Regulatory Alerts2014-12-08
Added · Updated
Practices Expected of Authorized Institutions in Selling Non-Linked Long Term Insurance Products
The Hong Kong Monetary Authority issues this annex to establish mandatory practices for Authorized Institutions selling Non-Linked Long Term Insurance products. The guidelines require rigorous due diligence on plan features, strict adherence to suitability assessments including Financial Needs Analysis, and comprehensive disclosure of risks and fees to customers. Additionally, the document mandates specific safeguards for vulnerable customers and enhanced management supervision to monitor high-risk transactions and ensure regulatory compliance.