Featured Product

    HKMA on Licensing for Banks Under Regime for Insurance Intermediaries

    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

    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5650