Regulatory Alerts2014-12-08
Added · Updated
Practices Expected of Authorized Institutions in Selling Non-Linked Long Term Insurance Products
The Hong Kong Monetary Authority issued this circular to require Authorized Institutions to adopt specific selling practices for Non-Linked Long Term Insurance products to enhance customer protection. These measures, developed in consultation with the Insurance Authority, mandate that banks implement adequate policies, procedures, and staff training to ensure fair treatment of customers during sales. Institutions must complete necessary enhancements within nine months of the circular's date, unless specific timelines have been agreed upon with the regulator.