Media Release
MR No. 2026 – 30
Health and life insurers will no longer be expected to lodge climate statements ahead of legislation changes, following a recent government announcement that they will be removed from the climate related disclosures (CRD) regime and will no longer be required to produce annual climate statements.
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko will provide interim relief in the form of taking a ‘no action’ approach to entities who are expecting their climate reporting obligations to cease once legislation is passed.
FMA General Counsel, Liam Mason said, “We recognise that many life and health insurers will be impacted by the uncertain timeframe in which the amending legislation might be passed. This will mean that they do not know whether they will be required to lodge climate statements. This approach will avoid unnecessary compliance costs and promote the development of fair, efficient and transparent financial markets.
“It also aligns with the intent of the proposed legislative change following the recently announced government decisions.”
A ‘no action’ approach means that the FMA will not take action against a person for breach of a statutory or regulatory obligation. It is an expression of regulatory intention about how to exercise the FMA’s functions. An FMA ‘no action’ confirmation does not necessarily preclude third parties from taking legal action in relation to the same conduct or conduct of that kind.
This ‘no action’ approach will begin on 19 June 2026 and will apply to life and health insurers with upcoming lodgement dates for the 2025/2026 reporting period. This means that life and health insurers with 31 March 2026 balance dates onwards are not required to lodge climate statements.
They are not expected to apply for this relief or otherwise inform FMA of their reliance on it.
“We will continue to monitor the progress of the amending legislation,” said Liam.
“If changes are not made by the time affected life and health insurers are due to begin preparing statements for the 2026/2027 reporting period, we will revisit this ‘no action’ approach. As reporting obligations will still be in place, affected life and health insurers would need to begin reporting again in the absence of an FMA ‘no action’ in respect of the 2026/2027 reporting period.
“We recognise that some affected life and health insurers may choose to continue to produce climate statements on a voluntary basis after the amending legislation is enacted and the thresholds for reporting are changed.
“These entities are reminded that the fair dealing provisions in Part 2 of the FMC Act will continue to apply to representations made in voluntary reporting.”
ENDS
Related media release:
Entities affected by climate reporting changes granted “no action” relief
