Your Free Life Insurance Checklist
09 March 2025
The landscape of financial regulation is shifting, and life insurance providers in New Zealand need to be prepared. The Conduct of Financial Institutions (CoFI) regime comes into effect on March 31st, 2025, with the goal of improving conduct and culture across financial institutions, including life insurance companies. This regulation emphasizes the importance of putting customers first, ensuring fair treatment, and maintaining transparency in all practices.
Life insurers will need to make significant changes to comply with the CoFI regime. This includes updating existing policies, training staff on new procedures, and enhancing communication strategies to ensure clarity and accessibility for customers.
Are you ready for these changes? To assist you, we’ve created a free checklist, drawing information directly from the Life Insurance compliance register from LexisNexis® Regulatory Compliance. This checklist covers the critical requirements for the CoFI regime, offering practical guidance on the key legislation and helping you identify your obligations.
It also covers licensing requirements under the Insurance (Prudential Supervision) Act (IPSA) for obtaining and retaining a license, as well as the ongoing conditions related to corporate governance, risk management, outsourcing, auditors, and more. The checklist provides a clear, step-by-step guide to help you implement necessary procedures, manage risks effectively, and maintain best practices within your business.
About the Life Insurance Compliance Register
The Life Insurance compliance register is an essential tool for navigating the evolving regulatory framework governing life insurance businesses in New Zealand. This comprehensive module is structured for organizations and key individuals, including directors, officers, actuaries, and auditors. It provides detailed insight into the regulatory requirements under the Insurance (Prudential Supervision) Act 2010 and associated guidelines from the Reserve Bank of New Zealand. Importantly, it includes information about the upcoming CoFI regime, fully implemented in March 2025, to keep you on track with compliance.
[Download the checklist]([Link to download checklist])
