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


Legal and regulatory review for the life and health insurance sector

23 Feb 2021 – IRD released a special report on the new resurgence support payment legislation. https://taxpolicy.ird.govt.nz/news/2021/2021-02-23-special-report-resurgence-support-payment

24 Feb 2021 – Companies Office published the following notice on it FSPR website: https://fsp-register.companiesoffice.govt.nz/

FSPR online services will be unavailable from 5pm Tuesday 2 March 2021 to 8am Monday 15 March 2021 while we update the register to support the new financial advice regime that comes into effect on 15 March 2021.

During this period, you will be able to search the public register, but you won't be able to log in to your online services account to file, update, or access information regarding your financial service provider.

However, FSP’s wishing to give notice of their intention to apply for a transitional licence during this period can still do so. Shortly we will publish forms and information on how to apply during the outage.

23 Feb 2021 – Hone David Clark, Minister of Commerce and Consumer Affairs, diary released for January 2021, containing just 9 items, none identified as directly relevant to financial services. https://www.beehive.govt.nz/sites/default/files/2021-02/Min%20Clark%20Ministerial%20Diary%20January%202021.pdf

23 Feb 2021 – The Department of Internal Affairs advised that it is undertaking a review of sector specific guidelines for accountants, lawyers and conveyancers, and real estate agents, and is offering a survey for completion as a means to provide feedback on the guidelines. https://www.dia.govt.nz/AML-CFT-DNFBPs---Help-us-improve-our-guidance

15 Feb 2021 - The FMA released the Financial Markets Conduct (NZX Derivatives Market Rules) Approval of Rule Change Notice 2021. The notice came into effect from 15 February 2021.


Legal and regulatory review for the health and life insurance sector

1 Feb 2021 – Minister of Commerce and Consumer Affairs, Hon David Clark, December 2020 diary released with the following potential financial services sector related meetings noted:

  • 2 Dec 2020 – Announcement of clearer lending rules (Attendees not listed)
  • 2 Dec 2020 – Meeting with NZ Bankers Assn (Chief Executive, Government Relations Director, Policy Director, of NZBA)
  • 4 Dec 2020 – Attendance at NZBA end of year luncheon
  • 9 Dec 2020 - Meeting with Commission for Financial Capability (Retirement Commissioner)
  • 10 Dec 2020 – Announcement about Merchant Service Fees (Attendees listed as “stakeholders”)
  • 10 Dec 2020 – Meeting with Financial Markets Authority (Chair, Chief Executive, Director Strategy, of the FMA)
  • 14 Dec 2020 – Meeting with Citizens Advice Bureau (Chief Executive of CAB)
  • 15 Dec 2020 – Meeting with Financial Services Federation (Executive Director, Board Members of FSF)

https://www.beehive.govt.nz/sites/default/files/2021-01/Hon%20Dr%20David%20Clark%20Proactive%20Diary%20Release%20December%202020.pdf