Legal and regulatory updat for the life and health insurance sector

9 May 2022 – Office of the Privacy Commissioner released a May 2022 Insights Report - Privacy Awareness and Engagement in Aotearoa New Zealand – to mark the start of Privacy Week this year.

Legal and regulatory update for the life and health insurance sector

5 April 2022 – FMA released a speech presented by Clare Bolingford FMA Director of Banking and Insurance, to the FSC's: "Outlook for the insurance sector - Building a sustainable and trusted life and health insurance sector" webinar, during which she announced FMA plans to facilitate forums, starting next month, to get both providers and intermediaries in the same room to arrive at an industry led solution to how fair customer outcomes can be achieved within the bounds of commercial realities under the Conduct of Financial Institutions (COFI) regulation.

6 April 2022 – The Privacy Commissioner released a copy of the Commission’s submission to the Governance and Administration Parliamentary Select Committee on the Data and Statistics Bill.

6 April 2022 – MBIE sought feedback on feedback on 2 exposure drafts, one on the Credit Contracts and Consumer Finance Amendment Regulations 2020 (the Regulations) and another on Chapter 5 of the Responsible Lending Code (the Code), with submissions closing on 20 April 2022.

Legal and regulator update for the life and health insurance sector

4 April 2022 - Minister of Commerce and Consumer Affairs, Hon David Clark, January and February 2022 diary released with the following potential financial services sector related meetings noted:

  • 2 Feb 2022 – ASB (Vittoria Short, CEO; Craig Sims, Executive GM; Debbie Mills, Tribe Lead Home Ownership & Louise Griffin GM Govt Relations)
  • 2 Feb 2022 – Kiwibank (Steve Jurkovich, CEO; Liz Knight (CRO); & Mike Hendriksen (CLO))
  • 2 Feb 2022 – BNZ (Dan Huggins, CEO; Sam Perkins, Chief Risk Officer; Martin Elliott, GM Consumer Product Lending Domain; Dean Schmidt, Exec, Commercial Services and Responsible Business; Paul Hay, GM, Regulatory Affairs; Dirk McLeish, GM, Line 1 Control and Assurance)
  • 2 Feb 2022 – Westpac (Catherine McGrath, CEO, Westpac; Clayton Cosgrove)
  • 2 Feb 2022 – ANZ (Antonia Watson, CEO; Peter Parussini, GM Public, Consumer and Govt Affairs; Ben Kelleher – MD, Personal Banking; Cushla Scholfield,  Associate General Counsel; Andrew Gaukrodger  - Govt Relations & Corporate Responsibility)
  • 9 Feb 2022 – IAG (Bryce Davies, Corp Relations and Amanda Whiting, CEO)
  • 9 Feb 2022 – Financial Advice NZ (Heather Roy, Chair and Katrina Shanks, CEO, and John Bolton, Director)
  • 10 Feb 2022 – FinCap (Ruth Smithers, CE)
  • 17 Feb 2022 – Speech to FSC Future Ready Advice Summit

4 April 2022 – Government announced a new round of sanctions announced targeting Russian oligarchs.

5 April 2022 – Parliament completed the first reading of the Fair Pay Agreements Bill, referred to the Education and Workforce Select Committee with report back due by 5 Oct 2022.

6 April 2022 – IRD advised that a new FATCA Excel file template is now available for download via myIR.

6 April 2022 – Commission for Financial Capability released data about KiwiSaver balances across age groups and gender, with the data collected by Melville Jessup Weaver actuaries on behalf of the Commission.

6 April 2022 – Privacy Commissioner invited submissions on a proposal to amend the Health Information Privacy Code 2020 to align it to the Pae Ora (Healthy Futures) Bill, with submissions closing on 4 May 2022.

Legal and regulatory update for the life and health insurance sector

22 March 2022 – Government announced its intention to introduce a Bill this year “to crackdown on global and domestic criminals who use businesses to hide money laundering, tax evasion and the financing of terrorism. It will include changes to the rules around beneficial owners to make it easier to see who owns or controls a company.”

22 March 2022 – The Privacy Commissioner confirmed Privacy Week this year is 9 - 15 May 2022 with a call for proposals and event ideas. The theme is Privacy: The Foundation of Trust.

