Legal and regulatory review for the life and health insurance sector
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Legal and regulatory update for the life and health insurance sector

17 May 2021 – Department of Internal Affairs advised that it had extended the interim solution for corporate trustee annual AML/CFT report obligations such that a corporate trustee, whose AML/CFT obligations are being fulfilled by a parent law firm, accounting practice or a trust and company service provider (TCSP) that is a reporting entity in New Zealand is not required to submit an annual report by 31 August 2021. https://www.dia.govt.nz/extension-on-interim-solution-for-corporate-trustee-annual-report-obligations

18 May 2021 – FMA Story – “New default engagement requirements a cue for all KiwiSaver providers” outlines the new KiwiSaver default provider member engagement requirements. (Chatswood comment: Noting that anyone eligible to be a KiwiSaver member will be able to join or transfer into any of the new low fee default balanced KiwiSaver funds from 1 Dec 2021, these new member engagement requirements will also apply to such members.) https://www.fma.govt.nz/news-and-resources/fma-stories/new-default-engagement-kiwisaver-requirements/

18 May 2021 – FMA Story – “Pulling our weight in the fight against crime and money laundering” comments on the recent international FATF body assessment of New Zealand’s AML/CFT regime. https://www.fma.govt.nz/news-and-resources/fma-stories/pulling-our-weight-in-the-fight-against-crime-and-money-laundering/

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