Legal and regulatory update for the life and health insurance sector

21 Oct 2021 – Submission closing date on the Digital Identity Services Trust Framework Bill set as 2 Dec 2021. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

22 Oct 2021 – Government announced an Enhanced Covid-19 business support package. https://www.treasury.govt.nz/news-and-events/news/enhanced-business-support-package-announced


Legal and regulatory update for the life and health insurance sector - updated

20 Oct 2021 - The Digital Identity Services Trust Framework Bill was read a first time and referred to the Economic Development, Science and Innovation Parliamentary Select Committee with report back due by 19 April 2022.

https://www.beehive.govt.nz/release/govt-helps-protect-new-zealanders-digital-identities

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

20 Oct 2021 – Department of Internal Affairs issued a reminder regarding AML/CFT obligations following release of the “Pandora Papers.” https://www.dia.govt.nz/AML-CFT-Reminder---Pandora-Papers

20 Oct 2021 - The third reading of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was completed in Parliament.

https://www.beehive.govt.nz/release/nz-passes-world-first-climate-reporting-legislation

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

20 Oct 2021 – FMA media release outlining its expanded role as a result of the passage of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill. https://www.fma.govt.nz/news-and-resources/media-releases/climate-related-disclosure-fma-responsibilities/

Oct 2021 – External Reporting Board released a consultation on climate related disclosures focused on the proposed Governance and Risk Management sections, Aotearoa New Zealand Climate Standard 1: Climate-related Disclosures (NZ CS 1)., with submissions closing on 22 November 2021. The Board is also working on the proposed sections for Strategy, and Metrics and Targets and intend to issue those for consultation in March 2022. https://www.xrb.govt.nz/extended-external-reporting/climate-related-disclosures/consultation-and-engagement/governance-and-risk-management-consultation-document/

20 Oct 2021 – The Financial Professional Services Trading Advice Transparency Bill was introduced to Parliament as a member’s bill, proposing to prevent financial advisers who recommend that a third party take over the management or disposal of a business or its assets from performing such a function themselves. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116381/financial-professional-services-trading-advice-transparency


Legal and regulatory update for the life and health insurance sector

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

  • 12 Aug 2021 – Financial Markets Authority (Chair of the Financial Markets Authority)
  • 26 Aug 2021 – Financial Markets Authority (Mark Todd (Chair), Rob Everett (CE), Edwin Mitson (Government and Industry Relations))

https://www.beehive.govt.nz/sites/default/files/2021-09/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20%20August%202021.pdf

28 Sept 2021 - Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill completed second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

29 Sept 2021 - Digital Identity Services Trust Framework Bill introduced into Parliament, designed to establish a legal framework for the provision of secure and trusted digital identity services for individuals and organisations. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

29 Sept 2021 – FMA announced the appointment of its current Head of Enforcement, Karen Chang, as Acting General Counsel until the FMA’s new Chief Executive joins next year. https://www.fma.govt.nz/news-and-resources/media-releases/fma-appoints-karen-chang-as-acting-general-counsel/