori businesses lead in employee wellbeing and flexibility
Survey finds 90% of family doctor clinics plan to increase their fees
Legal and regulatory update for the life and health insurance sector
The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time; FMA join Global Financial Innovation Network; RBNZ publish analytical note around monetary policy decisions; FMA consult on regulatory returns for financial institution licensees; ASIC outline technological and operational resilience guidance; privacy concerns raised about IRD's use of taxpayers personal information.
11 Sep 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
13 Sep 2024 - The Financial Markets Authority has officially joined the Global Financial Innovation Network (GFIN). GFIN is designed to facilitate cooperation between financial regulators worldwide, providing a platform to exchange experiences and strategies related to financial innovation. https://www.mpamag.com/nz/news/general/fma-joins-global-innovation-network/505407
16 Sep 2024 - The Reserve Bank of New Zealand has published an Analytical Note which shows monetary policy decisions that are not fully anticipated by financial markets lead to changes in interest rates and the New Zealand dollar exchange rate. https://www.rbnz.govt.nz/hub/news/2024/09/financial-market-reaction-to-monetary-policy-surprises
16 Sep 2024 - The Financial Markets Authority is consulting on regulatory returns for financial institution licensees. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-regulatory-returns-for-financial-institution-licensees/
17 Sep 2024 - ASIC has released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event. The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017. https://asic.gov.au/about-asic/news-centre/news-items/asic-expands-operational-resilience-guidance-for-market-participants/?altTemplate=betanewsroom
17 Sep 2024 - The Office of the Privacy Commissioner has had privacy concerns raised from members of the public about IRD’s use of taxpayers’ personal information and hashing. OPC has contacted IRD for information so they can assess if this practice raises issues under the Privacy Act. https://privacy.org.nz/publications/statements-media-releases/care-is-needed-with-data-anonymisation/
Legal and regulatory update for the life and health insurance sector
ASIC expands strategic priorities; IRD seek feedback on long-term insights briefing; APRA release enhanced quarterly insurance statistics; the FSC publish the Aug 2024 Regulatory Forecast; Privacy Commissioner releases privacy week webinar recordings.
22 Aug 2024 - Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-184mr-asic-expands-strategic-priorities-for-coming-12-months/?altTemplate=betanewsroom
22 Aug 2024 - Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.
Inland Revenue is proposing that its next long-term insights briefing explores what broad structure of the tax system would be suitable for the future, given long-term fiscal pressures and current tensions in our system. The briefing would approach this topic by focusing on two elements of the tax system: the regimes through which we tax income and consumption, and our mix of tax bases. The closing date for feedback is 4 October 2024. https://www.taxpolicy.ird.govt.nz/consultation/2024/2024-long-term-insights-briefing
22 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has released its suite of quarterly industry aggregate insurance statistical publications with enhanced content and presentation. The first edition of the enhanced quarterly publications includes data for the September 2023, December 2023 and March 2024 reporting periods. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-quarterly-insurance-statistics
23 Aug 2024 - The Financial Services Council NZ publish the August 2024 edition of Regulatory Forecast, a member-only document https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-august-2024
26 Aug 2024 - The Office of the Privacy Commissioner has released recordings of presentations shown during Privacy Week 2024. https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2024/
Legal and regulatory update for the life and health insurance sector
Commerce Commission’s preliminary view on Payments NZ developing framework relating to provision of API; ASIC issue Cost recovery Implementation Statement; XRB publish interim report on Climate-Related Disclosure Framework evaluation; maximum compensation for complaints to rise; APA & ASIC publish info to help insurers prepare for the start of the Financial Accountability Regime; Privacy Commissioner publishes Statement of Performance Expectations and launches free online toolkit.
