Insurance Authority extends the validity of temporary facilitative measures to 30 September 2020
15 June 2020
In view of the latest developments of the COVID-19 pandemic, the Insurance Authority (IA) today (15 June 2020) announced the extension of temporary facilitative measures for non-face-to-face distribution of specific insurance products for another three months to 30 September 2020. The scope of products covered and the implementation details of the measures remain unchanged.
The IA introduced two phases of temporary facilitative measures in February and March 2020 to allow non-face-to-face distribution of protective products, including Qualifying Deferred Annuity Policy (QDAP), Voluntary Health Insurance Scheme (VHIS) products, term life policies, refundable policies without substantial savings component and renewable policies without cash value. To protect policy holders, insurers and intermediaries have to perform upfront disclosure at the point-of-sale and apply an extended cooling-off period of no less than 30 calendar days for the policy holders to seek professional advice if found necessary.
The extension of the temporary facilitative measures was communicated to authorized long-term insurers via a circular issued by the IA today.