Legal and regulatory review for the life and health insurance sector

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

  • 13 Oct 2021 – NZ Insurance Council (Chris Curtin – AA Insurance, Toni Ferrier – AIG, Andrew Brooks – Chubb, Chris Black – FMG, Jimmy Higgins – Suncorp, Declan Moore – QBE, Blair Turnbull – Tower, Amanda Whiting – IAG, Dean Edwards (acting for John Lyon) – Hollard, Tim Grafton – ICNZ, Martin Stokes (MAS))
  • 20 Oct 2021 – Meeting with Retirement Commissioner (Jane Wrightson, Retirement Commissioner)
  • 20 Oct 2021 - Climate-related Disclosures Consultation Launch Event (Video conference – undisclosed participants)

https://www.beehive.govt.nz/sites/default/files/2021-11/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20%20October%202021_0.pdf

22 Nov 2021 – Commission for Financial Capability released a statement that the National Strategy for Financial Capability partners have joined forces to encourage safer spending this Christmas. https://retirement.govt.nz/news/latest-news/financial-support-agencies-join-forces-to-encourage-safer-spending-this-christmas/


Legal and regulatory update for the life and health insurance sector

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

  • 1 Sept 2021 – NZ Fin-Ed Centre, Massey University (Dr Pushpa Wood and David Kneebone)
  • 14 Sept 2021 – Meeting with the Council of Financial Regulators (CoFR) (Adrian Orr (Reserve Bank Governor), Rob Everett (CE Financial Markets Authority), Caralee McLiesh (Secretary of the Treasury), Carolyn Tremain (CE MBIE), Adrienne Meikle (CE ComCom), Liam Mason (General Counsel at the FMA), Hon Grant Robertson)
  • 30 Sept 2021 - Meeting with Simplicity NZ Ltd (Justin Lester, David Kneebone, and Sam Stubbs)

https://www.beehive.govt.nz/sites/default/files/2021-10/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20September%202021_1.pdf

19 Oct 2021 - The committee stage of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill was completed in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

20 Oct 2021 - The Financial Markets Authority set 30 September 2022 as the target date by when all transitional financial advice providers should apply for their Class 1 or Class 2 full licences. For Class 3 licence applicants, the target date is 30 June 2022. https://www.fma.govt.nz/news-and-resources/media-releases/fmtarget-dates-for-fap-full-licence-applications/

20 Oct 2021 - The Reserve Bank of New Zealand announced a review and consultation on its policy for branches of overseas banks, with submissions closing on 2 March 2022. https://www.rbnz.govt.nz/news/2021/10/review-of-overseas-bank-branches-underway


Legal and regulatory update for the life and health insurance sector

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

  • 12 Aug 2021 – Financial Markets Authority (Chair of the Financial Markets Authority)
  • 26 Aug 2021 – Financial Markets Authority (Mark Todd (Chair), Rob Everett (CE), Edwin Mitson (Government and Industry Relations))

https://www.beehive.govt.nz/sites/default/files/2021-09/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20%20August%202021.pdf

28 Sept 2021 - Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill completed second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109905/financial-sector-climate-related-disclosures-and-other

29 Sept 2021 - Digital Identity Services Trust Framework Bill introduced into Parliament, designed to establish a legal framework for the provision of secure and trusted digital identity services for individuals and organisations. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_116015/digital-identity-services-trust-framework-bill

29 Sept 2021 – FMA announced the appointment of its current Head of Enforcement, Karen Chang, as Acting General Counsel until the FMA’s new Chief Executive joins next year. https://www.fma.govt.nz/news-and-resources/media-releases/fma-appoints-karen-chang-as-acting-general-counsel/


Legal and regulatory update for the life and health insurance sector

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

  • 6 July 2021 – Speech: ASB stakeholder event in Wellington
  • 28 July 2021 – Speech; Payments NZ via videoconference

https://www.beehive.govt.nz/sites/default/files/2021-08/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20July%202021.pdf


Legal and regulatory review for the life and health insurance sector

29 July 2021 – Privacy Commissioner release confirming that Covid-19 vaccination status is personal information and so falls under the protections laid out in the Privacy Act 2020. https://privacy.org.nz/blog/the-covid-19-vaccination-and-privacy-rights/

30 July 2021 – RBNZ released an Op-Ed from the Reserve Bank Assistant Governor, Simone Robbers, titled “Sustainable Business: Working together on a path to a climate-resilient future.” https://www.rbnz.govt.nz/news/2021/07/working-together-on-a-path-to-a-climate-resilient-future

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

  • 10 June 2021 – Financial Markets Authority (Mark Todd, Chair; Rob Everett, CE)
  • 22 June 2021 – Takeovers Panel (Andy Coupe, Chair; Andrew Hudson, Chief Executive)
  • 24 June 2021 – Retirement Commissioner (Jane Wrightson, Retirement Commissioner)
  • 30 June 2021 - Chartered Accountants Australia and New Zealand (Peter Vial, NZ Country Head; Charlotte Evett, Government Relations Lead)

https://www.beehive.govt.nz/sites/default/files/2021-07/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20June%202021.pdf

29 July 2021 – FMA release advising that AIA admits false and misleading representations to customers in FMA fair-dealing proceedings. https://www.fma.govt.nz/news-and-resources/media-releases/aia-misleading-representations-to-customers

