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 this circular to address and correct non-compliant business models that incentivize the unlicensed selling of long term insurance policies to Mainland China visitors. The document outlines specific regulatory actions and corrective measures required to ensure compliance with licensing requirements for insurance sales. It serves as a directive to authorized institutions to cease practices that facilitate unauthorized insurance transactions with visitors from Mainland China.