1 Jul 2024 - The Commerce Commission has reached a preliminary view that it should grant conditional authorisation to Payments NZ Limited to work with current and future API providers (i.e., banks) and third parties (e.g., fintechs) to develop and apply a partnering framework relating to the provision of API services by API providers to third parties. https://comcom.govt.nz/news-and-media/media-releases/2024/commerce-commission-issues-draft-determination-on-payments-new-zealands-application-to-further-develop-its-open-banking-framework
8 Jul 2024 - ASIC issued its 2023-24 Cost Recovery Implementation Statement (CRIS). The CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-estimated-industry-funding-levies-for-2023-24/
11 Jul 2024 - The External Reporting Board publish an interim report on New Zealand Climate-Related Disclosure Framework evaluation. https://www.xrb.govt.nz/news/insights/aotearoa-new-zealand-climate-related-disclosure-framework-evaluation-interim-report-published/
11 Jul 2024 - Financial limits for complaints are being raised across the four approved financial dispute resolution schemes from 18 July 2024. The Banking Ombudsman Scheme, the Insurance & Financial Services Ombudsman Scheme, Financial Services Complaints – a Financial Ombudsman Service, and the Financial Dispute Resolution Service will have the same thresholds for complaint values and compensation, providing consistency for consumers across the sector. The key change is raising the maximum compensation to $500,000 +GST. https://fdrs.org.nz/resources/news/increased-compensation-limits-for-financial-disputes/
11 Jul 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry and takes effect for the insurance and superannuation industries from 15 March 2025.
New information includes:
an amendment to the Regulator rules, which prescribes key functions information for inclusion in the FAR register of accountable persons for insurance and superannuation industries; see Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024 and Financial Accountability Regime Act (Information for register) Regulator Rules 2024; and
a joint ASIC and APRA letter summarising key issues raised during consultation and their response, including the concept and application of key functions.
12 Jul 2024 - The office of the Privacy Commissioner has published their Statement of Performance Expectations 2024-2025. https://privacy.org.nz/publications/corporate-reports/statement-of-performance-expectations-2024-2025/
15 Jul 2024 - The Office of the Privacy Commissioner has launched a free online toolkit today to help businesses and organisations do privacy well. https://privacy.org.nz/publications/statements-media-releases/new-privacy-toolkit-set-to-support-business-and-organisations/
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
Legal and regulatory update for the life and health insurance sector
Privacy Commissioner clarifies guidelines on notification periods; The Customer and Product Data Bill introduced to parliament; Privacy study finds higher levels of concern among Māori; Minister of Commerce and Consumer Affairs April 2024 diary released
16 May 2024 - Office of the Privacy Commissioner clarifies guidelines around 72 hours notification period for privacy breaches. https://privacy.org.nz/publications/statements-media-releases/how-long-is-72-hours/
16 May 2024 - The Customer and Product Data Bill was introduced to Parliament. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
20 May 2024 - A recent study by the office of the Privacy Commissioner of New Zealander’s attitudes to privacy shows higher levels of concern among Māori. https://privacy.org.nz/publications/statements-media-releases/maori-are-more-concerned-about-privacy-in-every-way/
21 May 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly April 2024 diary released with the following potential financial services sector related meeting noted:
4 April 2024 – MEET: Westpac (Pip Greenwood)
4 Apr 2024 – MEET: Suncorp (Jimmy Higgins and Clayton Cosgrove)
8 Apr 2024 – VISIT: Commerce Commission (Commerce Commission Staff)
10 Apr 2024 –MEET: Insurance and Financial Services Ombudsman (Karen Stevens)
10 Apr 2024 – MEET: AIA NZ (Nick Stanhope)
10 Apr 2024 -MEET: Commerce Commision (Commerce Commission Officials)
23 Apr 2024 – MEET: Westpac (Catherine McGrath)
23 Apr 2024 – MEET: Takeovers Panel (Takeovers Panel members)
30 Apr 2024 –MEET: Commerce Commission (Commerce Commission Officials)
Legal and regulatory update for the life and health insurance sector
Submissions on the Privacy Amendment Bill, APRA share observations from review of capital adequacy, and results from a survey of New Zealanders on Privacy.
6 May 2024 - The Justice Select Committee are currently accepting submissions on the Privacy Amendment Bill with submissions closing on 14 June. https://www.parliament.nz/en/pb/sc/make-a-submission/document/54SCJUST_SCF_56E3FBE7-1F3D-464E-B54D-08DBAE8917AE/privacy-amendment-bill
9 May 2024 - The Australian Prudential Regulation Authority (APRA) has issued a letter to all private health insurers (PHIs) sharing the observations from its review of a number of PHI Internal Capital Adequacy Assessment Plan (ICAAP) Summary Statements as well as feedback on the initial implementation of the new capital reporting standards. https://www.apra.gov.au/news-and-publications/apra%E2%80%99s-publishes-letter-to-support-implementation-of-new-phi-capital
13 May 2024 - The office of the Privacy Commissioner release a biennial privacy survey of New Zealanders. https://privacy.org.nz/publications/statements-media-releases/privacy-week-2024-new-survey-reveals-new-zealanders-privacy-concerns/