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Legal and regulatory review for the life and health insurance sector

1 Oct 2020 – RBNZ released its 2019-2020 Annual Report. https://www.rbnz.govt.nz/about-us/annual-reports/2020-annual-report

1 Oct 2020 – FMA released its 2020 KiwiSaver report. https://www.fma.govt.nz/assets/Reports/Kiwisaver-Annual-Report-2020.pdf

2 Oct 2020 – NZX announced changes to the NZX Listing Rules relating to the disclosure requirements for Profile documents for direct listings. https://www.nzx.com/announcements/360828

1 Oct 2020 – RBNZ announced it is relaunching the review of the Insurance (Prudential Supervision) Act (IPSA) and commencing a review of the associated Insurer Solvency Standards. A paper has been released setting out the timeline for the Solvency Standards review project as well as the principles intended to guide the review and feedback is welcomed on this from interested parties. A second, substantive consultation paper outlining the RBNZ response to IFRS 17 and the structure of solvency standards is expected to be issued in December 2020. https://www.rbnz.govt.nz/news/2020/10/reserve-bank-relaunches-insurance-act-review

1 Oct 2020 – NZ Bankers Association launched guidelines to help banks serve customer needs outlining how banks will:

  • Treat their customers fairly
  • Recognise and prioritise customer interests
  • Give customers clear, concise and effective information
  • Design and provide products that meet customer needs
  • Provide good customer care
  • Identify, fix and learn from their mistakes

Link to NZBA release on Scoop news at https://www.scoop.co.nz/stories/BU2010/S00010/guidelines-to-help-banks-serve-customer-needs-launched.htm

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