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
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
Fidelity Life’s customer engagement initiative is back
Fidelity Life have announced details of their Customer Engagement Initiative 2025.
Fidelity Life have announced details of their Customer Engagement Initiative 2025. The programme is designed to recognise advisers for exceptional customer outcomes based on Net Promoter Score (NPS) surveys.
The campaign runs between 1 May and 31 October 2025. The top 45 qualifying advisers will be invited to an exclusive professional development focused forum. While the location of the forum hasn’t been released yet, it will take place in early 2026 and will be hosted by the Fidelity Life leadership team and business managers. Last year, the top 30 advisers attended the forum at Kauri Cliffs in Northland.
The forum will include a range of professional development sessions and deep dive business sessions, and Fidelity Life will share new customer insights from survey results. Attendees will receive a certificate of completion, which can be used as evidence of ongoing professional development.
To qualify, advisers need:
A minimum of 5 survey responses submitted during the programme period
A positive Net promoter score
This year, Fidelity Life have developed personal dashboards, which detail and advisers survey submissions and current overall score.
More news:
Legal and regulatory update for the life and health insurance sector
Updated version of the AML/CFT Audit Guideline published; the Credit Contracts and Consumer Finance Amendment Bill was referred to the Finance and Expenditure Committee; the Financial Markets Conduct Amendment Bill referred to the Finance and Expenditure Committee; the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill referred to the Finance and Expenditure Committee; RBNZ has published a Transitional Standard; RBNZ launch Tara-ā-Umanga Business Expectations Survey; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee; the FMA seeks feedback on their review of 14 class exemption notices; FSC to submit on Financial Markets Conduct Amendment Bill; DIA release guidance on AML.
16 May 2025 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published an updated version of the AML/CFT Audit Guideline. https://www.dia.govt.nz/Updated-AML-CFT-Audit-Guideline-now-available
20 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/6193A33C-40D6-4354-0D5A-08DD6FF875CC?Tab=history
20 May 2025 - The Financial Markets Conduct Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
20 May 2025 - The Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
21 May 2025 - The RBNZ has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. https://www.rbnz.govt.nz/hub/news/2025/05/depositor-compensation-scheme-transitional-provisions-standard-published
21 May 2025 - RBNZ launch Tara-ā-Umanga Business Expectations Survey (BES), with publication of results for the June quarter. https://www.rbnz.govt.nz/statistics/series/economic-indicators/business-expectations-survey
21 May 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/9B141149-011F-4C5F-5319-08DD514ABAA2?Tab=history
22 May 2025 - The FMA is seeking feedback on their review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013 (FMC Act). These notices will expire between December 2025 and November 2026. At the same time, the FMA are reviewing their three class designation notices. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/
23 May 2025 - The Finance and Expenditure Committee is now seeking submissions on the Financial Markets Conduct Amendment Bill. The FSC submission process, including the timetable for feedback and circulation of drafts will soon be available here. https://www.fsc.org.nz/fsc-consults25
23 May 2025 - The Department of Internal Affairs has released new guidance to help organisations assess whether their business is captured under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act). The guidance is intended to help organisations that operate an online marketplace that facilitates payments between customers to determine whether AML/CFT obligations apply — and what steps may be needed to take to comply. https://www.dia.govt.nz/AML-CFT-New-guidance-for-Online-Marketplaces
Legal and regulatory update for the life and health insurance sector
Amendments to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime take effect on 1 June 2025; FMA to pilot a Financial Advice Regulatory Panel; RBNZ to launch Tara-ā-Umanga Business Expectations Survey on 21 May; the Credit Contracts and Consumer Finance Amendment Bill and the Financial Markets Conduct Amendment Bill had first readings in Parliament; RBNZ publish bulletin which discusses barriers Māori face in accessing capital.
8 May 2025 - A number of amendments to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime are set to take effect on 1 June 2025. 3 Key Changes Impacting FAPs
Mandatory Customer Risk Rating
Enhanced Due Diligence for Low-Risk Trusts
Extended Reporting Timeframes
12 May 2025 - The FMA are to pilot a Financial Advice Regulatory Panel. The purpose of the Panel is to provide industry perspectives to the FMA on issues related to financial advice in New Zealand. The Panel will serve as a sounding board for how the FMA regulates the industry, including supporting good practice and ensure the FMA continue to regulate financial advice in a fit-for-purpose way. The FMA have approached key industry associations for nominations. https://www.linkedin.com/posts/financial-markets-authority-new-zealand_financialadvice-regulation-fma-activity-7327528052719083520-BD0y?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAwmg70BxdkhEtiDz1U0ui17rIBWTv3T_Es
14 May 2025 - On 21 May 2025 the RBNZ will be launching the Tara-ā-Umanga Business Expectations Survey (BES), publishing results for the June quarter.
