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.
Asteron Life announce enhancements across Personal and Business Insurance
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products.
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products. All enhancements apply to in-force policies issued after August 2004 and will apply to claimable events from 5 June 2025.
Some of the key enhancements include:
New support benefits. An example is the new Family Member Accommodation & Transport Benefit which offers up to $300/day for accommodation and $2,500 in travel expenses reimbursed to support a family member during treatment.
Life Cover with accelerated Trauma Recovery Cover conversion benefit
Updated definition for major organ transplant, including widening the scope of eligible procedures.
Updated definition for diabetes, including reducing the threshold for claims from two complications to one.
New Rehabilitation and retraining Benefit for Business Insurance customers - increased support of return-to-work efforts by reimbursing rehabilitation and retraining costs.
Increased flexibility to increase cover in line with life or business changes that happen to customers.
More news:
FSC's Empower & Elevate Women in Finance Leadership series, Session 3: Male Allyship is on 22 July
The FMA has said the CoFI regime “is essential” for it
Russell Hutchinson writes of Australians longevity and some of the reasons for it
mySolutions webinar 'Booster - How to give KiwiSaver advice efficiently' is on 11 June
Kiwibank won't charge third parties for standard API requests
Gallagher named Official Insurance Broker for the All Blacks, Black Ferns
NZ consumer confidence dropped in May, with the ANZ-Roy Morgan index falling 5.3 points
Legal and regulatory update for the life and health insurance sector
APRA release March quarter insurance stats; FMA release AML/CFT guidance for Financial Institutions on risk ratings for new customers; ACC Board Chair resigns; APRA and ASIC update on life companies progress; new Assistant Governor Enterprise Services at RBNZ.
29 May 2025 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the March 2025 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-march-2025
30 May 2025 - The FMA has released AML/CFT guidance for Financial Institutions on risk ratings for new customers. https://www.fma.govt.nz/library/guidance-library/aml-cft-guidance-for-financial-institutions/
30 May 2025 - ACC Minister Scott Simpson has accepted the resignation of ACC Board Chair Dr Tracey Batten. https://www.beehive.govt.nz/release/acc-minister-accepts-board-chair%E2%80%99s-resignation
5 Jun 2025 - APRA and ASIC have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design, and disclosure and marketing materials. https://www.apra.gov.au/news-and-publications/asic-and-apra-provide-update-on-review-of-life-insurance-premium-practices
5 Jun 2025 - Kate Le Quesne has been appointed to the new role of Assistant Governor Enterprise Services at RBNZ. https://www.rbnz.govt.nz/hub/news/2025/06/new-appointment-to-the-rbnz-executive-leadership-team
Legal and regulatory update for the life and health insurance sector
The FMA publish takeaways from the CrowdStrike event survey; RBNZ publish response to submissions on core standards that set the prudential requirements deposit takers will need to meet in order to be licensed under the DTA; Cabinet designate banking as first sector under Customer and Product Data Act; Westpac is to pay a penalty of $3.25 million for misleading customers entitled to advertised discounts as well as overcharging some of its business customers; RBNZ special topic looks at how AI could impact financial stability; ASIC unveils digital portal for AFS licence applications; FSC publish KiwiSaver Industry Spotlight and Life Insurance Industry Spotlights for March 2025; The Credit Contracts and Consumer Finance Amendment Bill had its first reading and was referred to select committee; RBNZ release May Financial Stability Report; RBNZ change structure of its Executive Leadership Team.
