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NZ regulator to provide update on insurance contract law reform

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New Zealand’s Financial Markets Authority (FMA) has committed to reporting on the progress of key pieces of law reform such as its present insurance contract law review, including implementation dates and milestones.

The FMA says the insurance contract law review – one of seven legislative reforms it is currently conducting – is aimed at improving the conduct of financial institutions and market participants, the wellbeing of customers and investors and confidence in financial markets.

“We will give examples to demonstrate how the FMA has provided effective input in relation to law reform and system coordination,” a new FMA statement of intent says. “We will seek feedback from stakeholders on the effectiveness and efficiency of our role in implementing law reform.”

The FMA says it will deliver policy objectives in a way that promotes confidence in the regulatory regime and financial markets generally.

It intends to contribute to policy development through advice on regulation and practical implementation to the Ministry of Business, Innovation and Employment, as well as other relevant agencies and ministers.