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
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/
Legal and regulatory update for the life and health insurance sector
23 Apr 2024 - The Reserve Bank of New Zealand released its submission on the Commerce Commission’s draft report from its market study into personal banking services. https://www.rbnz.govt.nz/hub/news/2024/04/rbnz-releases-submission-on-draft-commerce-commission-market-study
23 Apr 2024 - The Financial Markets Authority has published its guide for Managed Investment Scheme managers and their supervisors for effective liquidity risk management, following consultation. https://www.fma.govt.nz/news/all-releases/media-releases/importance-of-effective-liquidity-risk-management/
23 Apr 2024 - Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes - Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and the Financial Dispute Resolution Service – and raise the maximum amount the schemes can award to $500,000. The government aims to have the regulations providing for the changes in place by July 18. https://www.goodreturns.co.nz/article/976523065/aligning-disputes-resolution-schemes.html
23 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-consults-on-enhancements-to-quarterly-insurance-publication-suite
Legal and regulatory update for the life and health insurance sector
A round-up of recent legal and regulatory updates including APRA’s update on life insurance claims and disputes statistics
16 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2023 to 31 December 2023. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-8
17 Apr 2024 - The Reserve Bank of New Zealand is continuing its exploration of a central bank digital currency, called 'digital cash' and asking for feedback from the public. Consultation is open 17 April until 26 July 2024. https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand
22 Apr 2024 - The Reserve Bank of New Zealand’s 2023 Climate Stress Test has found Climate-related risks need to be actively managed to protect the resilience of the financial system to other shocks. https://www.rbnz.govt.nz/hub/news/2024/04/climate-stress-test-assesses-resilience-of-major-nz-banks
22 Apr 2024 - The Council of Financial Regulators has published an updated Regulatory Initiatives Calendar for Q1 2024. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2024.pdf
Legal and regulatory update for the life and health insurance sector
3 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released a cross-industry letter to advise on the scope, purpose and timing of its 2024 voluntary climate risk self-assessment survey of APRA-regulated entities. https://www.apra.gov.au/news-and-publications/apra-releases-letter-on-upcoming-climate-risk-self-assessment-survey-0
4 Apr 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-minor-updates-to-prudential-framework-for-adis-and-insurers
Legal and regulatory update for the life and health insurance sector
14 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published further information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR).
The FAR, which takes effect for banks from 15 March 2024 and one year later for the insurance and superannuation industries, imposes a strengthened responsibility and accountability framework to improve the risk governance cultures of APRA-regulated entities, their directors and most senior executives.
The information package includes the following guidance materials relevant to all industries:
an information paper to assist entities and their accountable persons in understanding and complying with their obligations under the FAR;
an updated accountability statement guide and template to help entities subject to the FAR enhanced notification obligations to prepare accountability statements; and
reporting form instructions to assist entities in reporting FAR breaches to APRA and ASIC.
15 Mar 2024 - Hon Andrew Bayly's speech at Insurance Council of NZ is released. https://www.beehive.govt.nz/speech/insurance-council-nz-speech-7-march-2024-auckland
15 Mar 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly February 2023 diary released with the following potential financial services sector related meeting noted:
• 1 Feb 2024 – MEET: Commerce Commission (MBIE and ComCom Officials)
• 9 Feb 2024 – MEET: Commerce Commission (Commerce Commission)
• 12 Feb 2024 – CALL: FMA Chair (Mark Todd)
• 14 Feb 2024 –MEET: Chartered Accountants ANZ (Amir Ghandar)
• 20 Feb 2024 – MEET: Takeovers Panel (Takeovers Panel Members)
• 21 Feb 2024 -MEET: Insurance Council CE (Tim Grafton)
• 21 Feb 2024 – MEET: Commerce Commission (Commerce Commission
• 23 Feb 2024 – MEET: NZ Banking Assoc (Roger Beaumont)
• 28 Feb 2024 –MEET: Commerce Commission (John Small and MBIE officials)
• 28 Feb 2024 – MEET: Financial Ombudsmen (Susan Taylor)
18 Mar 2024 - RBNZ publishes assessment of Capital Review implementation which assesses the first 2 years of Capital Review implementation, from 2021 to 2023, and examines progress with phasing-in the Reserve Bank’s new higher capital requirements. https://www.rbnz.govt.nz/hub/news/2024/03/rbnz-publishes-assessment-of-capital-review-implementation