29 July 2021 – FMA released cyber resilience information sheet for financial advice providers. https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-cyber-resilience-info-sheet-for-financial-advice-providers/

29 July 2021 – RBNZ advised that it will be holding a webinar on the interim Solvency Standard for insurers at 10 a.m. on Thursday, 5 August 2021, via Microsoft Teams. https://www.rbnz.govt.nz/regulation-and-supervision/insurers


Legal and regulatory update for the life and health insurance sector

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

  • 6 May 2021 – Paymark (Maxine Elliott CEO and Pip White, General Counsel)
  • 6 May 2021 – Buy Now Pay Later group meeting (Shaun Quincey – Lattitude Innovation Holdings Ltd; Michael Saadat – Afterpay Ltd; Gary Rohloff – Laybuy Holdings Ltd; Julian Grennell – Zip Co Ltd; Chris Lamers, FlexiGroup NZ Ltd; Ed Bunting, Openpay Ltd)
  • 12 May 2021 – Securities Industry Association (David Fear, Jarden, SIA Chair; Managing Director, Head of Wealth & Markets; Neil Paviour Smith, Forsyth Barr, Managing Principal; David Lane, UBS New Zealand , Managing Principal and Head of NZ Equities; David Roberton, Macquarie Securities, Managing Principal and Head of NZ Equities; Gareth Stratton, ASB Securities, Managing Principal and General Manager; Tim Kiefte, Craigs Investment Partners, Head of Advisory; Craig Patrick, JBWere, Managing Principal; Warren Couillault, Hobson Wealth Partners, Chief Executive Officer, Managing Principal; Anthony Sabiston, Somerset Smith Partners, Managing Principal; Bridget MacDonald, SIA , Executive Director)
  • 12 May 2021 - ANNOUNCEMENT: Merchant Service Fees (Greg Harford, CE, Retail NZ)
  • 12 May 2021 – IAG NZ (Craig Olsen, CE IAG NZ; Blair Williams, General Counsel and Executive General Manager External Relations; Bryce Davies, Executive Manager Corporate Relations)
  • 28 May 2021 – Tower Insurance (Blair Turnbull, CEO Tower insurance; Michelle James, MD Tower Direct; Ron Mudalair, Chief Underwriting Officer)

https://www.beehive.govt.nz/sites/default/files/2021-06/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20May%202021_0.pdf

23 June 2021 – Reserve Bank of NZ Bill second reading completed in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_99656/reserve-bank-of-new-zealand-bill


Legal and regulatory review for the life and health insurance sector

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

  • 6 Apr 2021 – RBNZ (Geoff Bascand, Deputy Governor and Toby Fiennes, Head of Financial System Policy Analysis)
  • 12 Apr 2021 – Munich Re (Dr Achim Kassow, Member of the Board of Management, Dr Tobias Farny, CE, Asia Pacific & China, John Shewan, Chairman Australasia; Ralph Ronnenberg, MD Australasia)
  • 13 Apr 2021 – AON (Dominic Christian, Global Chairman Reinsurance Solutions & Robert De Souza, CE, AON)
  • 14 Apr 2021 - Insurance Brokers Association of NZ (Melanie Gorham, CEO & Barry Hellberg)
  • 15 Apr 2021 – Financial Services Council Event (Speaking)
  • 15 Apr 2021 – Southern Response (Alister James , Chair)
  • 15 Apr 2021 – Meeting with Financial Services CEs (Lyn McMorran , Financial Services Federation; Joe Bishop, Police and Families Credit Union; Roger Beaumont, NZ Bankers Association; Dr Suzy Morrissey, Commission for Financial Capability; Jane Wrightson, Retirement Commissioner; Liesl Knox, Avanti Finance; Sue Foley, Westpac; Steven Bendall, ASB; Antonia Watson, ANZ)
  • 15 Apr 2021 – Launch of the National Strategy for Financial Capability (Speaking)
  • 15 Apr 2021 – Mindful Money (Barry Coates, Founder & CEO)

https://www.beehive.govt.nz/sites/default/files/2021-05/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20April%202021.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


Dr David Clark voices his concern

Minister Dr David Clark is concerned about poor financial decisions made by some New Zealanders during the Covid-19 crisis and feels that advisers have a critical role to play in supporting customers in making good choices. At Dunedin Town Hall, FSC Getting in Shape event. The minister also reiterated the value of a consumer data right and new conduct law. 
 
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Legal and regulatory review for the life and health insurance industry

15 Mar 2021 – The new financial advice licensing regime commenced today with the Code Committee, the Financial Markets Authority and the Minister of Commerce and Consumer Affairs each completing a related media release. Relevant weblinks follow:

https://financialadvicecode.govt.nz/2021/03/15/update-15-march-2021-code-takes-effect/

https://www.beehive.govt.nz/release/new-financial-advice-rules-will-put-consumers-first

https://www.fma.govt.nz/news-and-resources/media-releases/start-to-new-licensing-regime-for-financial-advice/

15 Mar 2021 – The latest FMA update advised of the recent release of an updated guide for property syndicate investors. https://www.fma.govt.nz/investors/ways-to-invest/property-syndicates