Regulatory Alerts2023-08-30
Added · Updated
Alternative Arrangement for Meeting the Audio Recording Requirement of Protection Linked Plan
The Hong Kong Monetary Authority issues a circular allowing authorized institutions to adopt post-sale controls instead of real-time audio recording when selling protection linked plans to non-vulnerable customers. This alternative arrangement requires institutions to comply with specific Insurance Authority guidelines and include additional disclosures regarding remuneration and product comparisons. The regulator also mandates that audio recording remains mandatory for customer risk profiling and top-up investments, while emphasizing the need for adequate disclosure of fees and death benefit impacts.
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