20 Mar 2024 - A new research paper by the New Zealand Institute of Economic Research (NZIER), commissioned by the RBNZ, outlines how migration can add to or reduce inflationary pressures depending on the size and direction of flows and the characteristics of migrants. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f72119dd50&e=082a4db7be
Legal and regulatory update for the life and health insurance sector
12 Mar 2024 - The Australian Prudential Regulation Authority (APRA) has released its private health insurance risk equalisation statistics publication for the 2022/23 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-3
12 Mar 2024 - The Quarterly Statement by the Council of Financial Regulators – March 2024 has been released. The Council discussed the work programme and priorities of the new Government. The Council reflected on the importance of cooperation and coordination between CoFR members to ensure Ministers were receiving advice that benefitted from agencies’ collective experience and perspectives. Dr Rod Carr joined the meeting to discuss the challenges posed by climate change. CoFR assessed the current state of New Zealand’s payments landscape against the vision it set out in July 2023. They noted the gaps, risks and issues that presented challenges to achieving the vision. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2024.html
14 Mar 2024 - The Reserve Bank of New Zealand has published the first legislative document setting out how it will take a proportionate approach when developing prudential standards for licensed deposit takers under the Deposit Takers Act 2023. https://www.rbnz.govt.nz/hub/news/2024/03/a-proportionality-framework-allows-for-diversity-while-promoting-financial-stability
Legal and regulatory update for the life and health insurance sector
5 Mar 2024 - The Reserve Bank of New Zealand has published a Bulletin article discussing the use of credit risk weights for climate-related purposes. https://www.rbnz.govt.nz/hub/news/2024/03/the-use-of-credit-risk-weights-for-climate-related-purposes
5 Mar 2024 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Thrive Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-financial-advice-new-zealand-thrive-conference/
5 Mar 2024 - The Business Payment Practices Act Repeal Bill was read a first time and read a second time under urgency. https://bills.parliament.nz/v/6/3da72845-7284-439e-2ead-08dc3c923d2a?Tab=history
6 Mar 2024 - The Reserve Bank of New Zealand are part-way through a review of access eligibility criteria to use the Exchange Settlement Account System (ESAS). They have updated the consultation page of their website and published the submissions they received. https://www.rbnz.govt.nz/have-your-say/2023/esas
7 Mar 2024 - The Financial Markets Authority has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-proceedings-against-tower-limited/
7 Mar 2024 - The Privacy Commissioner has called for greater penalties for data breaches. https://privacy.org.nz/publications/statements-media-releases/greater-penalties-needed-privacy-commissioner-speaks-to-national-cyber-security-summit/
8 Mar 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released final rules and further guidance to support the financial services industry in implementing the Financial Accountability Regime (FAR).
The FAR, which replaces the Banking Executive Accountability Regime (BEAR), imposes a stronger responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors as well as their most senior executives. In doing so, the FAR aims to improve the risk and governance cultures of those financial institutions.
This release includes:
the Regulator rules, which prescribe information for inclusion in the FAR register of accountable persons;
the Transitional rules, which prescribe information to be provided by authorised deposit-taking institutions (ADIs) in relation to their existing accountable persons under the BEAR at the transition point to the FAR;
descriptions of ADI key functions to assist banking entities in the allocation of key functions; and
reporting form instructions to assist banking entities in providing the required information to APRA and ASIC.
Legal and regulatory update for the life and health insurance sector
27 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-december-2023
27 Feb 2024 - The Pae Ora (Disestablishment of Māori Health Authority) Amendment Bill was introduced to Parliament under urgency, read a first time, read a second time,went to Committee of Whole House and has received Royal Assent. https://bills.parliament.nz/v/6/79c10303-5472-4eb3-9496-08dc3736cfbc?Tab=history
28 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has released its quarterly private health insurance (PHI) publication for the December 2023 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-december-2023
28 Feb 2024 - The Monetary Policy Committee agreed to hold the Official Cash Rate (OCR) at 5.50%. https://www.rbnz.govt.nz/hub/news/2024/monetary-policy-remains-restrictive
29 Feb 2024 - The Office of the Privacy Commissioner has released new privacy impact assessment guidance and downloadable templates. https://privacy.org.nz/new-on-the-website
