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Cigna responds to $180,000 FMA fine, and other news

Legal and regulatory update for the life and health insurance sector

16 June 2022 – APRA released the Australian annual life insurance supplementary statistical tables and biannual life insurance institution-level statistics for December 2021. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-supplementary-statistical-tables-and-1

16 June 2022 - Minister of Commerce and Consumer Affairs, Hon David Clark, April 2022 diary released with the following potential financial services sector related meeting noted:

  • 7 April 2022 – Payments NZ (Steve Wiggins, CEO)


16 June 2022 – The FMA released an update on the KiwiSaver default scheme provider change process. https://www.fma.govt.nz/news-and-resources/fma-stories/update-on-the-kiwisaver-default-scheme-provider-change-process/

16 June 2022 – NZ Markets Disciplinary Panel appoints a new Chair, Deemple Budhia, a Partner at national law firm Russell McVeagh, to replace Rachael Reed. https://www.nzx.com/announcements/393893

16 June 2022 – IRD announced changes to rates for UOMI (Use of Money Interest), FBT (Fringe Benefit Tax (interest on loans and DRR (Deemed Rate of Return) on attributing interests in Foreign Investment Funds. https://www.taxpolicy.ird.govt.nz/news/2022/2022-06-16-rates-updated


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