Legal and regulatory update for the life and health insurance sector

18 May 2022 – RBNZ published its “Enforcement Principles and Criteria Guidelines”, which are the foundation of its enhanced enforcement framework. https://www.rbnz.govt.nz/news/2022/05/rbnz-strengthening-enforcement-framework

18 May 2022 – NZX gave notice of changes to the NZX Listing Rules, approved by the Financial Markets Authority (FMA) on 5 May, 2022, as well as updates to three Guidance Notes and also a Practice Note dealing with the Issues of Warrants, with all of the changes and updates coming into effect on 17 June 2022. https://www.nzx.com/announcements/392278

18 May 2022 – Commerce Commission advised that, under the new Retail Payment Systems Act 2022, the Mastercard and Visa credit and debit card networks will be the initial focus of the Commerce Commission’s work to promote competition and efficiency in the retail payment system. https://comcom.govt.nz/news-and-media/media-releases/2022/mastercard-and-visa-networks-will-be-initial-focus-for-commission-under-new-act


Legal and regulatory update for the life and health insurance sector

16 March 2022 - The External Reporting Board has released the second part of the Climate-related Disclosure standards for public consultation. This release focuses on Strategy, and Metrics and Targets which combined, outline how entities need to assess current and future climate risks and opportunities and report on corresponding financial implications. Submissions close on 13 April 2022. https://www.xrb.govt.nz/news/media-releases/

18 March 2022 – All three AML/CFT supervisors and the NZ Police Intelligence Unit published information for AML/CFT reporting entities on what is required of them under the Russia Sanctions Act 2022.

https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

https://www.fma.govt.nz/compliance/guidance-library/impact-of-russia-sanctions-on-amlcft-reporting-entities/

18 March 2022 – The FMA released the independent report on conflict-of-interest processes undertaken by the FMA relating to its former CEO and the advice provided to the Minister of Commerce and Consumer Affairs in relation to the appointment of default KiwiSaver providers in 2021. https://www.fma.govt.nz/news-and-resources/media-releases/conflict-of-interest-processes/

21 March 2022 – Commerce Commission issued a warning to businesses about the consequences of cartels. https://comcom.govt.nz/news-and-media/media-releases/2022/businesses-warned-about-the-consequences-of-cartels


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 review for the life and health insurance sector

1 Dec 2021 – Treasury sought feedback on the Living Standards Framework (LSF) Dashboard to reflect the new and revised parts of the LSF framework. As well as informing policy advice more generally, the Dashboard will provide the indicators that the Treasury will use to inform the development of its first Wellbeing Report in 2022. Feedback closes on 15 Dec 2021. https://www.treasury.govt.nz/news-and-events/news/feedback-sought-lsf-dashboard-indicators

2 Dec 2021 – RBNZ advised that it had made submissions to two climate-related consultations.

  • To the External Reporting Board on the Governance and Risk Management sections of its proposed New Zealand Climate Standard 1
  • To the Ministry for the Environment seeking views on its Emissions Reduction Plan Discussion Document

https://www.rbnz.govt.nz/news/2021/12/reserve-bank-responds-to-climate-consultations

1 Dec 2021 – Commerce Commission issued a reminder about changes to consumer credit laws coming into effect today. https://comcom.govt.nz/news-and-media/media-releases/2021/additional-changes-to-consumer-credit-laws-come-into-effect-today

1 Dec 2021 - Privacy Commission website included new posts on four topics as follows:

  • More privacy guidance on contact tracing registers
  • The other side of the CovidCard
  • Human error leading cause of privacy breaches
  • December 2021 Insights Report - Privacy Breach Reporting

https://privacy.org.nz/new-on-the-website


Legal and regulatory update for the life and health insurance sector

9 Nov 2021 – The Open Government Partnership advised that New Zealand’s Third National Action Plan (NAP3) Draft Self-assessment has now been published and is open for comment from 9–23 November 2021. https://www.opengovpartnership.nz/

10 Nov 2021 – FMA released its Audit Quality Monitoring Report for 2020/21. https://www.fma.govt.nz/news-and-resources/media-releases/auditors-respond-well-to-challenges-2021/

10 Nov 2021 – Data and Statistics Bill first reading completed and referred to the Governance and Administration Select Committee. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116197/data-and-statistics-bill

10 Nov 2021 – Commerce Commission released a report on motor vehicle financing and add-on products. https://comcom.govt.nz/news-and-media/media-releases/2021/commission-releases-report-on-motor-vehicle-financing-and-add-on-products


Legal and Regulatory Update for the Life and Health Insurance Sector

6 Oct 2021 – Law Commission launched a review of the law relating to adult decision-making capacity and published the Terms of Reference that will guide the review. This may have a bearing on how you identify and help clients that may be vulnerable in some way, some disabled clients, as well as those of you that may work with very elderly clients. There will be a public consultation process in 2022 and an intent to report to the Minister of Justice by the end of 2023. https://www.lawcom.govt.nz/media-release/law-commission-review-law-relating-adult-decision-making-capacity

