Accuro announces digital partnership, and more daily news

Accuro CEO Lance Walker has announced that Accuro has partnered with Optimation, a digital technology solutions provider, to develop a system to support innovation, efficiency, and a provide faster and more personalised digital customer services. Walker has said that the system will allow Accuro to better support new and existing members as well as helping to ensure future product implementations are more efficient. The new system will be at the center of the daily operation of Accuro, including managing policies, onboarding new members, choosing and changing plans, pricing, processing preapproval and claims, and providing services to members. The new system will help to minimise manual processes.

“According to Accuro chief executive Lance Walker, the company has teamed up with Wellington-based digital technology solutions provider Optimation to develop a new system to support innovation, efficiency, and provide faster, more personalised, digital customer services.

“As a not-for-profit cooperative insurer we are focused on delivering great customer experiences for our members and ensuring that our processes and technology enable that,” says Walker.

“This new system will allow us to better support our new and existing members and future proof us so that adding new products and services and responding to changes in the market is quicker and easier.”

The policy administration system is at the heart of Accuro’s day to day operations, including managing policies, onboarding new members, choosing and changing plans, pricing, processing preapproval and claims, and providing services to members.

“One of the real benefits we are targeting is a reduction in manual processes, which limits the ability of our team to focus on added value member servicing, and can impact on processing time and accuracy,” says Walker.” Click here to read more

In other news

Cigna: Due to a global outage of access to Adviser Hub, Quote and eApp was unavailable

Strategi: AML/CFT Refresher Training - Online classroom

Strategi: Financial Advice Providers: how a CAR can keep you moving

Counting the cost of COVID-19 and what to do about it

A great piece of writing at this link. It highlights both the global total of excess deaths and what to do about the pandemic. Between 7m and 10m more deaths have occurred than the world would have expected based on past trends. This is likely to be a truer total toll (so far) from the pandemic than official figures for deaths from COVID-19. That is because many deaths occur without a formal diagnosis and are therefore not recorded as such - especially in poorer countries. It also highlights that the countries hit earliest were those with high levels of international travel (which fed some conspiracy theorists) but has now spread across the poorer (and less connected) world, where it will kill many more people. 

Partners Life announce Client Engagement Team, and more daily news

Partners Life has announced expanded scope of service of the Client Engagement Team. The team was established to help advisers with customer retention and payment regulation. Recently Partners Life has decided to offer training and support to ensure the team becomes the first Nominated Representatives for Partners Life. The team will be responsible for providing customers with support regarding pricing issues and policy retention. The team will offer customers quotes for alternative Partners Life products and other retention options such as Premium Holidays and Policy Suspensions. Partners Life has made clear that advisers will be involved in the process. Advisers have the option of opting their clients out of this service. Advisers that have opted out of the current services of the team will automatically be opted out.

“A few years ago, we established our Client Engagement Team to assist our advisers with customer retention and arrears. To date they have done a fantastic job!

Throughout this time however, the team have had very little scope to have truly constructive conversations with clients due to the limitations of the type of financial advice they could give.

With the recent legislative changes, we have identified an opportunity to provide the appropriate training and support to our Client Engagement Team, enabling them to become the very first Nominated Representatives for Partners Life. This means they can begin to have robust conversations with our clients regarding affordability issues, while also being able to discuss all possible options available for the clients to keep their cover in place. This can range from providing quotes for alterations or discussing other retention options within our Partners Life products, such as Premium Holidays or Policy Suspensions.

The team will be limited to discussions around affordability of select Partners Life products only, and we will ensure we involve you as our client’s financial adviser. We will refer your clients to you in the first instance and keep you involved in all communications. In fact, if you would prefer that we don’t have these conversations with your clients, then you can choose to opt out of this offering.

