Legal and regulatory update for the life and health insurance sector

24-26 May 2022 – APRA released Australian statistics on Life, health and general insurance and superannuation. https://www.apra.gov.au/

26 May 2022 – FMA published a record keeping information sheet for financial advice providers about how they can demonstrate compliance with record keeping obligations. https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-record-keeping-information-sheet-for-financial-advice-providers/


Legal and regulatory update for the life and health insurance sector

19 April 2022 – Select Committee report completed to Parliament on the Digital Identity Services Trust Framework Bill. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

19 April 2022 - APRA and ASIC publish latest data on Australian life insurance claims and disputes. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-5

19 April 2022 – NZ Government announced new sanctions against Russia’s largest banks and financial institutions. https://www.beehive.govt.nz/release/russian-banks-targeted-under-latest-round-sanctions


Legal and regulatory review for the life and health insurance sector

3 March 2022 – APRA released life insurance statistics for December 2021. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-statistics-for-december-2021

3 March 2022 – The Commission for Financial Capability announced a new programme helping 1200 Pacific households on their journey to home ownership. https://retirement.govt.nz/news/latest-news/new-pathways-for-pacific-home-ownership/

3 March 2022 – The Council of Financial Regulators posted online details of its meeting held on 1 March 2022, together with advice of release of an updated Regulatory Initiatives Calendar. https://www.cofr.govt.nz/

4 March 2022 – Financial Services Council launched its 2022 Financial Resilience Index. https://blog.fsc.org.nz/2022-research-financial-resilience-index

3 March 2022 - The Reserve Bank of New Zealand said  its latest survey underscores the need for deliberate changes to the cash system to keep it resilient and efficient while needed and wanted by New Zealanders. https://www.rbnz.govt.nz/news/2022/03/cash-system-redesign-essential-to-support-changing-usage

3 March 2022 - Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill reported back to Parliament from the Select Committee. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_115767/taxation-annual-rates-for-2021-22-gst-and-remedial-matters


Legal and regulatory update for the life and health insurance sector

In Australia the numbers of financial advisers continue to shrink rapidly - we regularly report on this, but here are more news stories on Australian adviser numbers, with three links as follows:

https://www.moneymanagement.com.au/news/financial-planning/how-many-advisers-will-be-there-2022

https://www.moneymanagement.com.au/news/financial-planning/over-2000-advisers-left-industry-year-date

https://www.moneymanagement.com.au/news/financial-planning/adviser-losses-disappointing-not-unexpected

With adviser numbers down by more than 10% in the last year, and many predicting that thousands more will exit over the coming year, there is growing concern in Australia that legal and regulatory settings are wrong and may already be restricting access to financial advice to the wealthy. 


Legal and regulatory update for the life and health insurance sector

16 Dec 2021 – Office of the Privacy Commissioner released a paper providing guidance on how the Privacy Act applies to sensitive personal information. https://privacy.org.nz/publications/guidance-resources/working-with-sensitive-information/

15 Dec 2021 – Law Commission delivered its final report to Parliament on succession or inheritance law. https://www.lawcom.govt.nz/media-release/law-commission-recommends-new-law-about-who-inherits-property-when-someone-dies

16 Dec 2021 – RBNZ released updated disclosure requirements for registered banks to reflect the Capital Review amendments to capital adequacy requirements. https://www.rbnz.govt.nz/regulation-and-supervision/banks/banking-supervision-handbook/disclosure-requirements%C2%A0

16 Dec 2021 – Retirement Commissioner advised that the 2022 review of retirement income policies is about to commence, with a focus upon three broad areas comprising New Zealand Superannuation, housing, and private savings including KiwiSaver. https://retirement.govt.nz/news/latest-news/review-of-retirement-income-policies-to-get-underway/

17 Dec 2021 – Commerce Commission released its snapshot of consumer complaints for 2020/2021. https://comcom.govt.nz/news-and-media/media-releases/2021/consumer-complaints-continue-to-add-value

17 Dec 2021 – APRA released Australian bi-annual life insurance institution-level statistics. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-institution-level-statistics

16 Dec 2021 – Office of the Privacy Commissioner released a paper providing guidance on how the Privacy Act applies to sensitive personal information. https://privacy.org.nz/publications/guidance-resources/working-with-sensitive-information/


Legal and regulatory update for the life and health insurance sector

  • Private health insurance statistics

https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-3

  • Life insurance statistics

https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-statistics-for-september-2021


Legal and regulatory

27 Oct 2021 - APRA released its Operations of Private Health Insurers Annual Report for the financial year 2020-2021. The Operations of Private Health Insurers Annual Report shows expenses, revenues and operational information about private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-operations-of-private-health-insurers-annual-report-0


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


APRA Life insurance industry statistics release and more daily news

The Australian Prudential Regulation Authority (APRA) today released its Quarterly Life Insurance Performance Statistics publication for the June 2021 quarter.

The update provides an industry level view including showing premium growth and profitability by line of product. It clearly shows the serious problem with income protection contracts that has led to substantial changes being imposed by the regulator.

As a guide to the sector in Australian it is excellent. It is also an exemplar of how sector level information could be provided for the benefit of consumers, advisers, and the industry. Link

 

Other daily news: 

FMA Covid-19 Update – Essential Services, AML/CFT Reports and Financial Licensing and more. Link

CDC Study reveals unvaccinated people are 29 times more likely to land in hospital with Covid-19. Read the article here: Unvaccinated people are 29 times more likely to land in the hospital with COVID-19 than those who got the shot, a new CDC study reveals (businessinsider.com.au)

Partners Life Product changes and Benefit Improvements effective 12 July 2021: Download Product Changes and Benefit Improvements effective 12 July 2021

 


Legal and regulatory update for the life and health insurance sector

18 Aug 2021 – APRA advised that it is set to publish a greater breadth of industry-aggregate data for the general insurance and life insurance sectors. https://www.apra.gov.au/news-and-publications/apra-increases-transparency-around-publication-of-life-and-general-insurance

19 Aug 2021 – FMA updated its web post with more information on the effect of Covid-19 Level 4 restrictions on financial services firms. https://www.fma.govt.nz/news-and-resources/covid-19/government-announcement-workplaces-that-can-open-at-level-4/