Regulatory Alerts2019-10-22
Added · Updated
Explanatory Note on Licensing Requirements for Banking Sector under Regulatory Regime for Insurance Intermediaries
The Insurance Authority issued an Explanatory Note to clarify licensing requirements for banking sector entities engaging in regulated insurance activities under the regime effective September 2019. The document provides guidance on which banking activities constitute regulated activities under the Insurance Ordinance and includes FAQs to illustrate the necessary licensing obligations for authorized institutions and their staff. This guidance was developed in consultation with the Hong Kong Monetary Authority and various banking and wealth management associations.