Fidelity Life appoints new Chief Operating Officer
Legal and regulatory update for the life and health insurance sector

Legal and regulatory review for the life and health insurance sector

13 May 2021 - Overseas Investment Amendment Bill (No 3) completed second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_97807/overseas-investment-amendment-bill-no-3

14 May 2021 – Government announced the new default KiwiSaver provider arrangements, which will take effect once the terms of the current providers end on 30 November 2021, noting a reduction in default providers from nine to six, with the providers from 1 Dec 2021 including Bank of New Zealand, Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX). Relevant weblinks follow:

https://www.beehive.govt.nz/release/kiwisaver-default-provider-scheme-improvements-slash-fees-boosts-savings

https://www.fma.govt.nz/news-and-resources/media-releases/new-default-kiwisaver-settings-designed-to-benefit-members/

https://cffc.govt.nz/news-and-media/news/kiwisaver-default-providers-2021-2028/

14 May 2021 – The Department of Internal Affairs published comment on its use of targeted compliance assessments that focus on the effectiveness and implementation of specific AML/CFT obligations in practice, noting the recent use of this approach to focus on the requirement for a reporting entity to have an independent AML/CFT audit conducted every two years. https://www.dia.govt.nz/AML-CFT-Targeted-Compliance-Assessments---Independent-Audit

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