Briefs: MyState renovations, NZ insurance contracts review

Banking Day staff
  • MyState has rebranded its wealth business, changing the name of its subsidiary Tasmanian Perpetual Trustees Ltd to TPT Wealth Ltd. MyState says the rebranding its part of a "transformation" of the business, which includes national distribution and the development of digital products and services. Its offerings include managed funds, commercial lending, wills and estate planning services.
  • As a result of its review of insurance contract law, the New Zealand government has planned changes to improve the rules around what policyholders must disclose to insurers, make policies more understandable, and address unfair contract terms. The changes include placing the responsibility on insurers to ask consumers the right questions when processing new insurance policies, rather than leaving it to consumers to know what to tell their insurer; requiring insurance policies to be written and presented clearly, so that consumers can easily understand them; ensuring insurers respond proportionately when consumers don't disclose something they should have, or misrepresent themselves; strengthening protections for consumers against unfair terms in insurance contracts; extending powers to the Financial Markets Authority to monitor and enforce compliance with new requirements.