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 warn Quest Insurance Group Limited; APRA publish findings of climate risk survey; The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time; XRB announce climate and assurance proposals; APRA publish FAQ’s for insurers; ASIC announce enforcement priorities for 2025; FMA release latest podcast; Minister of Commerce and Consumer Affairs’ diary released; FMA publish updated calendar of events.
12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited
12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme
13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks. https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate
13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/
13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:
A one year extension to the adoption provision for scope 3 GHG emissions disclosures
A one year extension to the adoption provision for anticipated financial impacts disclosures
A new one year adoption provision relating to the assurance of scope 3 GHG emissions
The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.
https://www.xrb.govt.nz/news/latest-news/
14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers. https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers
14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.
Misconduct exploiting superannuation savings
Unscrupulous property investment schemes
Failures by insurers to deal fairly and in good faith with customers
Strengthening investigation and prosecution of insider trading
Business models designed to avoid consumer credit protections
Misconduct impacting small businesses and their creditors
Debt management and collection misconduct
Licensee failures to have adequate cyber-security protections
Greenwashing and misleading conduct involving ESG claims
Member services failures in the superannuation sector
Auditor misconduct
Used car finance sold to vulnerable consumers by finance providers
14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/
15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)
15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/
Updating your Product and Provider settings
Here’s a quick explainer on how to set up product and provider settings.
Our video is a quick explainer on how to set up product and provider settings, whether it’s setting your preferred premium frequency, or linking health and life providers.
Accessing the Quotemonster Policy Archive
Did you know we have a massive range of current and legacy policy documents available on Quotemonster?
We have a massive range of current and legacy policy documents available on Quotemonster – find out how to find them here.
MyThingz - by Ray Sheath
Ray Sheath of Essential Financial Solutions has launched a new app to help clients keep track of possessions, documents, and ownership details to support them in the event of loss.
MyThingz is a personal record-keeping app designed to help you keep track of your important possessions and assets. You can enter and maintain details of all your valuable items, and access this information from anywhere, at any time. In case of theft, you can quickly retrieve your asset list details and share them with the police and your insurance provider. You can check it out at: https://www.mythings.co.nz/
The app, the brainchild of Ray Sheath, of Essential Financial Solutions, demonstrates that once again financial advisers tend towards the entrepreneurial and are constantly innovating to help push forward new ideas and helpful tools for clients.
Join us at the Financial Advice NZ conference in 2025
Next year Financial Advice NZ will host its inaugural National Adviser Conference – Shaping The Future of Advice.
Next year Financial Advice NZ will host its inaugural National Adviser Conference – Shaping The Future of Advice.
Chief Executive Officer Nick Hakes said
“The National Adviser Conference offers countless opportunities for all advisers to expand their knowledge in their own areas of expertise, and to connect with industry leaders, visiting fellows, international guests, other practitioners, and innovators in advice.”
“The National Adviser Conference is the best place for combining big-picture thinking around industry expectations, disruption and change with peer-to-peer collaboration.”
Speakers announced to date include:
Dante de Gori, Global CEO of the Financial Planning Standards Board from the US
Samantha Barras, Chief Executive Officer, Financial Markets Authority
Sir Ian Taylor, NZ technology innovator and storyteller
Dr Katherine Hunt PhD, Director Finology Institute, Portfolio Construction Forum, and
Tim Farrelly, CIMA, Principal, farrelly’s Investment Strategy from Australia
The conference will take place at the Te Pae Christchurch Convention Centre from 1 – 3 April 2025. Super Early Bird registration closes on 30 November 2024.
The Quotemonster team will look forward to seeing you there as we will be supporting the conference again. We are keen supporters of adviser-led and adviser-focused content and conversations. Having a space where you can meet as professionals and support each other in your career development is so valuable that we encourage you to attend and join us if you can.
More news:
Westpac New Zealand's September-year net profit after tax was $1.226 billion
Apex Advice Group and OPM Insurance merge
Apex Advice Group and OPM Insurance have announced their strategic merger.
Apex Advice Group and OPM Insurance have announced their strategic merger. OPM Insurance was founded by Oliver Pereira 17 years ago.
Craig Mulholland, Chief Executive of Apex Advice Group, said
“We are delighted to welcome OPM Insurance into the Apex Advice Group family. This partnership strengthens our position as a leading financial advisory firm and allows us to expand our reach and offerings. We are confident this will benefit our clients and drive continued growth.”
More news:
Pharmac funding new HRT gel to aid Kiwi women with menopause symptoms
Medical insurance pricing database updated
Details of the price changes applied by AIA and Southern Cross to medical insurance plans.
The medical insurance database comparison for institutions was updated Tuesday 5th of November. Rates went live earlier on Quotemonster, of course. This is version 11_2 of the medical comparison database. Of particular interest are the comparisons of how price changes have been applied. AIA, which increases price annually, has taken an across-the-board approach. Southern Cross, applying its fourth increase in the last 12 months, varied changes by age and by excess level. People in their forties with higher excess levels experienced the largest increases. For more details about the database, please contact us. If you subscribe but haven’t checked out the changes yet - do look at the price change charts first when you open the database.
Fidelity Life announces growth plans
Campbell Mitchell, Fidelity Life Chief Executive, has told delegates at the Engage Conference the company’s intentions to grow to a $1 billion company.
Campbell Mitchell, Fidelity Life Chief Executive, announced the company’s intentions to grow to a $1 billion company in eight years time. Mitchell was speaking to delegates at Fidelity Life’s Engage Conference in Auckland.
Fidelity Life was the fastest growing life insurer in New Zealand in the period ending September 30, with 150% growth in new business year-on-year across the last two quarters.
