Tuesday, June 2, 2020

Compliance & regulation

Reserve Bank Watching Insurers’ Liquidity

A number of New Zealand life insurance companies have been operating with low solvency buffers, with some having been adversely affected by falling interest...

Hundreds of Transitional Licences Approved by FMA

The FMA has approved almost 800 transitional licence applications, representing around 5,500 financial advisers, says the regulator in a statement to the media. With around...

Industry Levies to Rise – Updated

Industry levies for AFAs are to rise from $330-a-year to $380 plus GST for the 2020/21 year as the Crown prepares to reduce its...

FMA’s Cybersecurity Concerns

The FMA says a number of cybersecurity incidents have come to its attention. “It’s a good time to remind financial services firms of the importance...

FMA Lists its Expectations of Insurers

Industry regulator the FMA has issued New Zealand insurers a set of guidelines it expects them to follow as a result of the ongoing...

Pandemic – ASIC’s Expectations of Life Insurers

Handling insurance claims with "...utmost good faith and dealing with complaints genuinely, promptly, fairly and consistently" are among the expectations ASIC has laid out...

Caution Needed With Vulnerable Clients

Strategi Group has outlined a number of issues with which it says advisers need to be prepared for when working with potentially vulnerable clients. According...

Oaths and Declarations Act Changed Due to Covid-19

The Oaths and Declarations Act has been temporarily changed to make it easier for people to sign documents while remaining physically separated from each...

Revised Fair Insurance Code

The Insurance Council of New Zealand (ICNZ) has launched its revised Fair Insurance Code which encourages good conduct and professionalism in the insurance industry...