Regulatory Alerts2020-08-05
Added · Updated
Circular Issued by the Insurance Authority on Sandbox Application for the Distribution of Long Term Insurance Policies via Video Conferencing Tools
The Insurance Authority issued a circular requiring authorized institutions to submit InsurTech Sandbox applications for distributing long-term insurance policies via video conferencing tools. The Hong Kong Monetary Authority will review these applications in collaboration with the Insurance Authority to ensure compliance with regulatory standards. Authorized institutions must implement robust IT controls and monitoring measures to maintain adherence to requirements such as the Guideline on Financial Needs Analysis.
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