Legal and regulatory update for the life and health insurance sector

30 Nov 2020 - Reserve Bank invited feedback on scope of the Insurance Prudential Supervision Act (IPSA) 2010 and associated Insurer Solvency Standards, releasing two consultation papers, with submissions closing on both papers on 18 Feb 2021. The Reserve Bank will be hosting a webinar to discuss the consultations on Monday 14 December. To express your interest in participating, email rbnz-info@rbnz.govt.nz Link to the announcement at https://www.rbnz.govt.nz/news/2020/11/reserve-bank-invites-feedback-on-scope-of-insurance-act-and-structure-of-solvency-standards

26 Nov 2020 - Health Funds Association of New Zealand (HFANZ) and the Financial Services Council (FSC) today announced a merger into one single organisation under the Financial Services Council banner from 1 December 2020, creating a membership association of close to 90 organisations. https://www.fsc.org.nz/site/fsc1/201126%20Health%20Funds%20Association%20of%20NZ%20to%20merge%20with%20the%20Financial%20Services%20Council.pdf

26 Nov 2020 – IRD tax policy website included information and a link to the Minister of Revenue’s speech to CAANZ on 19 Nov 2020, outlining the Government’s tax priorities in the short term. https://www.beehive.govt.nz/speech/keynote-address-chartered-accountants-australia-and-new-zealand-conference

27 Nov 2020 - NZX confirmed plans to create an Information Technology (IT) working group that will include leading representatives from across the capital markets’ technology ecosystem. https://www.nzx.com/announcements/364053

27 Nov 2020 – Privacy Commission website included a new post on transitioning from Privacy Act 1993 to Privacy Act 2020. https://www.privacy.org.nz/blog/transitioning-from-the-privacy-act-1993-to-the-privacy-act-2020/


Legal and regulatory update for the life and health insurance sector

18 Nov 2020 – The Privacy Commissioner published a reminder regarding the Model Contract Clauses for “Disclosing personal information outside New Zealand” under new Privacy Principle 12 available on the Commission website at https://privacy.org.nz/news-and-publications/guidance-resources/disclosing-outside-nz/

19 Nov 2020 – As part of Fraud Awareness Week, which runs from 15 to 21 November, the FMA released a media briefing regarding the rise in scams impersonating NZ businesses during COVID-19. https://www.fma.govt.nz/news-and-resources/media-releases/rise-in-scams-during-covid-19/


Legal and regulatory update for the life and health insurance sector

10 Nov 2020 – The Financial Advisers Disciplinary Committee website has again been amended such that the “Next Hearing” has been changed from 19 Nov 2020 to Thursday, 10 Dec 2020 at 9:00 a.m., with no further information provided other than details of the venue. https://fadc.govt.nz/upcoming-hearings/

6 Nov 2020 – The Privacy Commissioner published on the website details relating to the serious threat to public health or safety exception where the collection, use and disclosure of personal information is needed to combat a serious threat to public health or safety, such as Covid-19. https://www.privacy.org.nz/blog/privacy-covid-19-and-the-serious-threat-to-public-health-exception/

9 Nov 2020 – FSC released a new Disclosure Guide for the financial advice community. https://www.fsc.org.nz/site/fsc1/Reports/Financial%20Services%20Council%20-%20%20Disclosure%20Guidelines.pdf


Legal and regulatory update for the life and health insurance sector

5 Nov 2020 – The Ombudsman published a new guide today on the OIA’s privacy withholding ground.  The new guide explains how the privacy withholding ground works, and the factors to consider in deciding whether to withhold official information on privacy grounds. https://www.ombudsman.parliament.nz/news/new-privacy-guide-and-case-notes

5 Nov 2020 – NZX announced that the USA regulatory agency the Commodity Futures Trading Commission (CFTC) has granted a Part 30 Exemption Order to NZX in its capacity as a Foreign Board of Trade, thereby allowing New Zealand-based NZX Derivatives Participants to solicit US-based clients and trade on their behalf on NZX's dairy derivatives market, without registering with the CFTC as a futures commission merchant. https://www.nzx.com/announcements/362737

