Legal and regulatory update for the life and health insurance sector

16 March 2022 - The External Reporting Board has released the second part of the Climate-related Disclosure standards for public consultation. This release focuses on Strategy, and Metrics and Targets which combined, outline how entities need to assess current and future climate risks and opportunities and report on corresponding financial implications. Submissions close on 13 April 2022. https://www.xrb.govt.nz/news/media-releases/

18 March 2022 – All three AML/CFT supervisors and the NZ Police Intelligence Unit published information for AML/CFT reporting entities on what is required of them under the Russia Sanctions Act 2022.

https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

https://www.fma.govt.nz/compliance/guidance-library/impact-of-russia-sanctions-on-amlcft-reporting-entities/

18 March 2022 – The FMA released the independent report on conflict-of-interest processes undertaken by the FMA relating to its former CEO and the advice provided to the Minister of Commerce and Consumer Affairs in relation to the appointment of default KiwiSaver providers in 2021. https://www.fma.govt.nz/news-and-resources/media-releases/conflict-of-interest-processes/

21 March 2022 – Commerce Commission issued a warning to businesses about the consequences of cartels. https://comcom.govt.nz/news-and-media/media-releases/2022/businesses-warned-about-the-consequences-of-cartels


Legal and regulatory update for the life and health insurance sector

7 March 2022 – Commission for Financial Capability released commentary in relation to International Women’s Day titled, “Mind the gender financial capability gap.” https://retirement.govt.nz/news/latest-news/international-womens-day-mind-the-gender-financial-capability-gap/

7 March 2022 - NZ Police Financial Intelligence Unit released its December 2021 – January 2022 Suspicious Activity Report. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports


Legal and regulatory update for the life and health insurance sector

31 Jan 2022 – MBIE published the Terms of Reference for an investigation into the impacts of recent changes under the Credit Contracts and Consumer Finance Act 2003. https://www.mbie.govt.nz/document-library (Scroll down the document list to 31 Jan)

2 Feb 2022 - NZ Police Financial Intelligence Unit released its November 2021 Suspicious Activity Report. https://www.police.govt.nz/advice-services/businesses-and-organisations/nz-financial-intelligence-unit-fiu/fiu-reports

2 Feb 2022 – MBIE released proposals for a New Zealand Income Insurance Scheme, with submissions closing on 26 April 2022. For readers who would like more background on possible interactions with income insurance we refer you to our December quarter life and health sector report. https://www.mbie.govt.nz/about/news/proposals-released-for-a-new-zealand-income-insurance-scheme/

2 Feb 2022 – RBNZ released Monetary Policy Announcement and Financial Stability Report dates for 2022/23. https://www.rbnz.govt.nz/news/2022/02/monetary-policy-announcement-and-financial-stability-report-dates-for-2022-23


Legal and regulatory review for the life and health insurance sector

2 June 2021 – IRD released an updated “Public Guidance Work Programme for 2020-21” at the same time as seeking input into the 2021-22 work programme, with any suggestions for inclusion in the latter to be sent to Public.Consultation@ird.govt.nz Weblink to the Work Programme at https://www.taxtechnical.ird.govt.nz/consultations/our-work-programmes

2 June 2021 – The Fair Trading Amendment Bill completed its second reading in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_93552/fair-trading-amendment-bill

3 June 2021 – NZ Police Financial Intelligence Unit released the April 2021 AML/CFT Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-apr2021.pdf


Legal and regulatory update for the life and health insurance sector

10 Jan 2020 – RBNZ announced that it is responding with urgency to a breach of one of its data systems. A third-party file sharing service used by the Bank to share and store some sensitive information, has been illegally accessed. https://www.rbnz.govt.nz/news/2021/01/reserve-bank-responding-to-illegal-breach-of-data-system

6 Jan 2021 – Police Financial Intelligence Unit released the November 2020 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-nov-2020.pdf


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