Legal and regulatory update for the life and health insurance sector

15 Oct 2021 – IRD released a consultation on reporting requirements for domestic trusts, with submissions closing on 15 Nov 2021. https://taxpolicy.ird.govt.nz/publications/2021/2021-ip-reporting-requirements-domestic-trusts

18 Oct 2021 – RBNZ announced webinars on its Future of Money issues papers, as follows:

  • Future of Money – Stewardship
    • Thurs, 28 Oct, 2-3pm
    • Tues, 2 Nov, 7-8pm
  • Future of Money – Central Bank Digital Currency
    • Thurs, 28 Oct, 7-8pm
    • Tues, 2 Nov, 2-3pm

https://www.surveymonkey.com/r/Future-of-money-webinars


Legal and regulatory update for the life and health insurance sector

12 Oct 2021 – The FMA released advice that the Ministry of Justice commenced a statutorily required review of the AML/CFT Act on 6 Oct 2021, with the MOJ releasing a consultation document with submissions closing on 3 Dec 2021. https://consultations.justice.govt.nz/policy/aml-cft-review/

12 Oct 2021 – IRD released a commentary on the Supplementary Order Paper No. 64 to the Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill, containing proposals aimed at limiting the deductibility of interest incurred for residential property investments. https://taxpolicy.ird.govt.nz/publications/2021/2021-commentary-sop-argrm-bill

13 Oct 2021- FMA issued guidance on the advertising of financial products. https://www.fma.govt.nz/news-and-resources/media-releases/fma-issues-guidance-on-advertising-of-financial-products

13 Oct 2021 – RBNZ issued a consultation seeking views on its enforcement framework with submissions closing on 24 November 2021. https://www.rbnz.govt.nz/news/2021/10/views-sought-on-enforcement-framework

13 Oct 2021 - 13 Oct 2021 – MBIE advised that the Minister of Commerce and Consumer Affairs has issued the Updated Addendum to the Responsible Lending Code: COVID-19. The addendum elaborates on and offer guidance on how lender responsibility principles and lender responsibilities may be implemented by lenders while dealing with borrowers who have been impacted by COVID-19. https://www.mbie.govt.nz/dmsdocument/17505-updated-addendum-to-the-responsible-lending-code-covid-19

 

 


Legal and regulatory review for the life and health insurance industry

16 Aug 2021 - Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill reported back from Parliamentary Select Committee. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

13 Aug 2021 - Inland Revenue advised it is seeking public feedback on the proposed scope of the topics outlined for its 2022 long term insights briefing on tax, investment and productivity, with submissions closing on 6 September 2021. https://taxpolicy.ird.govt.nz/news/2021/2021-08-13-consultation-ltib

11 Aug 2021 - The Takeovers Panel issued updated guidance on acceptance forms to recognise the phasing out of the use of cheques. https://www.takeovers.govt.nz/guidance/codeword/issue-52/guidance-on-acceptance-forms/

11 Aug 2021 – The Births, Deaths, Marriages, and Relationships Registration Bill completed its second reading in Parliament with the Minister for Internal Affairs inviting the Governance and Administration select committee to consider improvements to the self-identification process and to provide a further opportunity for public submissions. Relevant web links are https://www.beehive.govt.nz/release/simple-self-identification-one-step-closer and https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_74854/births-deaths-marriages-and-relationships-registration

12 Aug 2021 – ASIC released information outlining its approach to new laws reforming the Australian financial services sector. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-213mr-asic-s-approach-to-new-laws-reforming-financial-services-sector/


Legal and regulatory update for the life and health insurance sector

26 July 2021 – In a webpage post, the FMA released the “Top five tips for becoming a fully licensed Financial Advice Provider.” https://www.fma.govt.nz/news-and-resources/fma-stories/top-five-tips-for-becoming-a-fully-licensed-financial-advice-provider/

26 July 2021 – RBNZ announced that, from today, it will publish new breakdowns for residential mortgage lending by loan-to-valuation (LVR) ratios in the C30 web table. https://www.rbnz.govt.nz/statistics/c30