More news:
mySolutions webinar 'New tools from Quotemonster' 13 November
nib release their top 5 health claims for August 2024
FSC Life Insurance Special Interest Group Networking Event is on 10 December
Tony Vidler says advisers need constant reinvention of value and service
TAP announce partnership with Bizcap
BNZ has announced a strategic partnership with BlinkPay
BNZ has made a net profit of $1.506 billion for the 12 months to 30 September 2024
Over half of the country's mortgages are due to have interest rate reset within six months
Survey finds 70% of millennials believe they may never be able to buy a home
The cost of living for New Zealand households has risen 3.8% over the past year
Fidelity Life announce winners of their Adviser awards
Fidelity Life announced the winners of their Adviser Awards at their 2024 Engage Conference.
Fidelity Life announced the winners of their Adviser Awards at their 2024 Engage Conference.
Professional of the future award: Josh Cuttance – SHARE NZ (Dunedin).
Josh has leveraged social media as a powerful tool to connect, engage, and elevate his professional presence. As well as being a member of Fidelity Life’s Adviser council, he contributes to the wider industry via groups like Financial Advice New Zealand. Balancing the roles of business owner, adviser and father he demonstrates resilience and ambition, recently expanding his team with a new administrative member.
Josh Cuttance being presented with the Professional of the future award by Campbell Mitchell
Cary Veenhof award: Andrea Reid – Aliya Insurance Brokers (Waikato).
Andrea has over 25 years of industry experience and now leads her own FAP and has dedicated her career to supporting New Zealanders. With a client-first approach, she offers guidance during critical claim times, reflected in her excellent NPS results.
Andrea Reid being presented with the Cary Veenhof award by Campbell Mitchell
Team of the Year: Financial Independence (Tauranga).
With 22 professionals, Financial Independence provides outstanding life insurance and service advice, supported by specialised roles in Operations, Claims, and Customer Outcomes. Their commitment to clients is enhanced by teamwork, with everyone based in one office to foster collaboration and shared learning. Their community involvement is equally inspiring, supporting causes like Women’s Wellness, Homes of Hope, Scouts NZ, and Breast Cancer Support.
The Financial Independence team being presented with the Team of the Year award by Campbell Mitchell
Lifetime Award: Grant Maddison - Maddison Financial Services (Queenstown).
Grant has built a reputation as a trusted adviser and mentor, blending warmth and professionalism. His client base is diverse, from tradies to high-net-worth families, with whom he’s fostered long-standing relationships. Specialising in rural sectors, SMEs, and families across Queenstown, Central Otago, and Southland, he’s respected for his expertise and commitment. Beyond his professional achievements, he’s a proud member of Financial Advice New Zealand and brings a passion for travel, golf, soccer, and community.
Grant Maddison being presented with the Lifetime award by Campbell Mitchell
Gordon Watson Trophy: Brett Pearce - Pearce Financial Services (Auckland).
Brett is a 6-time winner of this award. With his extensive experience in the industry and focus on customer outcomes, Brett is consistently described by his customers as professional, prepared, and knowledgeable, keeps up with the latest industry developments and offers a variety of options to meet his customers’ needs. Always there for his customers at claim time, he is also highly regarded by our internal claims and underwriting teams.
Brett Pearce being presented with the Gordon Watson Trophy by Campbell Mitchell
Fidelity Life’s Business manager of the year award was shared by Kenny Kaushish (Auckland) and Michelle Vaughan (Christchurch), who have shown incredible growth and tenacity in delivering outstanding performances.
Kenny Kaushish being presented with the Business Manager of the year award by Campbell MItchell
Michelle Vaughan being presented with the Business Manager of the year award by Campbell Mitchell
Legal and regulatory update for the life and health insurance sector
RBNZ announce key findings from Reverse Stress Test, announce date they will publish annual updated weights for the Trade Weighted Index and say risks to NZ’s financial system remain contained; XRB consult on proposal to amend equity method of accounting; FMA release new podcast series on KiwiSaver; committee stage of the Contracts of Insurance Bill completed and the bill was divided.
4 November 2024 - The RBNZ announced key findings from its 2024 Reverse Stress Test, alongside an assessment of how geopolitical tensions could impact financial stability in New Zealand. https://www.rbnz.govt.nz/hub/news/2024/11/geopolitical-tensions-highlighted-as-risk-to-financial-stability
4 November 2024 - The Reserve Bank of New Zealand will publish the annual updated weights for the Trade Weighted Index on 4 December. https://www.rbnz.govt.nz/statistics/series/exchange-and-interest-rates/trade-weighted-index-weights-and-trade-volumes
5 November 2024 - Risks to New Zealand’s financial system remain contained, Deputy Governor Christian Hawkesby says in releasing the November 2024 Financial Stability Report. https://www.rbnz.govt.nz/hub/news/2024/11/financial-system-remains-resilient-admidst-economic-downturn
6 November 2024 - The External Reporting Board is seeking feedback on the International Accounting Standards Board's Exposure Draft which proposes to amend and clarify the requirements of the equity method of accounting. Consultations closes 20 November 2024. https://www.xrb.govt.nz/assets/Accounting/Consultations/Equity-Method-ED/XRB-summary-of-the-proposals-IASB-ED-Equity-Method.pdf
7 November 2024 - The FMA launch a new podcast series 'Navigating KiwiSaver'. In the first episode 'KiwiSaver 101', Jess talks with Stuart Johnson, Chief Economist at the FMA, about KiwiSaver – how it works, its benefits, and strategies to maximise your investment. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-1/
7 November 2024 - The committee stage of the Contracts of Insurance Bill was completed. The bill was divided into the following bills:
Contracts of Insurance Bill
Contracts of Insurance (Repeals and Amendments) Bill