Regulatory Alerts2020-10-20
Added · Updated
Life Insurance Policy Replacement: Practices of AIs and Expected Standards
The Hong Kong Monetary Authority issued this circular on October 20, 2020, to establish expected standards and practices for Authorized Institutions regarding life insurance policy replacement. The document outlines specific regulatory requirements and control measures that financial institutions must implement to ensure fair treatment of customers during the replacement process. It serves as a direct regulatory guideline to maintain market integrity and protect policyholders in the wealth management sector.