Regulatory Alerts2019-09-25
Added · Updated
Enhanced Measures on Selling of Annuity Insurance Products
The Hong Kong Monetary Authority issued this circular to enhance customer protection measures for authorized institutions selling annuity insurance products. The regulations require institutions to include an Annuity Payment Table in fact sheets or benefit illustrations to highlight payment fluctuations and mandate specific disclosure, signing, and audio-record vetting procedures for vulnerable customers. These enhanced measures must be implemented within twelve months and apply primarily to retail banking customers while encouraging adequate risk disclosure for other client segments.