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Legal and regulatory update for the life and health insurance sector

21 Oct 2021 – Submission closing date on the Digital Identity Services Trust Framework Bill set as 2 Dec 2021. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

22 Oct 2021 – Government announced an Enhanced Covid-19 business support package. https://www.treasury.govt.nz/news-and-events/news/enhanced-business-support-package-announced


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Legal and regulatory update for the life and health insurance sector - updated

20 Oct 2021 - The Digital Identity Services Trust Framework Bill was read a first time and referred to the Economic Development, Science and Innovation Parliamentary Select Committee with report back due by 19 April 2022.

https://www.beehive.govt.nz/release/govt-helps-protect-new-zealanders-digital-identities

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

20 Oct 2021 – Department of Internal Affairs issued a reminder regarding AML/CFT obligations following release of the “Pandora Papers.” https://www.dia.govt.nz/AML-CFT-Reminder---Pandora-Papers

20 Oct 2021 - The third reading of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was completed in Parliament.

https://www.beehive.govt.nz/release/nz-passes-world-first-climate-reporting-legislation

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

20 Oct 2021 – FMA media release outlining its expanded role as a result of the passage of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill. https://www.fma.govt.nz/news-and-resources/media-releases/climate-related-disclosure-fma-responsibilities/

Oct 2021 – External Reporting Board released a consultation on climate related disclosures focused on the proposed Governance and Risk Management sections, Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1)., with submissions closing on 22 November 2021. The Board is also working on the proposed sections for Strategy, and Metrics and Targets and intend to issue those for consultation in March 2022. https://www.xrb.govt.nz/extended-external-reporting/climate-related-disclosures/consultation-and-engagement/governance-and-risk-management-consultation-document/

20 Oct 2021 – The Financial Professional Services Trading Advice Transparency Bill was introduced to Parliament as a member’s bill, proposing to prevent financial advisers who recommend that a third party take over the management or disposal of a business or its assets from performing such a function themselves. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116381/financial-professional-services-trading-advice-transparency


Cigna multi-benefit discount is here to stay, and more daily news

Cigna has announced that the promotional multi-benefit discount will become a permanent offer. Cigna has highlighted that since the multi-benefit discount promotion launched last September, Cigna has received positive feedback. The multi-benefit discount is being offered to new customers as well as existing customers who were quoted and issued policies from 15 September 2020 to 17 October 2021. The multi-benefit discount can be used alongside the current good things come in twos offer that is available to advisers until 17 December.

“We’ve made our multi-benefit discount permanent and we’ve made it even better.

Since its release in September last year, we’ve had incredible feedback from the market on the difference the discount has made for customers taking out new cover.

 

Not only have we removed the age eligibility criteria, the permanent discount on Assurance Extra will now provide a 5% discount to customers taking Life Cover with one other qualifying cover and a 7% discount to those taking Life Cover with two other qualifying covers. The discount will be offered to all new business quoted and issued after 18 October 2021.

 

The discount can also be applied in conjunction with our Good things come in twos offer which is available to Advisers until 17 December 2021. This means not only will your new customers receive a multi-benefit discount on their cover, but they’ll also get the first two months of their cover, on us.  

 

The improved multi-benefit discount is not only for new customers, we’ll be passing it back to policies quoted and issued from 15 September 2020 to 17 October 2021 that were previously eligible for a discount under our campaign. The new levels will apply at their next policy anniversary.

 

This is just one of the ways we’re supporting customers with good value insurance solutions. For more information on the permanent discount visit cigna.co.nz/multi-benefit-discount”

 

In other news

Cigna: definitions and benefits across our Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra Covers have been updated

Cigna: Business Assurance policy wording has been simplified and is now in WriteMark-approved plain English

FSC: ReGenerations Reimagined kicked off on Tuesday

Financial Advice: spots available on the ethics courses


Legal and regulatory update for the life and health insurance sector

19 Oct 2021 - Minister of Commerce and Consumer Affairs, Hon David Clark, September 2021 diary released with the following potential financial services sector related meetings noted:

  • 1 Sept 2021 – NZ Fin-Ed Centre, Massey University (Dr Pushpa Wood and David Kneebone)
  • 14 Sept 2021 – Meeting with the Council of Financial Regulators (CoFR) (Adrian Orr (Reserve Bank Governor), Rob Everett (CE Financial Markets Authority), Caralee McLiesh (Secretary of the Treasury), Carolyn Tremain (CE MBIE), Adrienne Meikle (CE ComCom), Liam Mason (General Counsel at the FMA), Hon Grant Robertson)
  • 30 Sept 2021 - Meeting with Simplicity NZ Ltd (Justin Lester, David Kneebone, and Sam Stubbs)

https://www.beehive.govt.nz/sites/default/files/2021-10/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20September%202021_1.pdf

19 Oct 2021 - The committee stage of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was completed in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

20 Oct 2021 - The Financial Markets Authority set 30 September 2022 as the target date by when all transitional financial advice providers should apply for their Class 1 or Class 2 full licences. For Class 3 licence applicants, the target date is 30 June 2022. https://www.fma.govt.nz/news-and-resources/media-releases/fmtarget-dates-for-fap-full-licence-applications/

20 Oct 2021 - The Reserve Bank of New Zealand announced a review and consultation on its policy for branches of overseas banks, with submissions closing on 2 March 2022. https://www.rbnz.govt.nz/news/2021/10/review-of-overseas-bank-branches-underway


Legal and regulatory review for the life and health insurance sector

19 Oct 2021 – The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 July 2020 to 30 June 2021. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-4

19 Oct 2021 - Ombudsman’s 2020-2021 Annual Report published together with the Ombudsman’s Strategic Intentions for 1 July 2021 to 30 June 2026. https://www.ombudsman.parliament.nz/news/ombudsmans-2020-2021-annual-report-published