29 Apr 2025 - The FMA have published key takeaways from the CrowdStrike event survey, which investigated how well financial service providers were prepared for and responded to the CrowdStrike incident. https://www.fma.govt.nz/library/research/key-takeaways-from-the-crowdstrike-event-survey/
1 May 2025 - The RBNZ has published its response to submissions on three of the four core standards that set the prudential requirements deposit takers will need to meet in order to be licensed under the Deposit Takers Act 2023 (DTA). The response covers liquidity, disclosure, and Depositor Compensation Scheme (DCS) related requirements. https://www.rbnz.govt.nz/hub/news/2025/05/reserve-bank-publishes-response-to-deposit-taker-core-standards-consultation
1 May 2025 - Cabinet has agreed to designate banking as the first sector under the Customer and Product Data Act. https://www.beehive.govt.nz/release/better-banking-competition-one-step-closer-kiwis
2 May 2025 - Westpac is to pay a penalty of $3.25 million for misleading customers entitled to advertised discounts as well as overcharging some of its business customers. Westpac admitted its conduct in civil proceedings brought by the FMA at the High Court in Auckland in December 2024. Westpac’s breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/westpac-to-pay-3-25-million-penalty-for-misleading-customers/
5 May 2025 - The RBNZ publish a special topic from the May 2025 Financial Stability Report - Rise of the machines: How could artificial intelligence impact financial stability. https://www.rbnz.govt.nz/hub/news/2025/05/rise-of-the-machines-how-could-artificial-intelligence-impact-financial-stability
5 May 2025 - ASIC has unveiled a new digital portal to allow applicants to apply for an Australian financial services (AFS) licence. https://asic.gov.au/about-asic/news-centre/news-items/asic-launches-new-portal-for-australian-financial-services-licensees/
5 May 2025 - The FSC publish KiwiSaver Industry Spotlight March 2025. https://blog.fsc.org.nz/kiwisaver-spotlight-march-2025
5 May 2025 - The FSC publish Life Insurance Industry Spotlight March 2025. https://blog.fsc.org.nz/lifeinsurance-spotlight-march-2025
6 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill had its first reading and was referred to select committee. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
7 May 2025 - Risks to the financial system have increased over the past six months, Reserve Bank Governor Christian Hawkesby says in releasing the May 2025 Financial Stability Report. https://www.rbnz.govt.nz/hub/news/2025/05/risks-to-the-financial-system-have-increased
7 May 2025 - The RBNZ is consolidating the structure of its Executive Leadership Team (ELT). The new ELT structure, which takes effect from Monday, 12 May 2025, is made up of four roles:
Assistant Governor Financial Stability
Assistant Governor Money Group
Assistant Governor Enterprise Services
Assistant Governor Operations
https://www.rbnz.govt.nz/hub/news/2025/05/rbnz-executive-leadership-team-changes
Legal and regulatory update for the life and health insurance sector
RBNZ publish Paul Conway speech; APRA release Life Insurance Claims and Disputes Statistics publication; RBNZ Five Year Funding Agreement published; ASIC to launch a new digital portal for licensing; The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices.
15 Apr 2025 - RBNZ publish Chief Economist Paul Conway speech 'Forecasting: (conditionally) charting the path forward'. https://www.rbnz.govt.nz/hub/news/2025/04/forecasting-conditionally-charting-the-path-forward
15 Apr 2025 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2024 to 31 December 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-10
16 Apr 2025 - The Minister of Finance has published the RBNZ Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030. The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-five-year-funding-agreement
16 Apr 2025 - ASIC is launching a new digital portal for licensing on 5 May 2025 to apply for, vary and cancel an Australian financial services (AFS) licence. https://asic.gov.au/about-asic/news-centre/news-items/asic-to-launch-new-portal-for-australian-financial-services-licensees/
16 Apr 2025 - The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices, recommendations that have been made to the Minister of Commerce and Consumer Affairs. https://www.takeovers.govt.nz/assets/LawReform/Recommendations/Revised-Recommendations-to-Minister-March-2025.pdf
Naomi Ballantyne honoured with Lifetime Achievement Award
Naomi Ballantyne, chair of The Adviser Platform, was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand Conference.
Naomi Ballantyne, chair of The Adviser Platform (TAP), was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand (FANZ) Conference.
“Her commitment to making financial advice accessible to more New Zealanders is evident in her continued efforts towards driving the importance of advice and innovation…Her tireless advocacy for the importance of financial advice is sure to inspire the new generation of advisers, leaders and entrepreneurs to walk in the path she has carved.”
Naomi’s career in the life insurance industry spans more than 40 years and includes founding two insurance companies, advocating for making financial advice more accessible for all New Zealanders, and spearheading initiatives aimed at supporting advisers through technology-driven solutions.
At TAP, Naomi has worked on embedding fintech solutions to streamline compliance and administrative processes, freeing up members to have more time to focus on clients; shares her invaluable expertise through TAP’s Insider Insights series; leads initiatives designed to empower and inspire female advisers; and is a regular presence at TAP events and conferences.
Ballantyne will lead TAPs inaugural Women in Advice event being held in July in Auckland, a full day event to empower, connect, and inspire female advisers and staff within the TAP community.
More news:
Swiss Re to exit Australia life market, Hannover Life Re to take over portfolio
Medicines Amendment Bill passes first reading
WellSouth encourages NZers to include Advanced Care Plans in their personal planning portfolios
Fidelity Life offers drought-affected customers premium relief
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief.
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief. Fidelity Life customers who are facing financial hardship as a direct result of the drought in these regions who are eligible can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
Fidelity Life’s Chief Commercial Officer Bronwyn Kirwan said
“We recognise how tough it’s been for these regions as the dry weather continues and we want to show our support in a meaningful way. Our premium relief offer is a way we’re trying to help ease the burden and be there for our customers when they need us most.”
