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Last Article Uploaded: Thursday, May 24th, 8:52PM
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Insurers next for regulatory scrutiny

[UPDATED] New Zealand's life insurers are now being asked to show what they are doing to identify issues of misconduct within their organisations.

Thursday, May 24th, 12:28PM

The Financial Markets Authority and Reserve Bank are scrutinising the industry in response to the Australian Royal Commission.

They have already asked for information from banks and are now turning to insurers.

A meeting has already been held with the Financial Services Council.

In a letter to insurers, the two regulators said they had reiterated to the FSC that the nature and extent of the issues within financial services in Australia and the obvious cross-over in terms of entities, people and practices into New Zealand demanded a strong response from the industry here, and from the regulators...MORE»

Royal Commission triggers letter to insurers from FMA and RBNZ

Thursday, May 24th, 12:13PM

The FMA and the RBNZ have sent the letter below to the chief executives of New Zealand’s licensed life insurers


Law reform process asks: Are commissions bad?

Tuesday, May 22nd, 9:29AM

Whether there is a need for more regulation of insurer conduct will be a key part of the insurance contract law review, Commerce Minister Kris Faafoi says.



Previous News

Health insurance gets boost from workplace schemes

Monday, May 21st, 11:04AM

New Zealand’s health insurance industry recorded its 12th consecutive quarter of growth in March 2018.


Severn: Change focus of incentives

Monday, May 21st, 6:00AM

Insurance companies should put some of the money they spend on soft commissions towards promoting consumer education programmes, creating career paths for new advisers and educating existing advisers, the chief executive of the PAA says.


Ballantyne: Partners keen for any purchase opportunity

Thursday, May 17th, 3:31PM

Partners Life is interested in pursuing any acquisition opportunities in the market, including but not limited to ANZ's OnePath, its managing director Naomi Ballantyne said.


Soft dollar commissions: What’s the problem?

Wednesday, May 16th, 10:18PM

It’s clear the Financial Markets Authority doesn’t like soft dollar commissions at all. But it’s hard to find any hard evidence in its report produced yesterday what the problem is.


Advisers, not consumers benefit from soft commissions: FMA

Wednesday, May 16th, 3:00PM

Insurers' soft commissions and sales incentives may be setting advisers up to fail in their obligation to exercise care, diligence and skill for their clients, the Financial Markets Authority says.



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