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Legal and regulatory update for the life and health insurance sector

15 Sept 2020 – NZX provided an update on various Listing Rules class waivers granted in March 2020 in relation to Covid-19.

15 Sept 2020 - Minister for Climate Change, James Shaw, announced New Zealand will be the first country in the world to require the financial sector to report on climate risks. The new regime will be on a comply-or-explain basis, based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. Businesses covered by the requirements will have to make annual disclosures, covering governance arrangements, risk management and strategies for mitigating any climate change impacts. If businesses are unable to disclose, they must explain why. If approved by Parliament, financial entities could be required to make disclosures in 2023 at the earliest. The new climate reporting requirements will apply to:

  • All registered banks, credit unions, and building societies with total assets of more than $1 billion
  • All managers of registered investment schemes with greater than $1 billion in total assets under management
  • All licensed insurers with greater than $1 billion in total assets under management or annual premium income greater than $250 million
  • All equity and debt issuers listed on the NZX
  • Crown financial institutions with greater than $1 billion in total assets under management, such as ACC and the NZ Super Fund

https://www.beehive.govt.nz/release/new-zealand-first-world-require-climate-risk-reporting

 

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