Legal and regulatory update for the life and health insurance sector

28 Jan 2022 – Privacy Commissioner’s Office latest newsletter released, covering:

  • Privacy Commissioner Annual Report
  • Property rental sector guidance regarding tenants’ personal information
  • High Court 2021 review of Ministry decisions about Māori vaccination data
  • Updated privacy provision in the Incorporated Societies Bill
  • Australian Information Commissioner proposals to strengthen privacy protections
  • Simply Privacy upcoming workshops (While noting the latest newsletter copy is still to be posted on this webpage)

Legal and regulatory update for the life and health insurance sector

22 Dec 2021 – Statutes Amendment Bill introduced into Parliament, an omnibus Bill amending many Acts, including amendments to the Privacy Act and the Anti-Money Laundering and Countering Financing of Terrorism Act.

Legal and regulatory update for the life and health insurance sector

16 Dec 2021 – Office of the Privacy Commissioner released a paper providing guidance on how the Privacy Act applies to sensitive personal information.

15 Dec 2021 – Law Commission delivered its final report to Parliament on succession or inheritance law.

16 Dec 2021 – RBNZ released updated disclosure requirements for registered banks to reflect the Capital Review amendments to capital adequacy requirements.

16 Dec 2021 – Retirement Commissioner advised that the 2022 review of retirement income policies is about to commence, with a focus upon three broad areas comprising New Zealand Superannuation, housing, and private savings including KiwiSaver.

17 Dec 2021 – Commerce Commission released its snapshot of consumer complaints for 2020/2021.

17 Dec 2021 – APRA released Australian bi-annual life insurance institution-level statistics.

16 Dec 2021 – Office of the Privacy Commissioner released a paper providing guidance on how the Privacy Act applies to sensitive personal information.

Legal and regulatory review for the life and health insurance sector

1 Dec 2021 – Treasury sought feedback on the Living Standards Framework (LSF) Dashboard to reflect the new and revised parts of the LSF framework. As well as informing policy advice more generally, the Dashboard will provide the indicators that the Treasury will use to inform the development of its first Wellbeing Report in 2022. Feedback closes on 15 Dec 2021.

2 Dec 2021 – RBNZ advised that it had made submissions to two climate-related consultations.

  • To the External Reporting Board on the Governance and Risk Management sections of its proposed New Zealand Climate Standard 1
  • To the Ministry for the Environment seeking views on its Emissions Reduction Plan Discussion Document

1 Dec 2021 – Commerce Commission issued a reminder about changes to consumer credit laws coming into effect today.

1 Dec 2021 - Privacy Commission website included new posts on four topics as follows:

  • More privacy guidance on contact tracing registers
  • The other side of the CovidCard
  • Human error leading cause of privacy breaches
  • December 2021 Insights Report - Privacy Breach Reporting

Legal and regulatory update for the life and health insurance sector

3 Nov 2021 – Incorporated Societies Bill reported back from Parliamentary Select Committee.

3 Nov 2021 – Privacy Commissioner website updated regarding the recent Government announcement of new legislation outlining workplace vaccination requirements, which will change the circumstances when workplaces can ask about a person’s vaccination status.

4 Nov 2021 – FMA media release titled “Self-reporting issues to FMA does not provide immunity from litigation.” It outlined the three key areas that should be a priority for every firm that holds a licence with the FMA (or will do in future, under the Conduct of Financial Institutions Bill):

  • Self-reporting incidents or issues to the FMA;
  • Remediation – fixing issues and errors with customers in a timely way; and
  • Addressing inadvertent misconduct issues.

Legal and Regulatory Update for the Life and Health Insurance Sector

6 Oct 2021 – Law Commission launched a review of the law relating to adult decision-making capacity and published the Terms of Reference that will guide the review. This may have a bearing on how you identify and help clients that may be vulnerable in some way, some disabled clients, as well as those of you that may work with very elderly clients. There will be a public consultation process in 2022 and an intent to report to the Minister of Justice by the end of 2023.

6 Oct 2021 – MBIE announced that Government is seeking feedback on creating a Digital Strategy for New Zealand, with a closing date for feedback of 10 Nov 2021.

7 Oct 2021 – The Office of the Privacy Commissioner released a paper setting out the position of the Office on how the Privacy Act regulates bio-metrics.