14 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
14 May 2025 - The Financial Markets Conduct Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
15 May 2025 - The RBNZ has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections. https://www.rbnz.govt.nz/hub/news/2025/05/examining-maori-access-to-capital-market-failures
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
The FMA release #4 of Jess Learns to Invest podcast; FMA announce the six fintech firms will be taking part in the pilot regulatory sandbox; first edition of FMA Financial Advisers Update released; FMA publish a Consumer Confidence Factsheet; FMA release ‘5 mins with the FMA’ podcast #13; Office of the Privacy Commissioner seeks feedback on Privacy Amendment Bill (IPP3A) draft guidance; RBNZ research investigates why the ‘natural interest rate’ has fallen in NZ.
29 Apr 2025 - The FMA release Jess Learns to Invest Episode 4 | Market Volatility and Your Investments with Brad Olsen. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-4/
29 Apr 2025 - The FMA has announced the six fintech firms who will be testing their innovative products, services or business models in the FMA’s pilot regulatory sandbox.
The successful fintech firms are:
• ECDD Holdings Limited - part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.
• Emerge Group Limited - intending on offering a digital-first business banking alternative for small and medium-sized enterprises (SMEs).
• Homeshare - which appears to be an investment company aiming to assist period with home sharing schemes.
• IndigiShare - with aims to offer a koha-loan platform designed to break down barriers to entry for indigenous businesses and provide funding for Māori entrepreneurs, startups, and SMEs, especially those with a strong social impact
• Invest in Farming Co-op - with intention to offer individuals a way to invest in agricultural businesses directly from their smartphones.
• Tandym Limited - currently offers full-service solutions for recruitment and workforce development and management, connecting businesses with top talent, we are unsure what their interest in financial services.
https://www.fma.govt.nz/news/all-releases/media-releases/fintech-sandbox-participants/
29 Apr 2025 - The FMA has published the first edition of FMA Financial Advisers Update. https://createsend.com/t/r-B06F256588858C182540EF23F30FEDED
29 Apr 2025 - The FMA have published a Consumer Confidence Factsheet. The results of the Consumer Confidence Survey indicate that that Māori and women are less likely like to feel confident in NZ's financial markets, and less likely to feel confident our financial markets are effectively regulated. The results indicate that Māori and women are less likely like to have health or life Insurance, but Māori are more likely to have funeral Insurance. https://www.fma.govt.nz/library/research/consumer-confidence-factsheet-2025/
29 Apr 2025 - The FMA release ‘5 mins with the FMA’ podcast #13: Consumer Confidence Survey. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-13/
30 Apr 2025 - The Office of the Privacy Commissioner is asking for feedback on Privacy Amendment Bill (IPP3A) draft guidance. Feedback can be submitted between 30 April - 25 June 2025. https://www.privacy.org.nz/news/haveyoursay/
1 May 2025 - The RBNZ has released research which investigates why the ‘natural interest rate’ has fallen in New Zealand over recent decades. https://www.rbnz.govt.nz/hub/news/2025/05/research-investigates-why-the-natural-interest-rate-has-fallen-in-new-zealand-over-recent-decades
Legal and regulatory update for the life and health insurance sector
RBNZ’s Assistant Governor/General Manager Strategy, Engagement and Sustainability is leaving; CoFR releases a joint Issues Paper on Access to Basic Transaction Accounts; FIU release The CASH Report for March; Banks update code of practice to better protect consumers from scams; FMA release latest podcast.
