HKMA on Licensing for Banks Under Regime for Insurance Intermediaries

By Regulatory News

October 22, 2019

HKMA issued a circular to all authorized institutions on the explanatory note, issued by IA of Hong Kong, on licensing requirements for banking sector under the regulatory regime for insurance intermediaries. The regulatory regime for insurance intermediaries is an activity-based regime that came into operation on September 23, 2019. Under the regime, any person carrying on a regulated activity under the Insurance Ordinance is required to be licensed by IA. The explanatory note provides guidance on the extent to which certain insurance-related banking activities would be regarded as regulated activities and thus authorized institutions and their staff would be required to be licensed under the Insurance Ordinance.

The note contains a set of frequently asked questions (FAQs) to illustrate the relevant requirements. The FAQs are not intended to be exhaustive and they will be kept under review and updated when necessary. The explanatory note has been prepared in consultation with HKMA, Hong Kong Association of Banks, Private Wealth Management Association, and DTC Association. Authorized institutions should study the explanatory note carefully and put in place adequate policies, procedures, and controls as well as provide sufficient training to their staff to ensure compliance with the relevant requirements under the Insurance Ordinance.

Keywords: Asia Pacific, Hong Kong, Banking, Insurance, Regulatory Regime, Insurance Intermediaries, Insurance Ordinance, Guidance, FAQ, IA, HKMA

EC Establishes Task Force for Relations with UK for Brexit Work

OCC Amends Rule on Other Real Estate Owned Activities for Banks


News BCBS Consults on Revised Disclosures for Market Risk Framework BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks. November 14, 2019 WebPage Regulatory News
News FSB Examines Implementation of Resolution Regimes in Financial Sector FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work. November 14, 2019 WebPage Regulatory News
News PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II. November 14, 2019 WebPage Regulatory News
News BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks. November 14, 2019 WebPage Regulatory News
News IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability. November 14, 2019 WebPage Regulatory News
News PRA Publishes Templates for Statistical Disclosures Under Solvency II PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive. November 14, 2019 WebPage Regulatory News
News FASB Proposes Improvements to Derivatives and Hedging Standard FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12). November 13, 2019 WebPage Regulatory News
News FASB Approves Guidance to Assist in Transition to New Reference Rates FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting. November 13, 2019 WebPage Regulatory News
News BIS and MAS Launch Innovation Hub in Singapore BIS and MAS launched the BIS Innovation Hub Center in Singapore. November 13, 2019 WebPage Regulatory News
News MAS and Industry to Create Framework for Adoption of Responsible AIDA MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA). November 13, 2019 WebPage Regulatory News

RESULTS 1 - 10 OF 4142