Health insurance drops 10,000 in 2010

The number of New Zealanders covered by health insurance dropped by 10,000 during 2010, according to figures released by the Health Funds Association (HFANZ).

Executive director Roger Styles says the drop over the year continued the easing of coverage since the credit crunch in 2008.

"We have seen a drop of around 1% in the number of lives covered since December 2008, which is not a large reduction in the context of the subdued economy and the level of health inflation over recent years," he says.

Despite the dip in coverage, both claims and premiums increased over the year. Total claims paid rose by $60 million on 2009 to $825 million for the 2010 year. Premium income increased to $962 million for 2010, an increase of $87 million on 2009.

Why the Sec Com needs three months to authorise advisers

The Securities Commission has explained why it needs three months to authorise advisers and sent a message to category one advisers saying applications need to be submitted in the next 49 days.

The Securities Commission says there is a three month gap from March 31 to July 1 to authorise advisers because the Commission has a lot to do during this period, including finalising late Standard Set C and other assessments through ETITO, checking qualifications, references and criminal history.

"Our licensing team is geared up for this and we'll do our best to shorten the period."

The AFA Code of Professional Conduct and continuing professional training requirements apply from the date of authorisation, however the only obligations that do not apply then are the new Disclosure Statement requirements which take effect from 1 July 2011.

So far there are 79 authorised financial advisers (AFAs) with 184 applications being processed of an estimated 5,000.

ETITO says 2706 advisers have booked to set Standard Set B which is the only compulsory standard, with 1,627 having passed it as of January 17.

Emerging markets drive CFP numbers

Emerging markets are embracing Certified Financial Planner (CFP) certification, with a global increase of just over 6% last year and in New Zealand 4.3%.

The Financial Planning Standards Board (FPSB) says thriving CFP programmes in Brazil, China, India, Indonesia and the Republic of Korea helped to push the global number of CFP professionals to a new high in 2010.

"In emerging markets, where financial planning is still a relatively new concept to consumers, more and more financial planning professionals are seeking to align themselves with the most widely recognised and trusted financial planning certification around the world," says chairperson of the FPSB Board of Directors Corinna Dieters.