Client outraged after life insurance premium doubles, and more daily news
Financial Advice conference recipient of Government funding, and more daily news

Legal and regulatory update for the life and health insurance sector

1 Sept 2020 – The FMA advised licenced Managers, and Supervisors, of Managed Investment Schemes (MIS) that, as result of the enactment of the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act in January 2020, overpaid PIE tax can now be refunded in some circumstances, and the FMA is encouraging MIS managers to consider updating their PDS with relevant wording before the end of January 2021.

1 Sept 2020 – Treasury advised that the Government has extended the Emergency Notification Regime in the Overseas Investment Act for another 90 days until 28 Nov 2020 to manage investment risks arising through Covid-19.

1 Sept 2020 – The Ombudsman quarterly Review Winter 2020 was released.

2 Sept 2020 – FMA released an investor guide to bonds.

2 Sept 2020 – Following the earlier decision by Financial Services Council to postpone its Sept 2020 conference, Good Returns today reported that Financial Advice NZ is a recipient of funding via MBIE’s domestic event fund for its planned conference, with a decision due this weekend whether to go ahead with an in-person Auckland event.


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