6 Nov 2020 – FMA released the final Standard Conditions for full financial advice provider licences, together with details of the three classes of financial advice service for full financial advice provider licences and a Regulatory Impact Statement. Seven standard conditions for a full licence include: record keeping, internal complaints process, regulatory returns, outsourcing, business continuity and technology systems, ongoing requirements, and notification of material changes. Note that the proposal in the earlier consultation to require Professional Indemnity Insurance does not appear. The FMA Consultation webpage contains links to the three key documents released today as follows:


Legal and regulatory updates for the life and health insurance sector

3 Nov 2020 – RBNZ Governor published an Op-Ed piece titled “Sustainable Finance: The earlier we act, the greater the opportunities.” https://www.rbnz.govt.nz/news/2020/11/sustainable-finance-the-earlier-we-act-the-greater-the-opportunities

3 Nov 2020 – Privacy Commissioner issued a reminder about the PrivacyLive seminar on the Privacy Act 2020 to be held at noon on 5 Nov 2020. https://www.privacy.org.nz/resources-2/forums-and-seminars/privacy-live-our-speaker-series/


Legal and regulatory update for the life and health insurance sector

30 Oct 2020 – Privacy Commissioner launched the ‘Privacy is precious’ campaign to coincide with Privacy Week, running from 2-6 November 2020. https://www.privacy.org.nz/news-and-publications/statements-media-releases/privacy-is-precious-campaign-for-privacy-week/

30 Oct 2020 - The Privacy Commissioner website was updated with six new Codes of Practice dated 28 Oct 2020 covering:

  • Civil Defence National Emergencies (Information Sharing) Code 2020
  • Credit Reporting Privacy Code 2020
  • Health Information Privacy Code 2020
  • Justice Sector Unique Identifier Code 2020
  • Superannuation Schemes Unique Identifier Code 2020
  • Telecommunications Information Privacy Code 2020

With the Code documents available at https://www.privacy.org.nz/privacy-act-2020/codes-of-practice/

The Privacy Commissioner website also has significant resource material available on the Privacy Act 2020 at https://www.privacy.org.nz/privacy-act-2020/resources/

2 Nov 2020 – FMA released a consultation document on proposed guidance on KiwiSaver fees and value for money, with submissions closing on 14 Dec 2020. https://www.fma.govt.nz/compliance/consultation/consultation-proposed-guidance-on-kiwisaver-fees-and-value-for-money/


Legal and regulatory update for the life and health insurance sector

27 Oct 2020 – Takeovers Panel extended COVID-19 class exemptions for capital raising from 31 Oct to 31 Dec 2020. https://www.takeovers.govt.nz/about-the-panel/news/covid-19-class-exemptions-for-capital-raising-extended/

27 Oct 2020 – Privacy Commissioner posted information on the website that, from 1 December, businesses and organisations that send personal information overseas will need to comply with new privacy Principle 12 in the Privacy Act 2020, which adds new controls on the disclosure of personal information to overseas organisations and businesses. https://www.privacy.org.nz/news-and-publications/statements-media-releases/new-principle-for-disclosing-personal-information-overseas/


Legal and regulatory update for the life and health insurance sector

19 Oct 2020 – Privacy Commissioner launched NotifyUs, a new online tool enabling businesses and organisations to easily assess whether a privacy breach is notifiable. https://www.privacy.org.nz/news-and-publications/statements-media-releases/office-of-the-privacy-commissioner-launches-privacy-breach-reporting-tool/

20 Oct 2020 – RBNZ released draft guidance on what regulated entities should consider when managing cyber resilience. The consultation on the draft guidance closes on 29 Jan 2021. https://www.rbnz.govt.nz/news/2020/10/reserve-bank-releases-guidance-to-help-build-cyber-resilience


Legal and regulatory review for the life and health insurance sector

16 Oct 2020 – Privacy Commissioner website provided details for the next PrivacyLive Forum to be held during Privacy Week on 5 November 2020, with the presentation focused upon the Privacy Act 2020, due to come into effect on 1 Dec 2020. https://www.privacy.org.nz/resources-2/forums-and-seminars/privacy-live-our-speaker-series/

19 Oct 2020 – FIU released the monthly AML/CFT September 2020 Suspicious Activity Report including, for example, a link to the FATF September 2020 report titled “Virtual Assets Red Flag Indicators”. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-sep-2020.pdf