Legal and regulatory update for the life and health insurance sector

18 Sep 2023 - ASIC Chair Joe Longo gave an address at the Australian Financial Review Cyber Summit on cyber preparedness https://asic.gov.au/about-asic/news-centre/speeches/marconi-s-illusion-what-a-120-year-old-magician-s-trick-can-teach-us-about-cyber-preparedness/

20 Sep 2023 - he Australian Prudential Regulation Authority (APRA) has announced its decision to grant a 4-week extension to insurers for the submission of most of the Australian Accounting Standards Board 17 Insurance Contracts (AASB17) reporting forms for the September 2023 and December 2023 Quarterly reporting periods. https://www.apra.gov.au/news-and-publications/apra-extends-due-dates-for-submission-of-quarterly-data-reporting-for

20 Sep 2023 - ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024. The reason for the further extension is that the Treasury Laws Amendment (2023 Measures No. 1) Bill (the Bill) remains before parliament. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-date-for-financial-adviser-registration-requirement/

21 Sep 2023 - Privacy Commissioner outlines how New Zealanders using AI tools can ensure they’re meeting their obligations under the Privacy Act 2020. The detailed guidance outlines how AI relates to the 13 Information Privacy Principles (IPPs) in the Act, looking at how AI tools work, offering practical examples, and setting out a range of questions to consider as you think about your privacy obligations. https://privacy.org.nz/publications/guidance-resources/ai/