Most Read Contributor in Hong Kong, September 2016
This legal update briefly summarises the recent guidelines
issued by the OCI and HKMA: OCI Guidance Note 16 on Underwriting
Long Term Insurance Business ("GN16") and HKMA Circulars:
(i) Selling of Life Insurance Products dated 4 August 2015 and (ii)
Selling of Non-Linked Long Term Insurance Products dated 8 December
GN16 is issued by the Office of the Commissioner of Insurance in
Hong Kong ("OCI") to promote transparency and fair
customer treatment. The Guidance Note applies to all long term
insurance other than investment-linked insurance (Class C) and
adopts various Insurance Core Principles, Standards, Guidance and
Assessment Methodology ("ICP") promulgated by the
International Association of Insurance Supervisors. GN16 applies to
all new products from 1 April 2016 and current products from 1
HKMA has issued two Circulars recently on the sale of life
insurance products by authorized institutions ("AI").
These Circulars were issued after consulting OCI and seek to
achieve the common objective of customer protection.
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This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications
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Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
Bermuda's (Re)Insurance sector has experienced several notable developments over the past year.
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