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Legal and regulatory review for the life and health insurance industry

Legal and regulatory update for the Life and Health Insurance sector

11 Mar 2021 – Takeovers Panel released three updated Guidance Notes as follows: https://www.takeovers.govt.nz/

  • Independent Advisers. The amendments made in this revision are to Appendix A:  The Panel's Policy on the Approval of Independent Advisers.
  • Panel’s Exemption Powers - providing guidance as to when exemptions are likely to be granted.
  • Creeping Acquisitions - providing information on the ability of a holder or controller of between 50% and 90% of the voting rights in a Code company to increase its control percentage by "creeping" under rule 7(e) of the Code.

11 Mar 2021 - ASIC consults on implementing a deferred sales model for add-on insurance products. The deferred sales model introduces a four-day pause between the sale of a principal product or service and the sale of an add-on insurance product. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-043mr-asic-consults-on-implementing-a-deferred-sales-model-for-add-on-insurance-products/ The last item will be of particular interest to banks, credit card issuers, airlines, and other organisations where insurance is commonly sold as an add-on. 

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