The Financial Markets Authority (FMA) has extended its promise not to enforce climate reporting rules, after a bill to scrap them for health and life insurers ran out of Parliament time.
The FMA announced the extension on 29 September. The Government had earlier said changes would "remove listed issuers with market capitalisation below $1 billion, investment scheme managers and health and life insurers from the climate reporting regime", according to the FMA's release. But the bill "did not pass prior to the last day in the House before the upcoming election".
"No action" is a promise about enforcement, not a change in the law. The FMA says it "will not take action against a person for breach of a statutory or regulatory obligation". The rules stay on the books.
It also says its approach "does not necessarily preclude third parties from taking legal action in relation to the same conduct or conduct of that kind".
Five reporting periods are now covered, those starting on 1 April, 1 July and 1 October 2026, and on 1 January and 1 February 2027. The period starting on 1 April 2027 is not.
For an insurer with a 31 March balance date, that puts its first climate statement due on 31 July 2028, by our sums. The release sets no insurer-specific terms.
Nothing in the relief changes a policy, premium or claim. It only covers what the insurer has to report.
FMA General Counsel Liam Mason said: "We will not have clear direction on the future of this policy until the new Government forms after the November election."
Without the relief, he said, entities "do not know whether they will continue to be required to lodge climate statements and may not know for some months".
The FMA's page for insurers gives the election date as 7 November 2026. It says "there is no certainty as to whether, or with what priority, this policy will be progressed by the incoming Government". Relief for life and health insurers first began on 19 June.
If the new Government takes the policy forward, the FMA says it "will work with affected CREs to provide further relief if required considering the timing of any reform". If it doesn't, the FMA will "work with climate reporting entities to ensure a smooth transition back to reporting".
