Legal and regulatory update for the life and health insurance sector

5 May 2022 – NZ Police Financial Intelligence Unit released The Suspicious Activity Report related to AML for March 2022. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

5 May 2022 – RBNZ advised of new data to be included in the Reserve Bank’s Tara-ā-Whare Household Inflation Expectations Survey, (M13), which will be available from 19 May. https://www.rbnz.govt.nz/statistics/m13

5 May 2022 – Financial Services Council released KiwiSaver industry statistics from the March quarter 2022. https://blog.fsc.org.nz/kiwisaver-spotlight-march-2022

5 May 2022 – IRD issued a consultation on whether and how New Zealand should participate in an OECD/G20 tax measure aimed at base erosion and profit shifting by large multinational enterprises. Submissions close on 1 July 2022. https://www.taxpolicy.ird.govt.nz/news/2022/2022-05-05-oecd-pillar-two-consultation


Legal and regulatory update for the life and health insurance sector

30 March 2022 – The third reading was completed in Parliament for the Commerce Amendment Bill.

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_108304/commerce-amendment-bill

https://www.mbie.govt.nz/about/news/stronger-regulation-to-promote-competition-passes-third-reading/

31 March 2022 – RBNZ released a three-part analytical note that analyses the past experiences of different ethnicities, age groups, sexes, and regions during past recessions in New Zealand. https://www.rbnz.govt.nz/news/2022/03/maori-pasifika-young-people-and-small-regions-hardest-hit-in-job-downturns

31 March 2022 – NZ Police Financial Intelligence Unit released its February 2022 “Suspicious Activity Report”. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports


Legal and regulatory update for the life and health insurance sector

31 Jan 2022 – MBIE published the Terms of Reference for an investigation into the impacts of recent changes under the Credit Contracts and Consumer Finance Act 2003. https://www.mbie.govt.nz/document-library (Scroll down the document list to 31 Jan)

2 Feb 2022 - NZ Police Financial Intelligence Unit released its November 2021 Suspicious Activity Report. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

2 Feb 2022 – MBIE released proposals for a New Zealand Income Insurance Scheme, with submissions closing on 26 April 2022. For readers who would like more background on possible interactions with income insurance we refer you to our December quarter life and health sector report. https://www.mbie.govt.nz/about/news/proposals-released-for-a-new-zealand-income-insurance-scheme/

2 Feb 2022 – RBNZ released Monetary Policy Announcement and Financial Stability Report dates for 2022/23. https://www.rbnz.govt.nz/news/2022/02/monetary-policy-announcement-and-financial-stability-report-dates-for-2022-23


Legal and regulatory update for the life and health insurance sector

26-28 Oct – FMA released the following exemption notices, each superseding an earlier exemption notice:

  • Financial Markets Conduct (Disclosure Using Overseas GAAP) Exemption Notice 2021
  • Financial Markets Conduct (Overseas FMC Reporting Entities) Exemption Notice 2021
  • Financial Markets Conduct (Overseas Registered Banks and Licensed Insurers) Exemption Notice 2021
  • Financial Markets Conduct (Corporate Trustees) Exemption Notice 2021

29 Oct 2021 – NZ Police Financial Intelligence Unit released the September 2021 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-sep2021.pdf


Legal and regulatory

27 Sept 2021 – Several regulatory releases related to financial services published as follows:

  • KiwiSaver (Reallocation and Transfer of Default Members) Regulations 2021
  • Financial Markets Conduct (Communal Facilities in Real Property Developments) Exemption Notice 2021
  • Financial Service Providers (End of Transitional Period) Order 2021 (relevant to overseas financial service providers with New Zealand retail clients above a minimum threshold)
  • Credit Contracts and Consumer Finance (Exemptions, Annual Returns, and Other Matters) Amendment Regulations 2021

4 Oct 2021 – NZ Police Financial Intelligence Unit released its August 2021 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-aug2021.pdf

4 Oct 2021 – RBNZ released its Annual Report. https://www.rbnz.govt.nz/news/2021/10/maintaining-focus-on-economic-wellbeing-and-prosperity

4 Oct 2021 – FMA media release, as part of World Investor Week (4-10 October), urging DIY online investors to pause before succumbing to investment FOMO. https://www.fma.govt.nz/news-and-resources/media-releases/diy-investors-encouraged-to-take-a-mo-before-giving-in-to-fomo/


Legal and regulatory update for the life and health insurance sector

8 Sept 2021 – NZ Police Financial Intelligence Unit published the July Suspicious Transaction Report together with a survey seeking feedback on the Suspicious Transaction Report. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

8 Sept 2021 – The Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill was introduced into Parliament. 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

8 Sept 2021 – RBNZ released the results of its thematic review of bank liquidity, which identified areas for improvement. RBNZ also advised that it intends to commence a review of the liquidity policy in the first half of 2022. https://www.rbnz.govt.nz/news/2021/09/thematic-review-of-bank-liquidity-identifies-areas-for-improvement


Legal and regulatory update for the life and health insurance sector

30 June 2021 – FMA published its NZX obligations annual review. https://www.fma.govt.nz/news-and-resources/media-releases/nzx-obligations-review-2021

1 July 2021 - Department of Internal Affairs published a new AML/CFT guideline for reporting entities supervised by the DIA to assist them assess the money laundering and terrorism financing risks associated with dealing with other countries. https://www.dia.govt.nz/AML-CFT-Assessing-Country-Risk-Guideline-for-reporting-entities-supervised-by-DIA-published

5 July 2021 – NZ Police Financial Intelligence Unit released the May 2021 AML/CFT Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-may2021.pdf

 


Legal and regulatory review for the life and health insurance sector

30 Apr 2021 - The Council for Financial Regulators (CoFR) agreed on a common understanding of the characteristics of a vulnerable consumer. This is presented as a non-binding framework for industry when developing or reviewing the way it treats vulnerable customers. https://www.rbnz.govt.nz/-/media/ReserveBank/Files/regulation-and-supervision/banks/relationships/cofr/CoFR-Consumer-Vulnerability-Framework.pdf

3 May 2021 – The NZ Police Financial Intelligence Unit released the March 2021 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-mar2021.pdf