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Faafoi reassurance on future

Commerce Minister Kris Faafoi has promised the financial services sector there will be no more big announcements this year. He acknowledged, at the Get in Shape Advice Summit, that he had heard "loud and clear" that a lot...
National questions incentive limits

National MPs have questioned the need for a bill that brings in new conduct requirements for insurers, banks and non-bank deposit takers. It passed its first reading yesterday and will likely force insurers to monitor their adviser...
Costs increase with regulation

General insurers may have avoided criticism by the Financial Markets Authority (FMA) and the Reserve Bank of New Zealand (RBNZ) aimed at the life insurance industry. However, they’re now facing more regulatory scrutiny – res...
First test of new claims system

Homeowners affected by the recent Kāpiti Coast earthquakes are the first customers to enjoy the benefits of new automated processes in the Earthquake Commission’s claims system. As of noon on Tuesday, 18 homeowners had...
Increased claims hardening rates

The rising number of claims in cyber insurance, with some severe losses reported, are continuing to put upward pressure on cyber rates, according to Axa XL. The price increases are most pronounced for distressed accounts and cyber...
Must expand beyond traditional underwriting

When dealing with new and less-understood risks such as cyber, many brokers and risk managers have their work cut out for them. When up against a risk that often involves sophisticated technology, expanding beyond traditional methods is...
Steep increases threaten D & O

Marsh has warned that companies in Australia face the prospect of having to operate without directors’ and officers’ (D&O) cover as steep rate rises of up to 250% threaten the viability of the market. The major...
Seeking action on public's "dim view"

New Zealand insurer Tower says the insurance sector should take clear action to improve its standing following inquiries showing the general public takes “a dim view” of the industry. Financial services reviews have...
Significant legislation activity to start 2020

Financial Services Legislation Amendment Act Disclosure is the most important issue still outstanding with implementation of the Act less than 5 months away.  MBIE have been working with Parliamentary Counsel on changes to...
$1.2M in fees not enough

The Ministry of Business, Innovation and Employment (MBIE) says the FMA is expecting to gain $1.2 million in licensing fees from financial advisers as they apply for FSLAA licenses under the new regime, according to a new discussion...

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