Legal and regulatory update for the life and health insurance sector

AML/CFT review submissions have been reviewed and a summary released

https://consultations.justice.govt.nz/policy/aml-cft-review/

The Government is reviewing the Search and Surveillance Act 2012 with targeted engagement being carried out during the first part of 2022 to be followed by wider public engagement later in the year

https://www.justice.govt.nz/about/news-and-media/news/review-of-the-search-and-surveillance-act-2012/

Review of a national framework to improve access to civil justice with submissions closing on 30 June 2022.

https://www.justice.govt.nz/about/news-and-media/news/have-your-say-on-a-national-framework-to-improve-access-to-civil-justice-wayfinding-for-civil-justice/

29 March 2022 – NZ Parliament completed the third reading of the Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill and introduced the Fair Pay Agreements Bill.

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_115767/taxation-annual-rates-for-2021-22-gst-and-remedial-matters

https://www.taxpolicy.ird.govt.nz/news/2022/2022-03-30-tax-bill-passed

https://www.taxpolicy.ird.govt.nz/news/2022/2022-03-31-special-reports-new-legislation

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_121328/fair-pay-agreements-bill

31 March 2022 – The Incorporated Societies Bill completed third reading in Parliament.

https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109429/incorporated-societies-bill

https://www.beehive.govt.nz/release/incorporated-societies-act-updated-first-time-1908

https://www.mbie.govt.nz/about/news/greater-clarity-and-protection-for-incorporated-societies-passes-into-law/

31 March 2022 – The International Financial Reporting Standards (IFRS) Board advised that the International Sustainability Standards Board (ISSB) had delivered proposals that create comprehensive global baseline of sustainability disclosures. The ISSB communicated plans for building upon the Sustainability Accounting Standards Board (SASB) Standards and for embedding SASB’s industry-based standards development approach into the ISSB’s standards development process.

https://www.ifrs.org/news-and-events/news/2022/03/issb-delivers-proposals-that-create-comprehensive-global-baseline-of-sustainability-disclosures/

https://www.ifrs.org/news-and-events/news/2022/03/issb-communicates-plans-to-build-on-sasbs-industry-based-standards/

 


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. https://www.treasury.govt.nz/news-and-events/news/feedback-sought-lsf-dashboard-indicators

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

https://www.rbnz.govt.nz/news/2021/12/reserve-bank-responds-to-climate-consultations

1 Dec 2021 – Commerce Commission issued a reminder about changes to consumer credit laws coming into effect today. https://comcom.govt.nz/news-and-media/media-releases/2021/additional-changes-to-consumer-credit-laws-come-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

https://privacy.org.nz/new-on-the-website


Legal and regulatory update for the life and health insurance sector

17 Nov 2021 – FMA released three new self-assessment tools to help financial advice providers prepare for full licensing. The tools include:

  • Record keeping self-assessment tool
  • Cyber security and BCP self-assessment tool
  • Key outsourcing arrangements self-assessment tool

https://www.fma.govt.nz/news-and-resources/media-releases/financial-advice-providers-full-licensing-tools/

17 Nov 2021 – Under “FMA stories,” FMA released comment on its website on mandatory climate-related disclosures – a new regime for NZ and the FMA. https://www.fma.govt.nz/news-and-resources/fma-stories/mandatory-climate-related-disclosures-a-new-regime/

17 Nov 2021 – FMA consultation webpage updated in relation to the consultation completed on the “Proposed class exemption for restricted schemes from certain disclosure and reporting obligations.” https://www.fma.govt.nz/compliance/consultation/consultation-proposed-class-exemption-for-restricted-schemes-from-certain-disclosure-and-reporting-obligations/

17 Nov 2021 – NZ Treasury published a paper titled “The Wealth Ladder: House Prices and Wealth Inequality in New Zealand.” https://www.treasury.govt.nz/publications/an/an-21-01

17 Nov 2021 – The Incorporated Societies Bill second reading was completed in Parliament. https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_109429/incorporated-societies-bill