Our Nominated Representative service will replace the existing arrears management service our Client Engagement Team currently offer. If you have already actively opted out of the existing service, you will automatically be excluded from the Nominated Representative service and will need to advise us if you wish to now be included in the Nominated Representative service. All other advisers will automatically be included in the new offering, and you will need to advise us if you wish to be excluded.” Click here to read more

In other news

AIA: Policy letters now available through SovLink and Insight

mySolutions: from 1 July 2021 all qualified commissions (FAPO) payable by all the major insurers to be bundled into adviser commission package. They have also made a strong commitment that they will not become a FAP or 'compete' with advisers. 

Financial Advice: Getting Back to our Regions

Financial Advice: Bring in the Experts - Economist Tony Alexander - Budget Update






Legal and regulatory update for the life and health insurance industry - updated

12 May 2021 – Government announced its next steps to reduce merchant service fees that banks charge businesses when customers use a credit or debit card to pay by introducing a Retail Payments Systems Bill later this year to:

  • require reductions in interchange fees as soon as possible
  • enable direct intervention by the Commerce Commission using a broad suite of powers to regulate different participants in the retail payment system
  • introduce a disclosure and reporting requirement to enable the Commerce Commission to monitor the retail payments system.

    We think this of great interest - as with several other discussions, including FMA comments on 'reasonableness' of fees for managed investment schemes and comments from     government coalition partners calling for rent controls, there seems to be a far greater willingness to contemplate direct intervention in markets. While we all like to think we are     reasonable people, the difficulty is forming a common view around what is reasonable. The marketplace has some powerful built-in stabilisers that usually work quite well. My view is     the regulation supporting the operation of the market is preferable.

A copy of the Cabinet paper, and the submissions received, can be found on the Ministry of Business, Innovation and Employment (MBIE) website at the following link:

12 May 2021 – The Privacy Commissioner welcomed the signing this week of a memorandum of understanding with the UK’s Information Commissioner establishing a framework for cooperation between the Office of the Privacy Commissioner and the Information Commissioner’s Office for cross-border cooperation and to foster international collaboration. The framework sets out broad principles of collaboration between the two regulators and the legal framework governing the sharing of relevant information and intelligence between them but excludes the sharing of personal information.

12 May 2021 – The RBNZ published an analytical note titled, “An overview of the distributional effects of monetary policy - Low interest rates - who are the winners and losers?”

Quality Product Research: Health Insurance - major review process commenced for Exclusions (feedback closure 30/05/2021)

Following on from our correspondence in mid-March, if you wish to submit any feedback or claims experience to assist us with our review on Medical Exclusions, please do so by 30 May 2021. We appreciate the feedback we have received so far and look forward to creating a new model which will also be posted for feedback in the next few weeks.

AIA introduce AIAHub Learning, and more daily news

AIA has announced that AIAHub Learning is set to be introduced.  AIAHub Learning is intended to provide resources and help advisers keep their knowledge and skills up to date. AIA noted that AIAHub Learning has been designed to enable advisers to develop competency, knowledge and skills as well as providing a place to record all professional development activities and understand all learning requirements.

“AIA is committed to providing you with the best tools and resources to provide an outstanding financial advice service.

To help you deliver this service to your clients, and keep competence, knowledge and skill up-to-date, we are excited to introduce AIAHub Learning.

AIAHub Learning is designed to:

  • Assist you to develop and maintain your competence, knowledge and skill for the financial advice you give.
  • Provide you with a system to record your learning activities.
  • Communicate with you around your AIA learning requirements so that you can continue to focus on delivering good client outcomes.”

Click here to register

Introduction to AIAHub Learning

In other news

From Good returns: [The Wrap] You can feel the change. But is it good?

