The Financial Services Council (FSC), which represents major life insurance companies, has welcomed the ongoing response from its members on the back of current regulatory changes.
“The industry is listening, responding and evolving to changing consumer needs and public expectations,” it said. “The life insurance sector knows that it needs to continually adapt to remain relevant to Kiwis.”
FSC chief executive Richard Klipin noted insurance companies’ decision to scrap overseas incentive conferences for financial advisers is just one example of how the industry is working “to deliver improved and more transparent outcomes for consumers.”
The council also acknowledged the comments made by the Governor of the Reserve Bank of New Zealand (RBNZ) at the Financial Stability Report press conference last week.
“Our members support New Zealanders by paying out $3.3 million in claims every day and are there for consumers when things don’t go to plan,” Klipin explained. “The people, who work in the sector help consumers get the best protection and support them during good and tough times.
“We take this responsibility seriously and we welcome and expect a high level of scrutiny from regulators.”
