HKMA on Licensing for Banks Under Regime for Insurance Intermediaries
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
Related Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
