RiskInfoNZ Podcast for 01 April 2020
New Fair Insurance Code
The Insurance Council of New Zealand has launched a revised Fair Insurance Code which comes into force today Wednesday April 1.
The council’s CEO Tim Grafton says the code is designed to encourage good conduct and professionalism across the insurance industry, and describes how the relationship between insurers and their customers should work.
The Minister of Commerce and Consumer Affairs, Kris Faafoi, supports the code and says: “This sort of move is in line with the Government’s work to improve the culture and conduct in the financial sector and I am pleased to see the ICNZ showing leadership.”
Free Webinars for Advisers
Financial advisers can hear the views of leading business experts in a series of webinars organised by Financial Advice New Zealand.
The second of the organisation’s series of webinars via the Zoom platform is at 10am today, with others planned for the coming days until April 15.
Hardship Provisions
Fidelity Life released details of its hardship provisions to get ahead of clients who might struggle to pay premiums as a result of the country-wide lockdown as a result of COVID-19.
Products covered with payment holidays include life cover, survivor’s income base cover benefit, and TPD among others.
Partners Life Powers On With Changes
Partners Life is going ahead with its previously announced changes to premiums and commission structure despite the disruptions caused by COVID-19.
In a recorded message to advisers on 25 March the firm’s CEO Naomi Ballantyne defended the company’s decision to tread cautiously with new requests for insurance saying it needed to be fair to its existing clients.
This Week’s Poll
In this week’s poll we ask if your advice business will emerge in a viable position post the coronavirus crisis. Cast your vote today.
Working From Home
Working from home can seem an ideal proposition. But without planning and a dedicate spot in which to work, it can quickly become a stressful exercise. See our working from home feature at Risk Info.
Transitional License Deadline Delayed
The Minister of Commerce and Consumer Affairs Kris Faafoi has delayed the start of the new financial advice regulatory regime from 29 June 2020 until early 2021 – possibly March – but no confirmed date has been announced.
While advisers no longer need to meet the original deadline for a transitional license, Katrina Shanks, CEO of Financial Advice NZ recommends advisers continue to complete their applications as soon as possible.
Insurer Responds to Bad Press
In Australia insurer TAL has responded to what it says are inaccurate media reports about the cover it’s offering customers following the COVID-19 outbreak.
On 18 March the company made a change to its underwriting guidelines for customers purchasing a new policy to check if they had been exposed to the virus.
TAL says these are unprecedented times and that it understands the important role it has in supporting Australians.