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Legal and regulatory update for the life and health insurance industry

5 Oct 2021 – RBNZ issued advice of a change of the implementation date from 1 Jan 2022 to 1 Jan 2023 for the interim Solvency Standard applicable to insurers. Insurers will be particularly relieved at this decision, as there were some significant challenges with the 2022 date, and the modelled requirements for additional capital. https://www.rbnz.govt.nz/regulation-and-supervision/insurers/consultations-and-policy-development-for-insurers/active-policy-development/review-of-the-insurance-solvency-standards

5 Oct 2021 – FMA advised that MBIE has commenced a review of FMA funding and levies, with submissions closing on 7 November 2021.

https://www.fma.govt.nz/compliance/consultation/consultation-fma-funding-and-levy-review

https://www.mbie.govt.nz/about/news/consultation-opens-on-2021-fma-funding-and-levies-review/

6 Oct 2021 – Ministry of Justice launched a public survey seeking views on the impact of New Zealand’s anti-money laundering laws, with the survey closing on 3 Dec 2021. https://www.justice.govt.nz/about/news-and-media/news/what-do-you-think-of-our-anti-money-laundering-laws/

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