Cigna: Christine Laverty appointed as National Strategic Alliances Manager

Asteron Life simplifies policy transfers, and more daily news

Asteron Life has announced that policy transfer between advisers or to FAPs is now simplified. Advisers will no longer need to complete specific forms or send through a copy of the Sale & Purchase Agreement. Instead, advisers will need to inform their BDM who the seller and purchaser are, when the transfer will happen, and whether it is a full or partial transfer of policies. Asteron Life will send a Notice of Transfer for both parties to sign and return.  Asteron Life has highlighted that all transfer requests need pre-approval. The pre-approval will be issued when an adviser states their intention to transfer policies.

“We have simplified our process for transferring client policies to another adviser or FAP. Our new process means there are no specific forms for you to complete, and no need to send us a copy of the Sale & Purchase Agreement between the two parties. Please discard any existing Sale & Purchase or client transfer forms you might have on file, as these will no longer be accepted. 

Going forward, you only need to contact your Business Development Manager/Consultant with the following information:

  • who the two parties are (seller and purchaser);
  • when the transfer is to happen (minimum of 7 days’ notice required);
  • whether or not you are transferring all of your client portfolio or only some specific clients (in which case you’ll need to tell us their full name and policy numbers).

We will then send you a Notice of Transfer for both parties to sign and return to us to action. 

A reminder that all transfer requests do need our pre-approval. We can confirm our approval when you first advise us of your intention to sell/transfer clients to another Adviser/FAP.”

In other news

ASB: Head of Financial Advice Competency

Vahry Insurance: Julia Vahry has been selected in New Zealand as one of the most outstanding young professionals

Accuro: Accuro is celebrating its 50th anniversary

Gen Re: Finding a Way Forward for Disability Income Insurance in Australia - Considering the Financial Aspects of Product, Underwriting and Claims [Part 4 of series]

Legal and regulatory review for the life and health insurance sector

10 May 2021 – Privacy Commissioner stated that reported privacy breaches doubled after new Privacy Act took effect.

5 May 2021 – The Financial Markets Infrastructure Bill completed third reading in Parliament.



Partners Life share Customer Outcome Matrix update, and more daily news

Partners Life has released more information on the Customer Outcome Matrix (COM). Partners Life has implemented the system changes that allows full automation of the process. From 10 May 2021, advisers will be able to view the results of COM in MPL. Although bonus rates are underpinned until 30 September 2021, Partners Life has said that they aim to provide at least 3 months visibility to the COM reporting on any upcoming bonus commission changes.

“We have communicated regularly on the progress we have made on the Customer Outcome Matrix (COM) and are very excited to announce that we are now implementing the system changes to ensure the full automation of the process. This means that advisers will be able to view the results of COM in MPL from Monday 10 May 2021.

We have always maintained that we have wanted to provide at least 3 months visibility to the COM reporting prior to any Bonus Commission changes coming into effect, allowing you sufficient time to review your own reporting and to be able to understand the feedback and how this relates to your engagement and servicing of clients.

Please remember, as previously communicated, bonus rates are underpinned until 30 September 2021.”

In other news

Asteron Life: to celebrate underwriting rules on AsteronConnect, weekly draws will be running from 6 May – 4 June. Winners will receive $200 to use at local restaurants. 

Asteron Life: draft e-Apps which are completed but not submitted by 9pm 9 May 2021

will no longer be visible in AsteronConnect as some of the questions are changing

Asteron Life: AsteronConnect  webinars will be held on Monday 10 May, 3pm-4pm and Thursday 13 May, 9.30am-10.30am

Asteron Life underwriting enhancements, and more daily news

Asteron life announced that as of 5 May 2021 enhancements have been made to the Underwriting Rules Engine (URE) within AsteronConnect. Asteron Life has said that the implementation of these new rules will mean more new business applications will be issued immediately through AsteronConnect.

Changes include:

  • Improvements to straight through acceptance rate for both advisers and customers
  • More assessments and acceptance of mental health conditions
  • More acceptance of Covid-19 related answers

“At 9pm on Wednesday 5 May we’re making some enhancements to our Underwriting Rules Engine (URE) within AsteronConnect. With these enhanced URE rules, more new business applications through AsteronConnect will be able to be issued immediately.

