Regulatory Alerts2015-08-04
Added · Updated
Selling of Life Insurance Products
The Hong Kong Monetary Authority issued this circular to guide authorized institutions on complying with regulatory standards for selling life insurance products. It mandates that institutions conduct mandatory financial needs analyses to ensure product suitability and prohibits opting out of these assessments except under specific exemptions. Additionally, the document requires enhanced product disclosure practices and extends the implementation deadline for certain existing requirements to 1 October 2015.