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Medical premium comparison tool update v 8.9

Legal and regulatory update for the life and health insurance industry

11 Oct 2021 – The FMA, while issuing a public censure of a derivatives issuer (FIRMA NZ), advised that it is in the process of conducting an in-depth monitoring review of the Derivatives Issuer industry, following a sector risk assessment last year. The results of the review will be collated for consideration of future industry guidance and/or standard condition review. While the review has been deferred due to COVID-19 Alert Level changes, the FMA expects to conclude the review before the end of 2021. https://www.fma.govt.nz/news-and-resources/media-releases/censures-firma-nz-breaches

11 Oct 2021 – Two Bills introduced into Parliament

  • Data and Statistics Bill - intended to repeal and replace the Statistics Act 1975

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116197/data-and-statistics-bill

  • Retail Payment System Bill - introduces a range of measures to promote competition and economic efficiency in the retail payment system

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116198/retail-payment-system-bill

11 Oct 2021 – Council of Financial Regulators noted the passing of its tenth birthday with recruitment of its first adviser, having its role recognised in legislation, and completing an updated Memorandum of Understanding between its members. https://www.cofr.govt.nz/news-and-publications/cofr-celebrates-significant-milestones.html

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