More news:
Collaboration between Retirement Commission and FANZ announced
The FMA to introduce a new newsletter for Financial Advice Providers
mySolutions webinar 'Keeping it as simple as 1..2..3' is on 16 April
Haven announce partnership with Whānau Āwhina Plunket
Legal and regulatory update for the life and health insurance sector
RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor; FMA announce review of advice sector; FMA release regulatory returns snapshot; FMA publish Samantha Barrass’ speech; FMA release latest Jess Learns to Invest podcast; APRA accept Court Enforcable Undertaking from ANZ; Hon Scott Simpson’s March 2025 diary released; COFR held quarterly meeting; FMA publish fair conduct programme insights report; RBNZ welcome applications to ESAS under new criteria.
1 Apr 2025 - The RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the Minister soon. https://www.rbnz.govt.nz/hub/news/2025/04/process-for-the-appointment-of-a-governor-for-a-six-month-term
2 Apr 2025 - FMA announce a review of the advice sector to help drive better outcomes for industry and consumers. It will focus on four key themes, which are:
Consumer preferences and demographics
Industry business models
Digital advice and innovation
Ease of provision of financial advice
2 Apr 2025 - The FMA release a Regulatory Returns snapshot for 1 July 2023 – 30 June 2024. Key statistics (as of 30 June 2024)
1410 licensed financial advice providers submitted regulatory returns
8472 financial advisers compared to 9300 in 2021
Life and health insurance are the most common financial products advice is provided on
36 FAPs are providing digital advice and 86,500 retail clients received digital advice
97% of complaints received were settled within 3 months.
https://www.fma.govt.nz/library/reports-and-papers/financial-advice-providers-industry-snapshot/
2 Apr 2025 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-advice-new-zealand-conference/
2 Apr 2025 - The FMA release Jess Learns to Invest Episode 3 | Understanding Managed Funds with Tom Hartmann. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-3/
3 Apr 2025 - APRA has accepted a Court Enforceable Undertaking from Australia and New Zealand Banking Group (ANZ) to address ongoing weaknesses in the bank’s non-financial risk management practices and risk culture. https://www.apra.gov.au/news-and-publications/apra-accepts-court-enforceable-undertaking-from-anz-and-increases-capital-add
4 Apr 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, March 2025 diary released with the following potential financial services sector related meeting noted:
6 Mar 2025 – MEET: Commerce Commission Chair and CE (Dr John Small, Adrienne Meikle)
10 Mar 2025 – MEET: NZ Banking Association CE (Roger Beaumont)
10 Mar 2025 – MEET: FMA Chair and Acting CE (Craig Stobo and Liam Mason)
10 Mar 2025 – MEET: Financial Services Stakeholders (Carl Blanchard & invited guests)
10 Mar 2025 - SPEAK: Financial Services Forum
11 Mar 2025 – SPEAK: Fintech Hui
13 Mar 2025 – MEET: Financial Ombudsman Reviewer (Nanette Moreau)
18 Mar 2025 -MEET: Financial Services Council CE (Kirk Hope)
18 Mar 2025 – MEET: ASB CEO (Vittoria Short, Louise Griffin)
19 Mar 2025 – MEET: FAMNZ (Leigh Hodgetts)
24 Mar 2025 – MEET: NZBA (Roger Beaumont and Dan Huggins)
25 Mar 2025 -MEET: CE of Westpac (Catherine McGrath)
26 Mar 2025 – MEET: Banking Ombudsman CE and Chair (Nicola Sladden and Miriam Dean)
26 Mar 2025 – MEET: Retirement Commissioner (Jane Wrightson)
27 Mar 2025 – MEET: FINCAP (Jake Lilley, Fleur Howard)
27 Mar 2025 – MEET: Financial Service Federation (Katie Rawlinson)
28 Mar 2025 – ATTEND: NZ Banking Assoc Council
31 Mar 2025 - MEET: Suncorp CEO (Jimmy Higgins)
4 Apr 2025 - The Council of Financial Regulators (CoFR) held its quarterly meeting on Monday 24 March 2025. The Council discussed the key external factors that could impact the financial system, noting in particular the rapid developments in artificial intelligence and ongoing geopolitical uncertainty. The Council reviewed developments in New Zealand’s payments system and noted the importance of upcoming developments like the passage of the Customer and Products Data Bill. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2025.html
4 Apr 2025 - The FMA have published their fair conduct programme insights report. https://www.fma.govt.nz/library/reports-and-papers/fair-conduct-programme-insights-report/
7 Apr 2025 - The RBNZ is welcoming applications to the Exchange Settlement Account System (ESAS) under new access criteria announced on 31 March 2025. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-welcomes-new-applications-to-the-exchange-settlement-account-system
Legal and regulatory update for the life and health insurance sector
CoFI came into effect; RBNZ appears before the Finance and Expenditure committee; COFR publish Q1 2025 regulatory initiatives calendar; Parliament indicate IPP3A will come into force on 1 May 2026; RBNZ is opening access to its Exchange Settlement Account System’ APRA release private health insurance risk equalisation stats; Credit Contracts and Consumer Finance Amendment Bill, Financial Markets Conduct Amendment Bill and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill were introduced into Parliament.
