Legal and regulatory update for the life and health insurance sector

31 Aug 2021 – RBNZ released an IPSA consultation titled Options Paper 2, Policyholder Security under the Insurance (Prudential Supervision) Act Review. Submissions close 15 November 2021. https://www.rbnz.govt.nz/news/2021/08/reserve-bank-invites-feedback-on-insurance-policyholder-protection

31 Aug 2021 – The Advertising Standards Authority released a consultation on the draft ASA Financial Advertising Code. Submissions close 12 October. http://www.asa.co.nz/wp-content/uploads/2021/08/ASA-Consultation-on-the-draft-Financial-Advertising-Code.pdf


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

10 Aug 2021 – Fair Trading Amendment Bill completed its third reading in Parliament. Relevant web links include https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_93552/fair-trading-amendment-bill and https://www.beehive.govt.nz/release/bill-cracking-down-unfair-commercial-practices-passes-third-reading

10 Aug 2021 – The Reserve Bank of NZ Bill completed its third reading in Parliament. Relevant web links include https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_99656/reserve-bank-of-new-zealand-bill and https://www.beehive.govt.nz/release/reserve-bank-bill-passes-third-reading and https://www.rbnz.govt.nz/news/2021/08/new-foundations-to-strengthen-and-modernise-the-reserve-bank

11 Aug 2021 – As the RBNZ issued a warning to Westpac in relation to AML/CFT prescribed transaction reporting failures, the RBNZ also issued the results of the Correspondent Banking, Prescribed Transaction Reporting and Transaction Monitoring Survey. https://www.rbnz.govt.nz/news/2021/08/formal-amlcft-warning-issued-to-westpac-banking-corporation

11 Aug 2021 – Council of Financial Regulators released a forward work plan providing a timetable of the planned regulatory initiatives from the CoFR agencies covering the rest of 2021 and throughout 2022. https://www.cofr.govt.nz/files/regulatory-initiatives.pdf CoFR also advised that it will receive statutory recognition under the just completed Reserve Bank of NZ Bill.

11 Aug 2021 – FMA latest monthly update included the following:

  • The FMA advised that it has joined the International Financial Consumer Protection Organisation (FinCoNet) - the organisation of supervisory authorities which have responsibility for financial consumer protection.

http://www.finconet.org/

  • World Investor Week this year is to be held 5-11 October 2021.

https://www.worldinvestorweek.org/

  • FMA Stories included a piece from Derek Grantham making an argument for the benefits of getting your full Financial Advice Provider licence in 2021.

https://www.fma.govt.nz/news-and-resources/fma-stories/get-your-full-licence-in-2021/


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 update for the life and health insurance sector

19 May 2021 - Overseas Investment Amendment Bill (No 3) completed third reading in Parliament. https://www.beehive.govt.nz/release/overseas-investment-reform-protects-strategically-important-assets

20 May 2021 – FMA announced the appointment of Liam Mason as General Counsel. https://www.fma.govt.nz/news-and-resources/media-releases/fma-appoints-liam-mason-as-general-counsel/

20 May 2021 – Good Returns reported that the Financial Service Providers Register has already issued notices advising of the intention to de-list advisers who have not linked their registration to a financial advice provider or authorised body under the new regime, with Financial Services Complaints Ltd issuing an alert advising of the steps to take to complete the required linking. Relevant weblinks are https://www.goodreturns.co.nz/article/976518650/fspr-deadline-causes-panic.html and http://www.fscl.org.nz/alert-1

20 May 2021 – Treasury released the Government Budget 2021 documents. https://www.treasury.govt.nz/publications/budgets/budget-2021


Legal and regulatory review for the life and health insurance sector

10 May 2021 – Privacy Commissioner stated that reported privacy breaches doubled after new Privacy Act took effect. https://privacy.org.nz/publications/statements-media-releases/reported-privacy-breaches-double-after-new-privacy-act-takes-effect/

5 May 2021 – The Financial Markets Infrastructure Bill completed third reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_93550/financial-market-infrastructures-bill

 

 


Legal and regulatory update for the life and health insurance sector

3 May 2021 – Government announced that the Productivity Commission will hold an inquiry into immigration settings to ensure New Zealand’s long term prosperity and wellbeing. Relevant web links are https://www.beehive.govt.nz/release/productivity-commission-inquiry-immigration-settings and https://www.productivity.govt.nz/news/inquiry-into-new-zealands-immigration-settings-confirmed/

4 May 2021 – The New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Bill, which proposes to raise the minimum residency qualification for New Zealand Superannuation from 10 years to 20 years after age 20, was reported back to Parliament from the Select Committee. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_80767/new-zealand-superannuation-and-retirement-income-fair

5 May 2021 – RBNZ released the May 2021 Financial Stability Report together with an updated Capital Review Implementation timeline. https://www.rbnz.govt.nz/news/2021/05/financial-system-sound-but-vulnerabilities-remain


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


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