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

Legal and regulatory update for the life and health insurance sector

11 June 2021 – ASIC announced that it is extending for 12 months – to 31 March 2023 – transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence, pending the outcome of the Australian Government’s consultation about the regulation of FFSPs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-131mr-asic-extends-transitional-relief-for-foreign-financial-services-providers-following-federal-budget/

11 June 2021 – NZX announced it is proposing hygiene amendments to the Listing Rules as part of its Hygiene Review, with a consultation paper released and submissions closing on 30 July 2021. https://www.nzx.com/regulation/nzx-rules-guidance/consultation

13 June 2021 – Government announced its intent to progress the Births, Deaths, Marriages and Relationships Registration Bill, making it easier for people to formally acknowledge their identified gender, including proposing a range of sex markers to be set in regulations rather than in legislation. https://www.beehive.govt.nz/release/progress-towards-simpler-process-changing-sex-birth-certificates - if this one raises questions about pricing and classification for risk I suggest you look back to my post : https://www.chatswood.co.nz/moneyblog/2021/05/stats-nz-update-data-collection-approach-.html 

14 June 2021 – NZ Herald reported on Government moves in Australia and NZ to allow unclaimed Australian superannuation money to go into KiwiSaver, also reported as agreed on 31 May 2021 in the joint release from the Australian and NZ Prime Ministers. Paragraph numbered 22 in the release at https://www.beehive.govt.nz/release/joint-statement-prime-ministers-jacinda-ardern-and-scott-morrison

8 June 2021 –Anti-money laundering and countering the financing of terrorism regulatory updates released including:

  • Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0147/latest/LMS499118.html

  • Anti-Money Laundering and Countering Financing of Terrorism (Cross-border Transportation of Cash) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0144/latest/LMS499306.html

  • Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0145/latest/LMS499212.html

  • Anti-Money Laundering and Countering Financing of Terrorism (Exemptions) Amendment Regulations 2021

https://www.legislation.govt.nz/regulation/public/2021/0146/latest/LMS499387.html

 

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