Some of the key changes you will notice are:

  • The Straight Through Acceptance rate for Advisers & customers is being improved - including both standard and substandard outcomes (exclusions, % loadings and combinations thereof).
  • More Mental Health conditions will be assessable and accepted by the URE, rather than referring to an Underwriter.
  • We are enabling more Covid-19 related answers to be accepted through the URE, especially
    1. For employee applicants requesting income protection.
    2. For self-employed applicants impacted by Covid-19 related trading restrictions.
  • For applicants not currently receiving a Government Covid-19 wage subsidy or other business income support and not working in the hospitality, travel, tourism or the international student education sectors.
  • For applicants with intended foreign travel plans that do not require a 14-day quarantine period upon their return to New Zealand. 

Advisers using paper applications will still need to complete the Covid-19 supplementary questionnaire when applying for cover.”

In other news

Russell’s piece in Good returns: Sharing is caring - consumer data rights for the advice sector

RBNZ: The Future Is Māori

Strategi: top tips for FAPland

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Quality Product Research: Built-in versus optional benefits - how we help to keep advisers safe when preparing comparisons

Quotemonster quotes products depending on the options selected - this is then automatically passed through to the research analysis if you have a research subscription. So unlike services which only work on feature lists, we appropriately rate the product that the client has actually been quoted. This is essential to the provision of compliant personalised advice.

For example: Life Cover Buyback on Accelerated Total and Permanent Disability (TPD) was quoted approximately 900 times in March. This option allows the insured to increase their life cover, back to the original value, after they have claimed on TPD (the TPD claim amount is deducted from Life cover). Terms and conditions are unique to each provider. 

Most insurers offer Life Buyback as an optional add on and at an additional cost, some insurers, in this example Asteron Life, has this as a built-in benefit. While TPD is harder to claim on than some other products, we find this to be a significant difference that might be of interest for long term policy holders. To reflect this on Quotemonster, we note this in the premium breakdown screen and the score for this benefit will be included in the research score for companies that build it in to the product. It is much safer for users than having to remember to tick or untick the inclusion of certain features. 

New TPDWe value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited,

Legal and regulatory update for the life and health insurance sector

3 May 2021 – Government announced that the Productivity Commission will hold an inquiry into immigration settings to ensure New Zealand’s long term prosperity and wellbeing. Relevant web links are and

4 May 2021 – The New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Bill, which proposes to raise the minimum residency qualification for New Zealand Superannuation from 10 years to 20 years after age 20, was reported back to Parliament from the Select Committee.

5 May 2021 – RBNZ released the May 2021 Financial Stability Report together with an updated Capital Review Implementation timeline.

Southern Cross announces new product availability for advisers, and more daily news

In a package of announcements, including senior team role changes, probably the most significant is that Southern Cross has announced that their entire product set is now available to advisers to offer to their clients. 


Southern Cross has confirmed that there are now 884,000 people insured with Southern Cross. The use of CareHQ to release new products during the past few months were also noted. The enhancements of the  Cancer Cover Plus product has also been highlighted.  New group business is now the same price regardless of the channel used. A new National Sales Manager role has been created to support BDMs and Premium Partner network. Southern Cross has also noted that there is now a closer engagement between Premium Partners and the Southern Cross Executive Team. Southern Cross has announced a number of appointments, Margaret Smith has been appointed as Head of Business Engagement. Ryan Koppens has been appointed as Head of Sales Experience. Janet Osborne will continue to lead the BDM team with a focus on the Premium Partner programme. 


It has been quite some time since our last communication, Christmas and a fantastic summer have come and almost gone and we have seen much change in the last few months with more COVID-19 lockdowns in Auckland, good news in the form of the vaccine rollout and trans-Tasman travel bubble, and significant regulatory change with the introduction of the Financial Services Legislation Amendment Act.


