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Legal and regulatory update for the life and health insurance sector

Legal and regulatory update for the life and health sector

1 Dec 2020 - The Government announced the extension of the Business Debt Hibernation (BDH) scheme by 10 months to 31 October 2021, introduced earlier this year as part of temporary relief measures aimed at helping businesses cope with the economic impacts of COVID-19. https://www.beehive.govt.nz/release/government-extends-business-debt-relief-october-2021

2 Dec 2020 – Minister of Commerce and Consumer Affairs announced new rules to protect Kiwis from unaffordable loans in the form of the Credit Contracts and Consumer Finance (Lender Inquiries into Suitability and Affordability) Amendment Regulations 2020, coming into force on 1 Oct 2021. https://www.beehive.govt.nz/release/new-rules-protect-kiwis-unaffordable-loans

1 Dec 2020 – Privacy Commissioner issued a reminder that the Privacy Act 2020 came into force on this date.

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