Like its Australian counterpart, the New Zealand Financial Services Council (FSC), which mainly represents the interests of the big industry players, is finally tackling the pernicious problem - whether real or perceived - of life insurance 'churn'.
'Churn', as described in the FSC release announcing its newly-commissioned investigation, "occurs when a policy is switched to the benefit of the salespeople but not the customer such as a switch that results in the customer losing coverage for a pre-existing condition".
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To what extent consumers are hurt in the 'churn' wars - fuelled by insurers competing for the affections of advisers by offering ever-greater upfront commissions - is difficult to quantify.
Even actuary John Trowbridge, who led the Australian assault on the issue with the blessings of FSC Australia and others, would not give a definitive churn number.
"I don't have to put a figure on it," Trowbridge told me in May. "There's a clear conflict of interest [in high upfront commissions]... when remuneration is so high, there's an incentive to find ways to switch clients."
Trowbridge is advising his New Zealand version, actuarial consulting firm Melville Jessup Weaver (MJW), as it delves into the NZ churn situation with the support of the FSC.
MJW has been asked to "consult widely", the FSC release says.
"For that reason MJW is already meeting with agent and broker organisations to discuss the issues, options and opportunities," FSC chief, Peter Neilson, says in the statement.
"The FSC and its members want solutions that can receive wide buy in from consumers, producers, agents and brokers."
It is understood, most life insurers are backing the MJW effort - which is telling in itself.
After all, it is the life companies themselves who created the conditions where 'churn' can flourish.
Trowbridge sparked real changes in the Australian industry - with upfront life insurance commissions due to be slashed.
The MJW report, due later in August, will likely feed a similar mood for change this side of the Tasman.
However, in a reversal of the Australian situation, the independent actuarial report will come ahead of a regulatory intervention.
The Financial Markets Authority (FMA) is conducting its own churn-fest after serving local life insurers with some mandatory information-supply orders: publication date TBA.
In Australia, a report by the FMA counterpart, the Australian Securities and Investments Commission (ASIC) predated Trowbridge by about six months.
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