Regulatory Alerts2020-10-20
Added · Updated
Practices of Authorized Institutions and Expected Standards on Life Insurance Policy Replacement
The Hong Kong Monetary Authority issued this circular to outline supervisory observations and expected standards for authorized institutions regarding life insurance policy replacement. The document requires institutions to implement robust processes for identifying, monitoring, and advising on policy replacements to protect customers from financial and insurability risks. Authorized institutions must ensure full compliance with the Insurance Authority's Guideline GL27 and this circular's requirements within six months of the guideline's transitional period ending.