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On March 31st, the Conduct of Financial Institutions (CoFI) regime takes effect, enhancing conduct and culture in financial institutions, including life insurance. It mandates prioritizing customer interests, fair treatment, and transparency. Life insurers must update policies, train staff, and improve communication to comply. Are you ready?
We’ve developed this checklist with content taken directly from the Life Insurance compliance register from LexisNexis® Regulatory Compliance. It includes which requirements you need to be across for the CoFI regime, and provides practical guidance on the key legislation to help you identify your obligations. It also covers licensing requirements under the IPSA for obtaining and retaining a licence, as well as ongoing licence conditions relating to corporate governance, risk management, outsourcing, auditors, and more. Offering a clear, step-by-step guide to implementing necessary procedures, managing risks, and maintaining best practices.
About the Life Insurance Compliance Register
The Life Insurance compliance register is your essential tool to the evolving regulatory framework governing life insurance businesses in New Zealand. This comprehensive module is designed for organizations and key individuals such as directors, officers, actuaries, and auditors. It details the regulatory requirements under the Insurance (Prudential Supervision) Act 2010 and related guidelines from the Reserve Bank of New Zealand. Additionally, it covers the upcoming CoFI regime, set to be fully implemented in March 2025, empowering you to stay on a clear path to compliance.
Fill out the form to download the checklist.