5 August 2020
Authorized institutions (“AIs”) that intend to distribute long term insurance products via video conferencing tools should observe the requirements in the Circular and submit, through their appointing authorized insurers, the InsurTech Sandbox applications to the IA. The Hong Kong Monetary Authority (“HKMA”) will work with the IA in reviewing those applications involving AIs. The Circular specifies the requirements for using video conferencing tools to distribute long term insurance products and the information required for such InsurTech Sandbox applications.AIs are reminded that the use of video conferencing tools should not affect their compliance with the applicable regulatory requirements of the HKMA on AIs’ sale of long term insurance products.
Read more: https://www.ia.org.hk/en/legislative_framework/circulars/reg_matters/files/Circular_05082020.pdf