Southern Cross on working from home, and more daily news

Southern Cross has published the findings from the 2021 Southern Cross Health Insurance – BusinessNZ Workplace Wellness Survey. The survey respondents were from all over the country, with 14% of respondents based in Auckland, 13% based in Wellington, and 13% based in Canterbury. The survey has revealed since the COVID-19 pandemic began 34% of organisations surveyed reported that they are more open to the idea of employees working from home, even outside of strict lockdowns. The survey highlighted that 73% of organisations reported that employees felt isolated while working from home, and 66% of respondents reported that more employees experienced higher levels of general stress in 2020. Click here to read more

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In other news

Loud Shirt Day - Deaf Children Awareness Day will be on 29 October

Fidelity Life: in collaboration with business leadership coach Jennifer Myers, building a resilient business is now available in Learning HQ

FMA: Rob Evernett's new role revealed

Fidelity Life:

Screen Shot 2021-10-18 at 3.55.24 PM

 

 


Legal and regulatory update for the life and health insurance sector

15 Oct 2021 – IRD released a consultation on reporting requirements for domestic trusts, with submissions closing on 15 Nov 2021. https://taxpolicy.ird.govt.nz/publications/2021/2021-ip-reporting-requirements-domestic-trusts

18 Oct 2021 – RBNZ announced webinars on its Future of Money issues papers, as follows:

  • Future of Money – Stewardship
    • Thurs, 28 Oct, 2-3pm
    • Tues, 2 Nov, 7-8pm
  • Future of Money – Central Bank Digital Currency
    • Thurs, 28 Oct, 7-8pm
    • Tues, 2 Nov, 2-3pm

https://www.surveymonkey.com/r/Future-of-money-webinars


nib offer complementary mental health cover, and more daily news

nib New Zealand has launched the new complementary mental health cover that is available to Ultimate Health and Ultimate Health Max members who purchased their policies from 1 October 2021. Eligible customers will have access a consultation with a psychologist or psychiatrist without the consultation being linked to a hospital claim. The new mental health cover replaces the complementary Ultimate Health and Ultimate Health Max travel insurance cover that was offered in the past.

“nib New Zealand (nib) has launched a new complementary Mental Health cover for eligible Ultimate Health and Ultimate Health Max members to provide greater access to mental health services and help Kiwis continue to keep on top of their health and wellbeing.

The new mental health cover is available to members who are covered under a new nib Ultimate Health or Ultimate Health Max policy purchased from 1 October 2021 and provides up to $2,500 of consultations annually with a registered psychologist or psychiatrist on referral from a GP. The complementary cover will initially be available to members for one year.

nib New Zealand Chief Executive Officer, Rob Hennin said the health insurer was pleased to help improve access to mental health services and support the one in five people1 across the country who experience a mental illness each year.

“More and more Kiwis are seeking vital mental health services and we want to ensure eligible members are provided the opportunity to access such care, when they need it,” Mr Hennin said.

“The new Mental Health cover offers eligible members greater access to treatment as they can access a consultation with a psychologist or psychiatrist without it needing to be linked to a hospital claim such as cancer or cardiac services. Those members only need a referral from their GP to claim and they have the flexibility to choose their own health provider,” he added.

The introduction of nib’s mental health cover replaces the previous complementary Ultimate Health and Ultimate Health Max travel insurance cover. nib travel insurance sales have stopped while nib pursues new underwriting arrangements for its travel insurance business across Australia and New Zealand.

Mr Hennin said he believes the new cover will be well received by members who may need additional support for their mental wellbeing.

“As we move towards our ambition of health partner, we want to ensure our members feel supported and empowered to be proactive when it comes to taking care of their health and wellbeing. And, with varying lockdowns and COVID-19 restrictions likely to have an impact on the mental health of our community we believe the introduction of our Mental Health cover is timelier than ever,” he said.

nib’s new Mental Health cover is also available to existing members with an Ultimate Health and Ultimate Health Max policy that commenced from 21 April 2018, with the complementary mental health cover commencing following the renewal of their Ultimate policy from 1 December 2021.

For more information on nib’s Ultimate Health cover advisers should speak with their Adviser Partner Manager. ”

In other news

Fidelity Life: Fidelity Life has revised customer documents to simplify the language and made changes to policy wordings terminology

Fidelity Life: enhancements to CPI option and Indexation option. This will apply to new business issued on the amended wordings.

Fidelity Life: survivor's income cover options have been simplified

Fidelity Life: class 1-4 definition of ‘total disability’ has been updated for income protection-type covers

FSCL: FSCL sees spike in overall complaints


Quality Product Research - new zoom training sessions added for Quotemonster & Advicemonster!

We have scheduled the following training sessions for November & December! 

Make the most out of your time at home or refresh your knowledge by joining one of our sessions below:  

Quotemonster Basic (Introductory session - great for new users or for a refresher) 

  • Wednesday, 10 November 2021 11:00 am-12:00 pm 
  • Thursday, 25 November 2021 11:00 am-12:00 pm 
  • Thursday, 16 December 2021 11:00 am-12:00 pm 

Quotemonster Deep Dive (great for advanced users who use Quotemonster on a regular basis) 

  • Thursday, 18 November 2021 11:00 am-12:00 pm 
  • Thursday, 9 December 2021 11:00 am-12:00 pm 

Advicemonster (great for those who would like to learn more about our Statement of Advice (SOA) subscription) 

  • Thursday, 4 November 2021 11:00 am-12:00 pm
  • Thursday, 2 December 2021 11:00 am-12:00 pm

Please feel free to email us on info@quotemonster.co.nz with the session you'd like to attend and we will organise to send through the zoom link