New Zealand Financial Markets Authority grants no action relief on climate statement lodgements for life and health insurers

The New Zealand Financial Markets Authority has said it will take a no action approach for life and health insurers that are expected to leave the climate-related disclosures regime under proposed legislative changes. Pending passage of the amendments, affected insurers will no longer be expected to lodge annual climate statements for the 2025/2026 reporting period, avoiding lodgement where the government has already announced that these entities will be removed from the regime. The relief starts on 19 June 2026 and applies to life and health insurers with upcoming lodgement dates for the 2025/2026 reporting period. In practice, insurers with 31 March 2026 balance dates onwards are not required to lodge climate statements. Firms do not need to apply for the relief or notify the regulator that they are relying on it. The Financial Markets Authority also noted that a no action position reflects its enforcement intent and does not necessarily prevent third parties from taking legal action. The regulator said it will monitor the progress of the amending legislation. If the changes are not in place by the time affected insurers need to start preparing statements for the 2026/2027 reporting period, it will revisit the no action approach. It also noted that some insurers may continue voluntary climate reporting after the law changes, and that the fair dealing provisions in Part 2 of the Financial Markets Conduct Act will continue to apply to statements made in that reporting.