Through this period Southern Cross has continued to grow well ahead of expectations, and we now have 884k members who choose to insure their health with us. We’ve also delivered new products to market with our CareHQ virtual GP service, and our enhanced cancer care module Cancer Cover Plus.


Our support teams, front line call centre and BDM teams have all been working hard to meet your expectations as like you, we respond to a constantly changing environment. We have delivered significant change over the last few years to bring our adviser and direct channels closer together, including the following:


·       Our entire product set is now available for sale by our advisers

·       New group business opportunities are priced the same in the market regardless of channel

·       Creation of a National Sales Manager role for advisers to support the BDM team and our Premium Partner network

·       Closer engagement for our Premium Partners with the Southern Cross Executive Team


It’s vital that we deliver great customer experiences regardless of the customer’s choice of channel. So more than ever, a strong network of advisers is a priority for Southern Cross.


To that end, we are now taking further steps to support our adviser channel, and I’m excited to announce the following:


Margaret Smith has been appointed to a new role of Head of Business Engagement - many of you will remember Margaret from her time running the adviser channel.  Margaret’s remit is to strengthen our growth and align our teams in the adviser and corporate markets right across the country. Her team now incorporates all of our B2B account managers across the country.


Janet Osborne will continue to lead our BDM team, with prime responsibility for the Premium Partner programme, reporting to Margaret Smith and supported by Jamie Mellow as BDM Key Account Manager (Janet’s 2IC). We will also hire a new BDM executive to alleviate pressure on our BDMs and enable them to be more responsive to you - our Premium Partners.


Ryan Koppens has been appointed to a new role of Head of Sales Experience.  He will be picking up all of our operational and support teams that service our adviser channel and our direct sales teams.  He will also have responsibility for our customer-facing sales teams (phone-based and in-person) across Aotearoa.  Ryan’s remit is to ensure that the sales experience for our customers is always optimal, regardless of channel. 


Our goal with these changes is to support you with more dedicated and better aligned teams across Southern Cross, as well as a revitalised support structure to enable faster responses to advisers and their customers.


You can have absolute confidence that Ryan, Margaret and Janet will work together to support a unified approach to growth and a commitment to outstanding customer experiences and support. 

In other news

Fidelity Life: Fidelity Life has said that advisers must complete their accreditation before the end of June 2021

From Good returns: It's time to get serious about advice

From Good returns: [GRTV] Ballantyne talks about PI cover and industry movements

FMA: snapshot of sector

FA sector snapshot

Job opportunity: financial adviser

A Financial Advice firm on the North Shore is seeking an adviser: 


Are you the person we are looking for? Are you an experienced insurance and/or mortgage adviser who goes out of their way to help customers to make the right choice and choose the right insurance for them?

We are seeking a highly motivated and energetic person who is interested in a rewarding insurance adviser career. This role requires a high achiever with a positive and professional attitude, excellent communication skills and be self-disciplined. If you think you have what it takes and wants to be part of an already established business, then we would love to hear from you.

Who we are:
We are a well established insurance and mortgage broker with clients across NZ with our head office based in Albany, Auckland. We pride ourselves with building lasting relationships with our clients and exceptional service.

We are looking for a self -motivated person:

·         With a strong work ethic

·         Ability to develop new client relationships

·         Discuss insurance requirements with clients

·         Build your sales pipeline with high-quality leads

·         Be able to meet weekly targets

·         Ensure adherence to compliance

·         Well organised with attention to detail

·         Develop your skills with ongoing training

·         Provide quality and professional advice to clients

What you will need:

·         You will develop and nurture key relationships within a local client base and proactively recommend insurance solutions which offer maximum benefits and optimal outcomes for their needs.

·         Working closely with your colleagues you will embrace the culture of the firm and work well with team members to maximise cross sell opportunities and ensure that all client needs have been met.

·         The role will also involve generating new sales activity through establishing new client networks and a strong referral pipeline.

The ideal candidate will demonstrate a proactive, service focused attitude and
Have at least 3 years’ experience in client servicing roles in either the brokerage, financial services, or bank lending environments.
Preferably you will be at an RFA level or have at least a Level 5 Certificate in Financial Services.
A genuine passion for working with clients and delivery to their needs is an absolute must.
Must hold a valid work visa or New Zealand permanent residency to apply for this role.

What we will provide:

Leads and marketing support

·         Support of experienced and friendly administration team

·         Training, guidance and support

·         Mentoring and career growth

·         Flexible work hours

·         A great team to work with

The successful candidate will have an outgoing and positive outlook and ensure the job is done to the highest standards. You will possess the drive to surpass expectations and will focus on putting the client first.

Next steps:
If you think this is the job for you, we would love to hear from you.
Apply now or send a covering letter and CV to 

Applicants for this position should have NZ residency or a valid NZ work visa.

Quality Product Research: (Inbuilt) Child Trauma – Part Two 

A reader has queried whether QPR takes the sum insured into account in our Research Ratings.  And the answer is yes, we do consider the amount paid by each insurer. In fact amount paid are a vital part of a value-based assessment approach - and something we capture much better than simple feature lists of benefits do. 

In trauma insurance, some companies pay the full benefit for an item, others only make a payment of 10% or 20% of the sum insured because the condition was not severe enough to warrant a full payment. Our score is varied according to how much would actually be paid. In the scenario for Child Trauma, we have a claims amount of $100,000 and calculate how much would be paid out by each insurer.  


Furthermore, based on adviser feedback we have corrected our ratings to reflect the fact that Asteron does include the option to convert their child cover to adult trauma at age 21. Interestingly, if the parent is on Trauma Recovery (TR) and considering converting their child cover to TR with Early Trauma they are required to complete an application. 


Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding. 

Doreen Dutt, Research Analyst, Quality Product Research Limited,

Legal and regulatory review for the life and health insurance sector

30 Apr 2021 - The Council for Financial Regulators (CoFR) agreed on a common understanding of the characteristics of a vulnerable consumer. This is presented as a non-binding framework for industry when developing or reviewing the way it treats vulnerable customers.

3 May 2021 – The NZ Police Financial Intelligence Unit released the March 2021 Suspicious Activity Report.

Quality Product Research: Diabetes Mellitus (Adult) – Part Two

Following on from our previous blog post regarding Diabetes Mellitus, we would like to clarify that in the case of Type 2 Diabetes, in general insurers do not pay out upon diagnosis of this condition, the insured is required to display severe complications such as irreversible retinopathy, diabetic gangrene and/or neuropathy to be eligible for a claim payment. Type 1 is less defined, but most insurers offer partial payments upon diagnosis once the insured person is over 30. We have therefore renamed this item to “Severe Diabetes” to reflect these related complications. 

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding. 

Doreen Dutt, Research Analyst, Quality Product Research Limited,

Legal and regulatory review for the life and health insurance sector

29 Apr 2021 – The international Financial Action Task Force released its latest Mutual Evaluation Report on New Zealand’s Anti-money Laundering and Counter-terrorist Financing Measures.

29 Apr 2021 – The IRD released the corrected Special report on the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021.

30 Apr 2021 - Minister of Commerce and Consumer Affairs, Hon David Clark, March 2021 diary released with the following potential financial services sector related meetings noted:

  • 3 Mar 2021 – ASB (Vittoria Short, CE & Gavin Walker, Chair)
  • 3 Mar 2021 – Banking Ombudsman Event (Video conference – various attendees not listed)
  • 8 Mar 2021 – Payments NZ (Steve Wiggins, Chief Executive, Jane Retimana, GM Strategy and Corporate Affairs, Jamie Wood, Manager Clearing Systems, Sarah Hensen, General Counsel and Company Secretary)
  • 9 Mar 2021 - FinCap and NZBA Event (Speaking)
  • 11 Mar 2021 – IAG (Bryce Davies, Executive Manager Corporate Relations)
  • 17 Mar 2021 – Farmers Mutual Group (FMG) (Chris Black, CE, Dave Kibblewhite, Chief Financial, Investment & Risk Officer and Lisa Murray, Head of Compliance, Risk Quality, and General Counsel FMG)
  • 17 Mar 2021 – Financial Services Federation General Meeting (Speaking)
  • 17 Mar 2021 – Suncorp (David Flacks, Chair, Jimmy Higgins, CE, Suncorp NZ; Chris Curtain, CE, AA Insurance; Adrian Tulloch, MD Vero Liability Insurance, Hon Clayton Cosgrove)
  • 18 Mar 2021 – Tower Insurance (Blair Turnbull - CEO)
  • 24 Mar 2021 – ANZ (Sir John Key, Chair, Antonia Watson, CEO)
  • 24 Mar 2021 – BNZ (Doug McKay, Chair, Angela Mentis CE BNZ)
  • 24 Mar 2021 – Ando Insurance (John Lyon, CE Ando Insurance)
  • 24 Mar 2021 – Commission for Financial Capability (Jane Wrightson, Retirement Commissioner)
  • 30 Mar 2021 – Financial Markets Authority (FMA Chair, CE)
  • 30 Mar 2021 – Financial Markets Authority Board (FMA Board)
  • 31 Mar 2021 – Christians Against Poverty (Sam Garaway, CE, Francis Okapaleke, External Engagement Manager)
  • 31 Mar 2021 – Kiwibank (Steve Jurkovich, CE)
  • 31 Mar 2021 – Westpac (CE David McLean; Chair: Jon Dawson)

Weblink to the diary release

28 Apr 2021 – Privacy Commissioner published commentary on its website titled, “That was close! How to respond when you narrowly avoid a serious privacy breach.”

29 Apr 2021 – RBNZ announced that the RBNZ has joined the Bank of Canada and the Reserve Bank of Australia forming a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues.

29 Apr 2021 – Treasury and the Ministry of Housing and Urban Development (HUD) proactively released Cabinet material and advice relating to the Government’s Housing Package announced on 23 March 2021.

RBNZ reveals cyber resilience guidance, and more daily news

RBNZ has revealed that the cyber resilience guidance for regulated entities has been finalised. The guide outlines cyber resilience expectations for all entities regulated by the RBNZ. International and national cybersecurity standards were used to create the guide. The guide is designed to raise awareness and promote cyber resilience of the financial sector, with a focus on the board and senior management level of all regulated entities. RBNZ has said that the guide provides high-level principle-based recommendations for entities and is intended to be used as an overarching framework for governance and management of cyber risk. The guide can be tailored to meet the specific needs and technologies of entities.

“The Reserve Bank – Te Pūtea Matua has finalised its guidance on what regulated entities should consider when building their cyber resilience.

The guidance outlines the Reserve Bank’s expectations around cyber resilience, and draws heavily from leading international and national cybersecurity standards and guidelines. The guidance applies to all entities the Reserve Bank regulates, including registered banks, licensed non-bank deposit takers, licensed insurers and designated financial market infrastructures

The finalised guidance on cyber resilience aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level of regulated entities.

The guidance provides high-level principle-based recommendations for entities and primarily serves as an overarching framework for the governance and management of cyber risk, which entities can tailor to their own specific needs and technologies, rather than as an explicitly detailed or technical set of instructions.

The intention is to illustrate current best practice and encourage continual improvement beyond these practices into all areas where entities can further strengthen their cyber resilience.” Click here to read more

In other news

From Stuff: Waiting in Pain: People without money and insurance the ones who suffer

From ThinkAdvisor: Life Coverage Gap Grows: 2021 Insurance Barometer Study