26 July 2021 – RBNZ & FMA sought feedback on implementing new law, the Financial Market Infrastructure Act enacted in May 2021, to safeguard the ‘plumbing’ of the financial system, with feedback closing on 20 Sept 2021. https://www.rbnz.govt.nz/news/2021/07/reserve-bank-and-fma-consult-on-new-law-to-safeguard-the-plumbing-of-the-financial-system

26 July 2021 – IRD released a set of questions and answers to support the Government’s policy proposals on interest limitation for residential property investors. https://taxpolicy.ird.govt.nz/publications/2021/2021-other-interest-limitation-and-bright-line-rules-q-and-a

27 July 2021 – RBNZ released research looking at the distributional effects of monetary policy and the household cash flow effects of low interest rates in New Zealand. https://www.rbnz.govt.nz/news/2021/07/incomes-rise-for-mortgage-holders-as-interest-rates-fall

27 July 2021 – Financial Services Council released research looking at what New Zealanders think about KiwiSaver, the role it plays in their retirement preparedness, and where it needs to head in the future. https://www.fsc.org.nz/bulletin_display/x_blog_code/2153.html


Legal and regulatory update for the life and health insurance sector

6 July 2021 – IRD released a discussion document on proposals that would allow Inland Revenue to regularly collect bulk information about electronic transactions from payment service providers, with submissions closing on 20 Aug 2021. Link

6 July 2021 - The Government announced that it has agreed to establish a consumer data right framework for New Zealand. Link


Legal and regulatory review for the life and health insurance sector

11 June 2021 – FMA announced a temporary extension for certain reporting deadlines in response to a shortage of auditors in New Zealand. https://www.fma.govt.nz/news-and-resources/covid-19/temp-extension-reporting/

9 June 2021 - New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Bill completed second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_80767/new-zealand-superannuation-and-retirement-income-fair

9 June 2021 – Interest.co.nz reported that Commerce and Consumer Affairs Minister David Clark says a discussion paper on the potential regulation of unregulated buy now, pay later services will be issued later this year. https://www.interest.co.nz/personal-finance/110754/buy-now-pay-later

10 June 2021 – IRD and Government announced consultation has opened on deductions for interest expenses on rental properties, to be restricted from 1 October 2021, with an exemption for new builds. Submissions close on 12 July 2021. https://taxpolicy.ird.govt.nz/news/2021/2021-06-10-interest-deductibility-consultation-launched

10 June 2021 – Government announced that a license to operate a share trading market for small companies has been issued to Catalist Markets Ltd, with the new market expected to open for trading on 21 June 2021. Relevant weblinks are https://www.beehive.govt.nz/release/new-stock-exchange-help-grow-small-businesses and https://www.catalist.co.nz/


Legal and regulatory review for the life and health insurance sector

2 June 2021 – IRD released an updated “Public Guidance Work Programme for 2020-21” at the same time as seeking input into the 2021-22 work programme, with any suggestions for inclusion in the latter to be sent to Public.Consultation@ird.govt.nz Weblink to the Work Programme at https://www.taxtechnical.ird.govt.nz/consultations/our-work-programmes

2 June 2021 – The Fair Trading Amendment Bill completed its second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_93552/fair-trading-amendment-bill

3 June 2021 – NZ Police Financial Intelligence Unit released the April 2021 AML/CFT Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-apr2021.pdf


Legal and regulatory review for the life and health insurance sector

29 Apr 2021 – The international Financial Action Task Force released its latest Mutual Evaluation Report on New Zealand’s Anti-money Laundering and Counter-terrorist Financing Measures. https://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-new-zealand-2021.html

29 Apr 2021 – The IRD released the corrected Special report on the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021. https://taxpolicy.ird.govt.nz/publications/2021/2021-sr-arferm-act

