Regulatory Alerts2022-04-01
Added · Updated
Use of Premium Financing to take out Long Term Insurance Policies
The Insurance Authority issued this circular on 1 April 2022 to regulate the use of premium financing for long-term insurance policies by authorized institutions. The document mandates that institutions must provide clients with an Important Facts Statement detailing the risks and costs associated with premium financing arrangements. It establishes compliance requirements to ensure transparency and proper risk management in the sale of these insurance products.
CIR
Current
Issue Date:
01 Apr 2022
20220401-5-EN.pdf (422.8 KB)
Topic:
Miscellaneous - SFC/IA/MPFA
Wealth Management & MPF - Insurance products
Group:
All Authorized Institutions
Directly related Document
Cross referenced Document
Version History
Superseded Document
Directly related Document
Annex
Current
01 Apr 2022
Enclosure 1 - IA circular of 1 Apr 2022
Annex
Current
01 Apr 2022
Enclosure 2 - Important Facts Statement – Premium Financing
Annex
Current
01 Apr 2022
Enclosure 1 - IA circular of 1 Apr 2022
Annex
Current
01 Apr 2022
Enclosure 2 - Important Facts Statement – Premium Financing
Cross referenced Document
Version History
Superseded Document
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