6 Oct 2021 – MBIE announced that Government is seeking feedback on creating a Digital Strategy for New Zealand, with a closing date for feedback of 10 Nov 2021.

https://www.mbie.govt.nz/about/news/government-seeking-public-feedback-on-digital-strategy/

https://www.digital.govt.nz/digital-government/strategy/towards-a-digital-strategy-for-aotearoa/have-your-say/

7 Oct 2021 – The Office of the Privacy Commissioner released a paper setting out the position of the Office on how the Privacy Act regulates bio-metrics. https://privacy.org.nz/publications/guidance-resources/biometrics-and-privacy/


Legal and regulatory update for the life and health insurance sector

18 Aug 2021 – The Commerce Commission, as the entity responsible for enforcing the Fair Trading Act, posted information on the recently enacted changes and proposed guidance. https://comcom.govt.nz/news-and-media/media-releases/2021/changes-to-the-fair-trading-act

18 Aug 2021 – The FMA advised that it anticipates that what will be considered essential financial services will be narrower than in previous Alert Level 4 scenarios and further information will be provided as soon as possible. https://www.fma.govt.nz/news-and-resources/covid-19/government-announcement-workplaces-that-can-open-at-level-4/

18 Aug 2021 – Financial Services Council posted the results of new research titled ‘Money and You: Generation Rent’ under the heading “Is home ownership an unattainable dream for most young Kiwis?” https://www.fsc.org.nz/bulletin_display/x_blog_code/2154.html


Legal and regulatory update for the life and health insurance sector

2 June 2021 – Commerce Commission finalised due diligence guidance for consumer credit providers. https://comcom.govt.nz/news-and-media/media-releases/2021/commission-finalises-due-diligence-guidance-for-consumer-credit-providers

2 June 2021 – RBNZ published a speech delivered by RBNZ Head of Financial Markets, Vanessa Rayner, titled “A Strategic View of Te Pūtea Matua’s Balance Sheet”. Ms Rayner noted that the size and composition of the Reserve Bank’s balance sheet had changed significantly in response to the COVID-19 pandemic. https://www.rbnz.govt.nz/news/2021/06/a-strategic-view-of-te-putea-matuas-balance-sheet


Legal and regulatory review for the life and health insurance sector

9 Apr 2021 - The Commerce Commission has issued its revised cartel leniency and immunity policy and revised template leniency agreement. The cartel leniency and immunity policy has been updated to reflect changes to the Commission’s cartel leniency policy resulting from the introduction of the new Commerce (Criminalisation of Cartels) Amendment Act 2019 which came into effect on 8 April. Cartel conduct can now be punished with a term of imprisonment of up to 7 years. https://comcom.govt.nz/news-and-media/media-releases/2021/commission-issues-updated-cartel-leniency-policy

9 Apr 2021 – Submission closing date on the Incorporated Societies Bill set as 28 May 2021. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109429/incorporated-societies-bill

9 Apr 2021 – IRD advised that, following attachment of Royal Assent to the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 on 30 March 2021, IRD released a special report on the Act. The report covers:

  • early information on land-related amendments (including the extension to the bright-line test)
  • feasibility expenditure
  • purchase price allocation
  • unclaimed money, and
  • other changes.

Web link at https://taxpolicy.ird.govt.nz/publications/2021/2021-sr-arferm-act


Legal and regulatory review for the life and health insurance sector

31 Mar 2021 – RBNZ advised via -email that it had published updated versions of the ‘working copies’ of the bank disclosure Orders in Council (OICs) that it maintains on its website.

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

  • 10 Feb 2021 – Speaking at the Financial Services Council (FSC) Get In Shape Summit
  • 12 Feb 2021 – Meeting with Forsyth Barr (Ken Lister and Trish Oakley)
  • 18 Feb 2021 – Insurance Council of NZ (Craig Olsen, President, Chris Curtin, Vice President, Tim Grafton, CE, and Board Members)
  • 24 Feb 2021 - Meeting with Asia Pacific MasterCard (Ruth Riviere, Country Manager, Peter Chisnell, Senior Vice President Market Development for Asia Pacific MasterCard)
  • 24 Feb 2021 – Meeting with Visa International (David O’Brien, Head of Merchant Sales and Solutions NZ & South Pacific, Marty Kerr, Country Manager, NZ & South Pacific for Visa International)
  • 25 Feb 2021 – KiwiSaver Announcement (Various attendees not listed)
  • 25 Feb 2021 – Meeting with Financial Services Council (Rob Flanagan, Chair, Richard Klipin, CEO, Thomas Pryor)
  • 25 Feb 2021 – Meeting with Financial dispute resolution schemes (CEO - Financial Services Complaints Ltd, General Manager - Fairway Resolution, Banking Ombudsman, Insurance and Financial Services Ombudsman, Board member of IFSO)

https://www.beehive.govt.nz/sites/default/files/2021-03/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20February%202021.pdf