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

  • 3 Mar 2021 – ASB (Vittoria Short, CE & Gavin Walker, Chair)
  • 3 Mar 2021 – Banking Ombudsman Event (Video conference – various attendees not listed)
  • 8 Mar 2021 – Payments NZ (Steve Wiggins, Chief Executive, Jane Retimana, GM Strategy and Corporate Affairs, Jamie Wood, Manager Clearing Systems, Sarah Hensen, General Counsel and Company Secretary)
  • 9 Mar 2021 - FinCap and NZBA Event (Speaking)
  • 11 Mar 2021 – IAG (Bryce Davies, Executive Manager Corporate Relations)
  • 17 Mar 2021 – Farmers Mutual Group (FMG) (Chris Black, CE, Dave Kibblewhite, Chief Financial, Investment & Risk Officer and Lisa Murray, Head of Compliance, Risk Quality, and General Counsel FMG)
  • 17 Mar 2021 – Financial Services Federation General Meeting (Speaking)
  • 17 Mar 2021 – Suncorp (David Flacks, Chair, Jimmy Higgins, CE, Suncorp NZ; Chris Curtain, CE, AA Insurance; Adrian Tulloch, MD Vero Liability Insurance, Hon Clayton Cosgrove)
  • 18 Mar 2021 – Tower Insurance (Blair Turnbull - CEO)
  • 24 Mar 2021 – ANZ (Sir John Key, Chair, Antonia Watson, CEO)
  • 24 Mar 2021 – BNZ (Doug McKay, Chair, Angela Mentis CE BNZ)
  • 24 Mar 2021 – Ando Insurance (John Lyon, CE Ando Insurance)
  • 24 Mar 2021 – Commission for Financial Capability (Jane Wrightson, Retirement Commissioner)
  • 30 Mar 2021 – Financial Markets Authority (FMA Chair, CE)
  • 30 Mar 2021 – Financial Markets Authority Board (FMA Board)
  • 31 Mar 2021 – Christians Against Poverty (Sam Garaway, CE, Francis Okapaleke, External Engagement Manager)
  • 31 Mar 2021 – Kiwibank (Steve Jurkovich, CE)
  • 31 Mar 2021 – Westpac (CE David McLean; Chair: Jon Dawson)

Weblink to the diary release https://www.beehive.govt.nz/sites/default/files/2021-04/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20March%202021_0.pdf

28 Apr 2021 – Privacy Commissioner published commentary on its website titled, “That was close! How to respond when you narrowly avoid a serious privacy breach.” https://privacy.org.nz/blog/how-to-respond-privacy-breach/

29 Apr 2021 – RBNZ announced that the RBNZ has joined the Bank of Canada and the Reserve Bank of Australia forming a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues. https://www.rbnz.govt.nz/news/2021/04/te-putea-matua-becomes-inaugural-member-of-new-international-central-bank-network

29 Apr 2021 – Treasury and the Ministry of Housing and Urban Development (HUD) proactively released Cabinet material and advice relating to the Government’s Housing Package announced on 23 March 2021. https://www.treasury.govt.nz/news-and-events/news/housing-package-proactive-release


Legal and regulatory review for the life and health insurance sector

19 Apr 2021 – Dentons Kensington Swan advised that the international Financial Action Task Force (FATF) had consulted private sector stakeholders on an update to FATF guidance on the risk-based approach to virtual assets and virtual asset service providers, with consultation having opened on 19 March 2021 and with submissions closing on 20 April 2021.

https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-vasp.html

20 Apr 2021 – APRA and ASIC released a Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2020 to 31 December 2020. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-3

21 Apr 2021 – FMA media release stating that it was warning the funds management industry to avoid advertising large investment returns for the 12-month period to March 31, 2021, as this could mislead investors. https://www.fma.govt.nz/news-and-resources/media-releases/advertising-investment-returns-could-mislead-investors/

21 Apr 2021 – MBIE opened consultation on outstanding aspects of the upcoming regime governing conduct in the financial sector, including consulting on regulations covering matters such as requirements for claims handling and complaints processes, prohibitions of certain types of sales incentives, and the treatment of intermediaries, with submissions closing on 4 June 2021. https://www.mbie.govt.nz/about/news/consultation-opens-on-additional-measures-in-new-financial-conduct-regime/

21 Apr 2021 – Parliamentary website updated for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill, showing submission closing date as 28 May 2021 and report date as 16 Aug 2021. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

21 Apr 2021 – IRD advised that it has identified several errors in the recent special report on the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021, and is currently in the process of updating it. An updated version will be published by early next week. https://taxpolicy.ird.govt.nz/news/2021/2021-04-21-updates-required-special-report