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