Regulatory Alerts2024-06-12
Added · Updated
Circular on Action Against Non-Compliant Business Models Incentivizing Unlicensed Selling of Long Term Insurance Policies to Mainland China Visitors
The Insurance Authority issued a circular reinforcing licensing requirements for the Hong Kong life insurance market, specifically targeting business models that utilize unlicensed referrers to source clients for licensed intermediaries. Authorized institutions are required to assess the impact of these regulations on their operations and ensure strict compliance with the outlined limits and obligations. Entities not licensed as insurance intermediaries are explicitly reminded to refrain from conducting regulated activities and to implement adequate internal controls and staff training.