Regulatory Alerts2026-05-13
Added · Updated
Cross-sector Reference Checking Arrangement Between the Banking and Insurance Sectors
The Hong Kong Monetary Authority and the Insurance Authority jointly announce a cross-sector reference checking arrangement to mitigate the risk of individuals with misconduct histories moving between the banking and insurance sectors. Phase 3A of this arrangement takes effect on 1 July 2026, requiring relevant authorized institutions and insurance entities to conduct conduct-related reference checks for prospective individuals appointed to carry on long term insurance business. The regulators mandate strict compliance with these protocols to strengthen corporate governance, with non-compliance potentially triggering supervisory actions.
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