17 Apr 2025 - RBNZ’s Assistant Governor/General Manager Strategy, Engagement and Sustainability Simone Robbers will be leaving at the end of May 2025 after six years in the role. https://www.rbnz.govt.nz/hub/news/2025/04/ag-gm-strategy-engagement-and-sustainability-leaving-rbnz
23 Apr 2025 - CoFR has released a joint Issues Paper on Access to Basic Transaction Accounts. CoFR is seeking feedback on the proposed introduction of basic transaction accounts to better support customer groups that are currently excluded. The consultation will remain open for eight weeks and will close on 18 June 2025. https://www.cofr.govt.nz/news-and-publications/cofr-seeking-feedback-on-access-to-basic-transaction-accounts.html
23 Apr 2025 - NZ Police Financial Intelligence Unit release “The CASH Report” for March 2025. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-mar2025.pdf
23 Apr 2025 - Banks are updating their Code of Banking Practice with five new commitments to better protect customers from scams. The five commitments introduced to the New Zealand Banking Associate Code of Banking Practice include:
a Confirmation of Payee service for customers to check that the name of the person they are paying matches the account number, which has already commenced roll-out
pre-transaction warnings to consumers based on the payment purpose
identification of and response to high-risk transactions or unusual account transaction activity, and the ability to block or delay transactions in some cases
providing a 24/7 reporting channel for customers who think they’ve been scammed, and responding to protect accounts
sharing scammer account information with other banks to help prevent criminal activity, and freezing funds where appropriate
The updated Code comes into force on 30 November 2025.
https://www.beehive.govt.nz/release/better-compensation-scam-victims
23 Apr 2025 - The FMA release ‘5 mins with the FMA’ podcast #12: Access to Financial Advice Review. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-12-access-to-financial-advice-review/
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
Product changes at Chubb Life
Chubb Life introduce a Moderate Trauma Cover option, make enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers and change underlying premium rates.
Chubb Life have introduced a Moderate Trauma Cover option under Assurance Extra. Offering coverage for the same critical illness conditions, it is a more affordable alternative to Trauma Cover. Moderate Trauma Cover requires a higher level of severity to be met on 11 of the more common conditions to be eligible to claim. Customers have the option to take Moderate Trauma on its own or mix and match their cover level across both Trauma and Moderate Trauma Covers. They’ll also have the option to take out Continuous Trauma on both covers.
Chubb have also made enhancements to Assurance Extra Trauma Covers and Assurance Extra Business Life, Trauma, Complete Disablement and Monthly Disability Covers. Assurance Extra Trauma Covers have added a Newborn Children’s Benefit, Complimentary Children's Benefit conversion enhancement and added a feature allowing policyholders to convert Trauma Cover to Moderate Trauma Cover. Assurance Extra Business policies have had to Age 65 and to Age 70 level premium review periods added and the payment term options have been extended to include a two-year payment term for Replacement Labour.
Chubb Life has made changes to the underlying premium rates on their Specific Injury Cover under Assurance Extra, Assurance Extra Business, Business Assurance and Agribusiness Extra. The new underlying rates come into effect on 8 May 2025 and will see the average Specific Injury premium increase by $3.10 per month depending on gender, occupation and cover level.
They have also updated their non-medical codes and associated limits – reducing the number of medical code categories and removing several mandatory testing requirements, and making some improvements to limits.
Chubb Life have also extended their 15% Lifetime Reward and 2 months’ free cover for new policies or cover increases under an existing eligible policy until 31 March 2026.
More news:
Rob Hennin to step down as nib CEO
Steve Wright writes of how advisers need a mindset change away
Naomi Ballantyne to lead TAP's inaugural Women in Advice event
Legal and regulatory update for the life and health insurance sector
RBNZ appoint Governor of the Reserve Bank of New Zealand for a six-month term; RBNZ looking for new external member of Monetary Policy Committee; Medicines Amendment Bill passes its first reading; FMA file criminal charges against former financial adviser.
8 Apr 2025 - Christian Hawkesby has been appointed as Governor of the Reserve Bank of New Zealand for a six-month term by the Minister of Finance, upon the recommendation of the RBNZ Board. https://www.rbnz.govt.nz/hub/news/2025/04/christian-hawkesby-appointed-as-governor-of-the-rbnz-for-6-months
9 Apr 2025 - A public appointment process has started for a new external member of the Reserve Bank of New Zealand’s Monetary Policy Committee (MPC) to replace Professor Bob Buckle when his term expires on 30 September 2025. https://www.rbnz.govt.nz/hub/news/2025/04/recruitment-of-new-external-member-to-the-monetary-policy-committee
10 Apr 2025 - Medicines Amendment Bill passes its first reading in Parliament and was referred to the Health Committee. https://www.beehive.govt.nz/release/medicines-amendment-bill-passes-first-reading
11 Apr 2025 - The FMA has filed a criminal charge against Auckland-based former financial adviser Prem Gounder for dishonestly using a document under section 228 of the Crimes Act 1961. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-criminal-charge-against-former-financial-adviser/