Regulatory Alerts2019-09-25
Added · Updated
Enhanced Measures on Selling of Annuity Insurance Products
The Hong Kong Monetary Authority mandates that authorized institutions enhance annuity product disclosures by including non-guaranteed payment scenarios and risk warnings in fact sheets. Agents must ensure these documents are properly explained and audio-recorded for all customers, with additional vetting procedures required for vulnerable customers. The guidelines also clarify that audio-recording must cover suitability assessments and detailed benefit illustrations to ensure transparent sales practices.