Legal and regulatory review for the life and health insurance sector

22 Feb 2021 – Privacy Commissioner released new guidance in relation to Privacy Principle 12 for sending personal information overseas, with the guidance in the form of two new interactive online tools to help organisations and businesses understand what they need to do. https://www.privacy.org.nz/publications/statements-media-releases/new-guidance-for-sending-personal-information-overseas/

19 Feb 2021 – RBNZ announced amended dates for statistical releases as follows:

Survey

Series

Original date

New publication date

New mortgage commitments - LVR

C30-35

29 January

19 February


Bank balance sheet
 

C5, C50-52, S10-41

29 January

23 February

Non-bank lending institutions

T1, T4, T11, T21,
T31

29 January

23 February


Legal and regulatory review for the life and health insurance sector

18 Feb 2021 – Privacy Commissioner newsletter confirmed that Privacy Week 2021 will take place 10-14 May 2021.

18 Feb 2021 – The former Minister of Commerce and Consumer Affairs, Hon Faafoi, released his diary for September 2020, being the final full month before the election held on 17 Oct, with the following potential financial services sector related meetings noted:

  • 1 Sept 2020 - Meeting with Hon Little, NZX and FMA (Mark Peterson and Rob Everett)
  • 15 Sept 2020 – Meeting with FMA (Mark Todd, Rob Everett and Edwin Mitson)

https://www.beehive.govt.nz/sites/default/files/2021-02/Hon%20Kris%20Faafoi%20-%20Proactive%20Diary%20Release%20-%20September%202020%20.pdf

17 Feb 2021 – FMA media release stating that the FMA fears Chinese New Zealanders are under-reporting investment scams. https://www.fma.govt.nz/news-and-resources/media-releases/under-reporting-investment-scams/


Legal and regulatory update for the life and health sector

2 Feb 2021 – Privacy Commissioner released his 2020 briefing to the incoming Minister of Justice and issued more privacy guidance on contact tracing registers. Web links to each release are available at https://www.privacy.org.nz/publications/reports-to-parliament-and-government/2020-briefing-to-the-incoming-minister-of-justice/ and https://www.privacy.org.nz/blog/more-privacy-guidance-on-contact-tracing-registers/


Legal and regulatory update for the life and health insurance sector

27 Jan 2021 – Privacy Commissioner announced that he will virtually chair an international Computer Privacy and Data Protection conference over 27-29 Jan, commencing NZ time 5 p.m. on Thursday, 28 Jan, with a live stream available. https://www.privacy.org.nz/resources-2/forums-and-seminars/computer-privacy-and-data-protection-conference-cdcp/

28 Jan 2021 - FMA released its review of NZX technology issues finding the stock exchange failed to meet its licensed market operator obligations due to insufficient technology resources. NZX also released a response to the FMA review. Relevant FMA and NZX web links are https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-review-of-nzx-technology-issues/ and https://www.nzx.com/announcements/366811

28 Jan 2021 – RBNZ released the results of a research report showing the Māori economy is increasingly diverse and opportunities remain for it to continue growing and reach its full potential. https://www.rbnz.govt.nz/news/2021/01/e-hauora-ana-e-matahuhua-ana-te-ohanga-maori-e-ai-ki-nga-rangahau


Legal and regulatory update for the life and health insurance sector

21 Dec 2020 – Privacy Commissioner Annual Report released. https://www.privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2020/

21 Dec 2020 – Commerce Commission published a Statement of Issues relating to an application from Aon plc seeking clearance to acquire Willis Towers Watson Public Limited Company as part of a global transaction. Submissions close on 26 January 2021, with cross-submissions due no later than close of business 2 February 2021. The Commission is currently scheduled to make a decision on the application by 26 February 2021. https://comcom.govt.nz/case-register/case-register-entries/aon-plc-and-willis-towers-watson-public-limited-company

21 Dec 2020 – FMA released CPA Australia and NZICA accredited body reports, containing the findings of the FMA’s monitoring assessments of CPA Australia and NZICA for the period 1 July 2019 to 30 June 2020. https://www.fma.govt.nz/news-and-resources/media-releases/cpa-australia-nzica-accredited-body-reports/


Partners Life introduce Unhappily Ever After, and more daily news

Partners Life has announced the launch of the second phase of the Get Life Right campaign. The new campaign, titled Unhappily Ever After, is designed to open a dialogue about risk. Actor Dave Fane narrates the messages of financial risk in a nursery rhyme style. The campaign aired on the 29th of November and is expected to be aired on different media channels. It is always a challenge to find a way to tastefully yet assertively remind people that bad things happen and insurance has to be bought before. This approach combines a little seriousness, a little unpleasantness (after all, it's a cautionary tale), and a little humour. 

“That’s where ‘Unhappily Ever After’, our second wave of campaign material comes in. We have taken a number of classic nursery rhymes, had them beautifully animated and narrated by NZ Actor Dave Fane (Sione’s Wedding, Eagle vs Shark, Bro’Town, Outrageous Fortune) and turned into irreverent, cheeky tales about why Kiwis should be thinking more regularly about their financial risks.  Not only do Nursery rhymes take people back to their childhood, but they often have a dark origin which lends nicely to conveying our message that unexpected things do indeed happen.

The first Unhappily Ever After spot (Humpty Dumpty) launched on TV last night - If you didn’t catch it, you can watch this first video here or by clicking the image above. Make sure you keep your eyes and ears open over the coming months for this campaign, as we will be on TV, Radio, Online Streaming, Spotify, iHeartRadio and Social.”

In other news

From Goodreturns: Privacy and process why it is crucial to your business

Cigna: Cigna policy enhancements and new adviser toolkit announced

From Goodreturns: Why life expectancy has improved – and how much further we can go?


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