Legal and regulatory update for the life and health insurance sector

14 Dec – Financial Services Council released the latest ‘Money and You’ research focused upon “Women and Financial Wellbeing in New Zealand”. https://www.fsc.org.nz/bulletin_display/x_blog_code/2159.html

14 Dec 2021 – DIA and FMA issued an AML reminder about the obligations for reporting entities that outsource Customer Due Diligence (CDD) requirements to a specialist AML third-party provider. https://www.dia.govt.nz/aml-cft-outsourcing-customer-due-diligence


Legal and regulatory update for the life and health insurance sector

9 June 2021 – Privacy News from the Office of the Privacy Commissioner referred to a consultation released by the Department of Internal Affairs on 19 April 2021, with submissions closing on 11 June 2021, on a proposed Death Approved Information Sharing Agreement designed to make things a little easier for families when someone dies. This sets out the legal basis that makes it simpler to safely share personal death information that the Department of Internal Affairs holds on behalf of New Zealanders. This development would be very helpful for insurers who wish to monitor for the death of a life assured. That could help meet conduct obligations associated with offering a product that operates around the end of a life. Also, looking ahead, it could even enable automating the claim approval process. More information:  https://www.dia.govt.nz/proposal-to-share-death-information

9 June 2021 - The Commission for Financial Capability released a report and recommendations following public consultation on a discussion paper studying the effects of the complex legal framework governing the retirement village sector. https://cffc.govt.nz/news-and-media/news/urgent-review-recommended-for-retirement-village-legal-framework/