This webinar, hosted by the FANZ Risk Member Advisory Committee will provide a high-level overview of the Act and the changes most relevant to financial advisers. The session will cover the proposed new disclosure duties for consumer and non-consumer insurance contracts, the insurer’s obligation to clearly explain those duties, and the practical implications for client conversations, applications, renewals, variations and claims.
You will also be introduced to the key regulations that are important to advisers, including proposed standard wording for disclosure duties, rules for interest on delayed life insurance death-claim payments, limits for small assigned life policies, and the unresolved regulation of genetic testing in life and health insurance. The focus will be practical: helping you understand what may need to change in your advice process, client communications and record-keeping before the Act comes into force.
By the end of this webinar, you will:
- Be aware of the purpose, current status and expected implementation date of the Contracts of Insurance Act 2024 and able to begin considering the practical implications for your advice process
- Have insight into the difference between the proposed consumer and non-consumer insurance contracts and how this will change client disclosure duties
- Understand the key provisions most relevant to advisers, including disclosure, misrepresentation, claims handling, policy terms and intermediary obligations
- Recognise the regulations of material importance to advisers, such as disclosure wording, life insurance death-claim interest, small assigned life policy limits and genetic testing
- Be aware of the regulations still to be finalised and the work being undertaken by the Risk MAC to prepare for the anticipated consultations
Derek Chen - Director & Head of Compliance, Strategi Group
Derek Chen is the Head of Compliance at Strategi Group, with experience across AML/CFT, financial services compliance, finance, and corporate law. His background includes licensed supervision, wholesale fund management, and compliance consulting. He holds a Master of Legal Studies in Corporate Law from the University of Auckland and a Master of Professional Accountancy and Finance from Massey University.
Derek is a Certified Anti-Money Laundering Specialist (CAMS), has passed CFA Level I, and is a practising financial adviser. He also serves as Treasurer for the IStart Chinese Theatre Club and shares financial insights with more than 2,000 WeChat followers. Fluent in English and Mandarin, he serves a diverse client base.
Host: Kathy Pascoe - Financial Adviser & Strategic Partnerships Life & Health | Financial Advice New Zealand Risk Member Advisory Committee
Kathy Pascoe is a Financial Adviser with ICIB Brokerweb Group and a member of the Financial Advice New Zealand Risk & Insurance Committee.
With over 20 years of extensive experience across insurance, risk management, and financial advice, Kathy works closely with individuals, families, and business owners to help protect and strengthen their financial wellbeing. She is known in the Canterbury community for her practical, client-focused approach and her commitment to delivering advice that is both professional and accessible.
Through both her client work and industry involvement, Kathy is passionate about supporting high standards of professionalism and contributing to the ongoing development of the financial advice profession.
CPD: 1 hours
Member: Complimentary | Non-member: $50 (+GST)
A separate Zoom Registration Link will be emailed to registrants