HKMA announced the commencement of new licensing and regulatory regime for insurance intermediaries under the Insurance Ordinance from September 23, 2019. This new regulatory regime will commence on the date the IA of Hong Kong becomes the sole regulator of all insurance intermediaries. For implementing the new regime, IA of Hong Kong recently issued a number of rules, codes, and guidelines that set out requirements applicable to licensed insurance intermediaries. HKMA reminded the authorized institutions that are licensed insurance intermediaries that they should comply with all applicable statutory and regulatory requirements promulgated by IA as well as HKMA from time to time in their carrying on of regulated activities under the Insurance Ordinance.
Effective Date: September 23, 2019
Keywords: Asia pacific, Hong Kong, Insurance, Regulatory Regime, Insurance Ordinance, Insurance Intermediaries, IA
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