Legal and regulatory update for the life and health insurance sector

12 Nov 2021 – Consumer Protection media release about scams during Fraud Awareness Week. https://www.consumerprotection.govt.nz/news-and-media/rise-in-online-scams-costs-millions/

12 Nov 2021 - Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector. https://www.cofr.govt.nz/news-and-publications/regulatory-initiatives-calendar.html

12 Nov 2021 - Finance Minister Grant Robertson and Climate Change Minister James Shaw announced that the Government plans to issue sovereign Green Bonds from next year to help raise finance for New Zealand’s low carbon transition. https://www.treasury.govt.nz/news-and-events/news/new-zealand-issue-sovereign-green-bonds


Legal and regulatory update for the life and health insurance sector

For novelty seekers I commend to you the last item on this list. If you are unsure about the role of digital currencies then there are some excellent backgrounders available at https://www.economist.com/ :

30 Sept 2021 – Law Commission published a supplementary discussion paper on Class Actions and Litigation Funding with submissions closing on 12 November 2021. https://www.lawcom.govt.nz/our-projects/class-actions-and-litigation-funding

29 Sept 2021 - The Treasury published its 2021 Statement on the Long-Term Fiscal Position. https://www.treasury.govt.nz/news-and-events/news/treasury-publishes-2021-statement-long-term-fiscal-position

30 Sept 2021 – Commission for Financial Capability media release noting the 20-year anniversary of “helping Kiwis get their money Sorted”. https://retirement.govt.nz/news/latest-news/20-years-of-helping-kiwis-get-their-money-sorted/

30 Sept 2021 – FMA released the AML/CFT Monitoring Insights Report covering the regulator’s monitoring of the AML/CFT Act over the past three years (1 July 2018 – 30 June 2021). https://www.fma.govt.nz/news-and-resources/media-releases/fma-steps-up-enforcement-of-anti-money-laundering-breaches/

30 Sept 2021 – RBNZ issued a consultation on the future of money consisting of two issues papers titled “Stewardship and Future of Money” and “Central Bank Digital Currency”, with submissions closing on 6 Dec 2021. https://www.rbnz.govt.nz/news/2021/09/reserve-bank-consults-on-the-future-of-money


Legal and regulatory review for the life and health insurance sector

24 May 2021 - Results of the 2020 New Zealand Consumer Survey, conducted every two years by MBIE’s Consumer Protection team, became available. https://www.consumerprotection.govt.nz/news-and-media/new-zealand-consumer-survey-2020/

25 May 2021 – FMA media release titled “Thousands of young New Zealanders missing out on investment returns”, referencing fund choice in KiwiSaver. https://www.fma.govt.nz/news-and-resources/media-releases/nz-missing-out-on-investment-returns/

25 May 2021 – Treasury confirmed that the Business Finance Guarantee Scheme will conclude on 30 June 2021. The scheme was established in March 2020 to support small and medium businesses to access credit for cashflow, capital assets and projects related to, responding to, or recovering from, the impacts of COVID-19. https://www.treasury.govt.nz/news-and-events/news/business-finance-guarantee-scheme-conclude-30-june


Legal and regulatory update for the life and health insurance sector

19 May 2021 - Overseas Investment Amendment Bill (No 3) completed third reading in Parliament. https://www.beehive.govt.nz/release/overseas-investment-reform-protects-strategically-important-assets

20 May 2021 – FMA announced the appointment of Liam Mason as General Counsel. https://www.fma.govt.nz/news-and-resources/media-releases/fma-appoints-liam-mason-as-general-counsel/

20 May 2021 – Good Returns reported that the Financial Service Providers Register has already issued notices advising of the intention to de-list advisers who have not linked their registration to a financial advice provider or authorised body under the new regime, with Financial Services Complaints Ltd issuing an alert advising of the steps to take to complete the required linking. Relevant weblinks are https://www.goodreturns.co.nz/article/976518650/fspr-deadline-causes-panic.html and http://www.fscl.org.nz/alert-1

20 May 2021 – Treasury released the Government Budget 2021 documents. https://www.treasury.govt.nz/publications/budgets/budget-2021


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