Regulatory Alerts2021-09-30
Added · Updated
Joint inspection on the use of premium financing to take out long term insurance policies in Hong Kong
The Insurance Authority and the Hong Kong Monetary Authority issued this circular to communicate the key findings of their joint inspection regarding the use of premium financing for long-term insurance policies. The document outlines regulatory expectations and compliance requirements for all authorized institutions to ensure proper risk management and consumer protection in wealth management activities. It serves as a directive for financial institutions to review their practices and adhere to the standards established during the inspection process.