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Advisory: ICNZ welcomes changes to regulatory timetable

02 Apr 2020

In recognition of the widening implications of the Covid-19 crisis, ICNZ has been working closely with regulators and government departments on how to adjust the regulatory and policy programme planned for 2020.

Insurance is a vital service to support the financial resilience of New Zealand, and ICNZ and its members welcomed being identified as an essential service during the Covid-19 Alert Level 4 period.

On behalf of its members, ICNZ has worked alongside other industry associations to understand what measures could be taken to re-timetable these planned regulatory and legislative changes to enable the sector to focus on providing support to their business operations, staff and customers.

ICNZ welcomes the announcements made last week from the Reserve Bank of New Zealand and the Financial Markets Authority.

Key changes include:

  • delaying the implementation of the financial advice reforms from June 2020 to early 2021
  • deferring the commencement of solvency standard and IPSA reviews by the Reserve Bank
  • extending the submission periods of legislation already before Parliament such as the Conduct of Financial Institutions Bill and the Fair Trading Amendment Bill. 

These changes help to remove unnecessary pressure for insurers, allowing them to focus on responding to the evolving Covid-19 situation.  ICNZ is now focusing on engaging with government on how to respond to new issues emerging from the unprecedented situation.

Update 9 April: A full list of deferred regulatory initiatives affecting the financial sector can be found on the Financial Markets Authority site here.