Regulatory Alerts2019-04-02
Added · Updated
Guideline issued by the Insurance Authority on Qualifying Deferred Annuity Policy
The Insurance Authority issued Guideline GL19 to establish requirements for the promotion, advising, and arranging of qualifying deferred annuity policies. The guideline mandates that authorized institutions disclose specific product details, including internal rates of return, guaranteed versus non-guaranteed payments, and associated risks such as early surrender losses. Institutions must also implement adequate controls, staff training, and clear explanations regarding tax deduction eligibility to ensure regulatory compliance during the sales process.