Legal and regulatory update for the life and health insurance sector

13 July 2021 – Parliament’s Finance and Expenditure Committee announced it will be opening an inquiry into the current and future nature, impact, and risks of cryptocurrencies.

19 July 2021 – FMA released its Annual Corporate Plan 2021-22.

In the last item there is a relatively brief mention of the insurance sector priorities, which are: 

Our areas of focus in the Banking & Insurance sector are:
Preparation for the CoFI and updated insurance contract law regimes including:
• providing policy input as part of the legislative process
• engaging with industry participants and other stakeholders to build our understanding of the banking and insurance sectors
• developing a licensing approach for CoFI
• developing a monitoring and enforcement approach for when the regimes are in force.