31 Mar 2025 - The Conduct of Financial Institutions (CoFI) regime came into full effect today. 77 financial institutions have been licensed by the FMA - 17 banks, 46 insurers and 14 non-bank deposit takers (credit unions, building societies and some finance companies). https://www.fma.govt.nz/news/all-releases/media-releases/cofi-regime-in-effect/
31 Mar 2025 - The RBNZ appeared before the Finance and Expenditure Committee (FEC) for their banking inquiry and discussed the wide range of initiatives underway to support and improve competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-outlines-work-to-support-competition
31 Mar 2025 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q1 2025. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2025.pdf
31 Mar 2025 - Parliament has indicated that IPP3A will come into force on 1 May 2026, and all organisations will need to have their systems in place to meet the new requirements by then. The Office of the Privacy Commissioner is aiming to have the guidance developed and published on their website to allow organisations plenty of time to implement the requirements of the new Act. https://privacy.org.nz/news/statements-media-releases/the-privacy-amendment-bill-is-coming-soon-heres-what-you-need-to/
31 Mar 2025 - The RBNZ is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation. The new criteria will open ESAS eligibility to more non-bank entities in two phases:
• First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
• Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs)."
31 Mar 2025 - APRA has released its private health insurance risk equalisation statistics publication for the 2023/24 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-4
31 Mar 2025 - Credit Contracts and Consumer Finance Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Markets Conduct Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Service Providers (Registration and Dispute Resolution) Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
Legal and regulatory update for the life and health insurance sector
Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs; APRA to consult on captial settings for annuity products; from 31 March, banks, insurers and non-bank deposit takers need to be licensed to continue providing relevant services to consumers in New Zealand; FMA to publish question set and key themes on financial institutions regulatory returns; APRA release quarterly insurance statistics for December 2024; RBNZ to commence quarterly publication of the new Business Expectations Survey in mid-May.
24 Feb 2025 - Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs. https://www.beehive.govt.nz/minister/hon-scott-simpson
27 Feb 2025 - The Australian Prudential Regulation Authority has confirmed it will proceed with a public consultation on capital settings for annuity products. This aligns with APRA’s goal to support life insurers to increase the availability of retirement products for retirees, as outlined in its Corporate Plan 2024-25. https://www.apra.gov.au/news-and-publications/apra-confirms-consultation-on-changes-to-capital-requirements-for-annuity
27 Feb 2025 - From 31 March 2025, the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) requires banks, insurers and non-bank deposit takers to be licensed to continue providing relevant services to consumers in New Zealand. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
27 Feb 2025 - The FMA will be publishing the financial institutions regulatory returns final question set along with a Summary of Key Themes, including the submissions received from the consultation, and a Regulatory Impact Statement, by end of March 2025. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
28 Feb 2025 - APRA release quarterly insurance statistics for December 2024. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-december-2024
3 Mar 2025 - RBNZ plan to commence ongoing quarterly publication of the new Tara-ā-Umanga Business Expectations Survey in mid-May 2025 (for the June quarter) in advance of the 28 May Monetary Policy Statement. https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
Legal and regulatory update for the life and health insurance sector
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time; Professor Philip Vermeulen appointed to RBNZ's governing Board; ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime; The Privacy Amendment Bill was read a second time.
13 Feb 2025 - The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time and referred to the Justice Committee. https://bills.parliament.nz/v/6/81644768-3902-4253-9723-08DD1EDF8E71?Tab=history
13 Feb 2025 - Professor Philip Vermeulen has been appointed to the RBNZ's governing Board. Philip will serve for a five-year term, from 10 February 2025 to 31 January 2030. https://www.rbnz.govt.nz/hub/news/2025/02/phillip-vermeulen-appointed-to-board
18 Feb 2025 - ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC’s proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. They are inviting feedback on the proposal to give relief from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties where:
the breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
the number of impacted consumers is not more than five, and
the total financial loss or damage to all impacted consumers resulting from the breach is not more than $500 (including where the loss has been remediated), and
the breach is not a contravention of the client money reporting rules, and clearing and settlement rules.
18 Feb 2025 - The Privacy Amendment Bill was read a second time. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae