Welcome to our first edition of Cover to Cover for 2019.
In this edition, we focus on the two most important reviews of the insurance industry in Australasia in recent times.
First, the Financial Markets Authority and the Reserve Bank of New Zealand released their Life Insurer Conduct and Culture Report. The report sets out findings from the regulators’ review of the conduct and culture of 16 New Zealand life insurers and represents the second phase in their review of the financial services industry. We examine the key findings and share our views on the report recommendations.
The final report of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has also been released. It is the culmination of more than 12 months of intensive scrutiny and analysis of the conduct and culture of Australia’s financial services sector. We discuss implications for the New Zealand insurance industry.
We also provide a brief update on the latest New Zealand regulatory developments affecting the insurance
sector, following our regulatory update in Issue 15 of Cover to Cover.
This edition also includes case law updates, with reports on a recent earthquake case and a class-action decision where the High Court made orders permitting two policyholders to bring a class action against government-owned, Southern Response. We also discuss developments to the duty of disclosure.
We also introduce our new co-editor, Olivia de Pont. Olivia joined us in June 2018 and is a Senior Associate
in our Dispute Resolution team. She has previously worked for another national New Zealand law firm
and a boutique litigation firm, and specialises in insurance law.
We hope you enjoy this issue of Cover to Cover.
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