Legal and Regulatory Update for the Life and Health Insurance Sector

6 Oct 2021 – Law Commission launched a review of the law relating to adult decision-making capacity and published the Terms of Reference that will guide the review. This may have a bearing on how you identify and help clients that may be vulnerable in some way, some disabled clients, as well as those of you that may work with very elderly clients. There will be a public consultation process in 2022 and an intent to report to the Minister of Justice by the end of 2023. https://www.lawcom.govt.nz/media-release/law-commission-review-law-relating-adult-decision-making-capacity

6 Oct 2021 – MBIE announced that Government is seeking feedback on creating a Digital Strategy for New Zealand, with a closing date for feedback of 10 Nov 2021.

https://www.mbie.govt.nz/about/news/government-seeking-public-feedback-on-digital-strategy/

https://www.digital.govt.nz/digital-government/strategy/towards-a-digital-strategy-for-aotearoa/have-your-say/

7 Oct 2021 – The Office of the Privacy Commissioner released a paper setting out the position of the Office on how the Privacy Act regulates bio-metrics. https://privacy.org.nz/publications/guidance-resources/biometrics-and-privacy/


Legal and regulatory update for the life and health insurance sector

For novelty seekers I commend to you the last item on this list. If you are unsure about the role of digital currencies then there are some excellent backgrounders available at https://www.economist.com/ :

30 Sept 2021 – Law Commission published a supplementary discussion paper on Class Actions and Litigation Funding with submissions closing on 12 November 2021. https://www.lawcom.govt.nz/our-projects/class-actions-and-litigation-funding

29 Sept 2021 - The Treasury published its 2021 Statement on the Long-Term Fiscal Position. https://www.treasury.govt.nz/news-and-events/news/treasury-publishes-2021-statement-long-term-fiscal-position

30 Sept 2021 – Commission for Financial Capability media release noting the 20-year anniversary of “helping Kiwis get their money Sorted”. https://retirement.govt.nz/news/latest-news/20-years-of-helping-kiwis-get-their-money-sorted/

30 Sept 2021 – FMA released the AML/CFT Monitoring Insights Report covering the regulator’s monitoring of the AML/CFT Act over the past three years (1 July 2018 – 30 June 2021). https://www.fma.govt.nz/news-and-resources/media-releases/fma-steps-up-enforcement-of-anti-money-laundering-breaches/

30 Sept 2021 – RBNZ issued a consultation on the future of money consisting of two issues papers titled “Stewardship and Future of Money” and “Central Bank Digital Currency”, with submissions closing on 6 Dec 2021. https://www.rbnz.govt.nz/news/2021/09/reserve-bank-consults-on-the-future-of-money


Legal and regulatory update for the life and health insurance sector

15 Apr 2021 – The Law Commission is seeking feedback on its review of succession law, with submissions closing on 10 June 2021. https://www.lawcom.govt.nz/media-release/law-commission-proposes-changes-succession-law

15 Apr 2021 – RBNZ released a paper titled “An Overview of Māori Financial Services Institutions and Arrangements.” https://www.rbnz.govt.nz/research-and-publications/discussion-papers/2021/dp2021-03

15 Apr 2021 - Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill underwent first reading and referred to the Economic Development, Science and Innovation Parliamentary Select Committee, to be reported in 4 months and 1 day. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

15 Apr 2021 – NZ Markets Disciplinary Tribunal released its Annual Report 2020. https://www.nzx.com/announcements/370794


Legal and regulatory review for the life and health insurance sector

17 Dec 2020 – Law Commission newsletter released, including information on the following upcoming or ongoing projects:

18 Dec 2020 – Government announced expansion of the small business loan support package related to Covid-19. https://www.beehive.govt.nz/release/small-business-support-expanded

18 Dec 2020 – Commerce Commission released a consultation on a draft cartel leniency and immunity policy, resulting from the introduction of the new criminal cartel offence coming into effect in April 2021. A seminar will be held on Wednesday 27 January 2021 at the Commission’s Auckland office to talk through the key changes to the policy and to answer any questions submitters may have. Submissions close on 10 Feb 2021. https://comcom.govt.nz/news-and-media/media-releases/2020/commission-seeks-feedback-on-draft-cartel-leniency-and-immunity-policy


Legal and regulatory update for the life and health insurance sector

4 Dec 2020 - Law Commission issued a consultation seeking views on whether New Zealand should have class actions and litigation funding, with submissions closing on 11 March 2021.

https://www.lawcom.govt.nz/media-release/law-commission-seeking-views-class-actions-and-litigation-funding

4 Dec 2020 – MBIE advised that, as a result of recent changes to the legislation and regulation, the current Responsible Lending Code needs to be updated. A consultation has been opened on the draft updated Responsible Lending Code, with submissions closing on 15 January 2021.

https://www.mbie.govt.nz/have-your-say/updating-the-responsible-lending-code/


Legal and regulatory update for the life and health insurance sector

24 Nov 2020 – The Law Commission published its report titled, “The Use of DNA in criminal investigations”. The report’s recommendations include replacing the current law which the Commission states is neither comprehensive nor future proofed. Hon Kris Faafoi, Minister of Justice, acknowledged receiving the report and stated that the Government will now consider the report’s 193 recommendations. https://www.lawcom.govt.nz/our-projects/use-dna-criminal-investigations?#1627

24 Nov 2020 – The Police Financial Intelligence Unit published “The Suspicious Activity Report for Oct 2020. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-oct-2020.pdf

25 Nov 2020 - NZX announced the permanent establishment of a Technology Committee to provide specialist governance oversight of the role and use of technology in executing NZX's strategy. https://www.nzx.com/announcements/363847

20 Nov 2020 - South Pacific Central Bank Governors' committed to cost effective remittances https://www.rbnz.govt.nz/news/2020/11/south-pacific-central-bank-governors-committed-to-cost-effective-remittances

24 Nov 2020 - Reserve Bank response to letter from Minister of Finance (on housing) https://www.rbnz.govt.nz/news/2020/11/reserve-bank-response-to-letter-from-minister-of-finance  Also note this link containing a link to the Minister’s letter to the RBNZ https://www.beehive.govt.nz/release/government-review-housing-settings

25 Nov 2020 - New Zealand's financial system supported by health, fiscal and monetary policy responses (November 2020 Financial Stability Report) https://www.rbnz.govt.nz/news/2020/11/new-zealands-financial-system-supported-by-health-fiscal-and-monetary-policy-responses