Legal and regulatory update for the life and health insurance sector

31 Aug 2021 – RBNZ released an IPSA consultation titled Options Paper 2, Policyholder Security under the Insurance (Prudential Supervision) Act Review. Submissions close 15 November 2021. https://www.rbnz.govt.nz/news/2021/08/reserve-bank-invites-feedback-on-insurance-policyholder-protection

31 Aug 2021 – The Advertising Standards Authority released a consultation on the draft ASA Financial Advertising Code. Submissions close 12 October. http://www.asa.co.nz/wp-content/uploads/2021/08/ASA-Consultation-on-the-draft-Financial-Advertising-Code.pdf


Legal and regulatory review for the life and health insurance sector

24 May 2021 – Advertising Standards Authority calls for submissions on the review of its Code for Financial Advertising, with submissions closing on 30 June 2021. https://www.asa.co.nz/2021/05/24/media-release-consultation-on-code-for-financial-advertising/

25-27 May 2021 – APRA released statistics for life insurance, general insurance and superannuation in Australia. https://www.apra.gov.au/

25 May 2021 – Government Minister, Hon David Parker, announced that the temporary regime, introduced to protect New Zealand assets from falling unnecessarily into foreign ownership during the COVID pandemic, will end on 7 June. bringing into place a narrower national security and public order call-in power. This allows screening of investments in strategically important businesses that do not normally require consent under the Overseas Investment Act, such as those involving the acquisition of military technology or critical national infrastructure. https://www.beehive.govt.nz/release/emergency-screening-overseas-investments-end-economy-recovers