Regulatory Alerts2018-06-06
Added · Updated
Selling of Annuity Insurance Products
The Hong Kong Monetary Authority issued this circular to enhance the practices of authorized institutions when selling annuity insurance products at the retail level. It mandates audio-recording of the entire selling process, including suitability assessments and risk disclosures, while allowing non-vulnerable customers to opt out under strict conditions. Authorized institutions must implement these measures by 31 August 2018 to ensure adequate customer protection and compliance with regulatory standards.