29 Feb 2024 - The Office of the Privacy commissioner has released Privacy News February 2024. https://mailchi.mp/ea0b4c7571b6/privacy-news-biometrics-code-opc-guidance-three-vacancies-ai-governance-training-12758105
29 Feb 2024 - The Office of the Privacy Commissioner is hosting a webinar with Ian Axford Fellow on 6 March. https://us06web.zoom.us/webinar/register/WN_RvnJJixhTOSoT0oVwPth_g#/registration
29 Feb 2024 - This year’s Privacy Week will be held over 13-17 May. The Office of the Privacy Commissioner is seeking people to sign up to host a myth busting webinar as part of Privacy Week 2024. https://www.surveymonkey.com/r/CJPJ7BX
Legal and regulatory update for the life and health insurance sector
5 Feb 2024 - The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have jointly released a letter to all authorised deposit-taking institutions (ADIs) and their authorised non-operating holding companies (NOHCs) on the Financial Accountability Regime (FAR). https://www.apra.gov.au/news-and-publications/apra-and-asic-release-letter-on-financial-accountability-regime-far-adi
5 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
1 Dec 2023 – MEET: CCCFA Stakeholders Meeting
1 Dec 2023 – MEET: CoFI Stakeholders meeting
1 Dec 2023 – MEET: Commerce Stakeholders Meeting
11 Dec 2023 – MEET: Financial Markets Authority (FMA Staff)
11 Dec 2023 – MEET: MinterEllison lawyers re CCCFA
14 Dec 2023 – MEET: Chair of Banking Ombudsman Scheme (Miriam Dean)
20 Dec 2023 – MEET: Financial Services Federation (Lyn McMorran and Katharine Mcgie)
6 Feb 2024 - The Australian Prudential Regulation Authority (APRA) has published new entries to frequently asked questions on the Australian Accounting Standards Board 17 (AASB17) collections. https://www.apra.gov.au/news-and-publications/apra-publishes-aasb17-update-to-insurance-frequently-asked-questions
12 Feb 2024 - The Commerce Commission has published a statement of preliminary issues relating to an application from Payments NZ Limited (Payments NZ) seeking authorisation to work with API providers and third parties to develop arrangements that, according to Payments NZ, will facilitate a more well-utilised, secure and innovative open banking framework. https://comcom.govt.nz/news-and-media/media-releases/2024/statement-of-preliminary-issues-released-for-payments-nzs-application-seeking-authorisation-to-further-develop-its-open-banking-framework
12 Feb 2024 - Financial Services Council released its Life Insurance Industry Spotlight statistcs for the September 2023 quarter https://blog.fsc.org.nz/life-insurance-industry-spotlight-september-2023
14 Feb 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a first time and referred to the Health Committee. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
15 Feb 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November/December 2023 diary released with the following potential financial services sector related meeting noted:
16 Jan 2024 – ZOOM: Financial Markets Authority (Samantha Barrass & Edwin Metson)
23 Jan 2024 – MEET: Financial Advice NZ (Tony Dench & Heather Roy)
23 Jan 2024 – MEET: Fin Cap (Ruth Smithers)
23 Jan 2024 –MEET: CCCFA Round Table (MBIE Officials, Invited guests)
25 Jan 2024 – MEET: CEO Insurance Council (Tim Grafton)
26 Jan 2024 -MEET: Financial Markets Authority Board (FMA Board & Samantha Barrass)
30 Jan 2024 – MEET: Consumer NZ (Jon Duffy, Gemma Rasmussen, Aneleise Gawn)
30 Jan 2024 – MEET: Commerce and Consumer Affairs Officials (MBIE Officials)
31 Jan 2024 –SPEAK: Financial Services Council (Invited Guests)
31 Jan 2024 – MEET: Banking Ombudsman (Nicola Sladden)
31 Jan 2024 – MEET: Commerce Commission (MBIE & ComCom Officials)
31 Jan 2024 –MEET: Chair of Commerce Commission (John Small & Vanessa Horne)
nib updates health insurance cover and benefits
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions.
nib New Zealand has updated the cover and benefits of its health insurance products.
The product refresh includes higher benefit limits and broader coverage for some products and a minor reduction in some benefit terms and updated exclusions. For example, members with ‘Hospital Cover’ will have an increase in Surgical Benefit from $150,000 to $600,000 per year; they will also have a reduction in cover on their Ambulance Transfer Benefit – with the ambulance transfer must be to the closest private hospital.
Rob Hennin, nib CEO, said
“The product refresh will also provide some operational efficiencies and a better overall experience for our members. Policies are simpler and easier to understand, and we have an updated member portal to create a better online experience”.
Members will face no impact on premiums in the current year due to these changes.The changes will be gradually implemented over the 12 months starting February 1.
More details on the changes can be found here.
More daily news:
Andrew Bayly says CoFI will undergo a targeted review
The FSC and Financial Advice New Zealand have welcomed the Government’s announcement to simplify CoFI regulations
mySolutions workshops 'Can we simplify the process?' will run across February
mySolutions women in business event 'Become unstoppable' 19 March
New Zealand Financial Services Group appoints Baden Martin as new chief executive
Gareth Allen takes on acting General Manager Adviser Engagement role at Partners Life