... risk of money laundering or terrorist financing (as required section 15 of Schedule 2 to AMLO). Annual reviews of high risk customers 12. Section 5 of Schedule 2 to AMLO stipulated a financial institution’s duty to monitor business relationships with customers. Pursuant to section 5(1)(a) of Schedule 2...

... Showcasing the social value of insurance amid severe weather events 17 September 2023 Over the past two weeks, various sectors in Hong Kong have been busy dealing with the aftermath of a typhoon and a heavy rainstorm. The insurance industry is no...

... of the Board, the Controller and the Appointed Actuary 4.1 It is the duty of the Controller, as specified under section 13A(12) of the Ordinance, to ensure that requirements set out in this Guideline and the relevant ICPs are observed throughout the life cycle of all long term (except Class C...

... complexities and risks of premium financing March 2022 Issue 4 How should insurers handle complaints? Advising client on the duty of disclosure The importance of...

... an insurance contract pertaining to any person with an address or residence in Japan unless a prior permission is obtained from the FSA. Otherwise, the person who fails to obtain the permission may be subject to a fine of not more than 500,000 yen under Article 337 of the Act. 2. Under “duty of care...

... business environment has always been a crucial factor in establishing Hong Kong as an international financial centre. However, our economy has suffered a heavy toll since last year because of the social events and the COVID- 19 pandemic. New office premiums for long-term insurance business in the first...

... business environment has always been a crucial factor in establishing Hong Kong as an international financial centre. However, our economy has suffered a heavy toll since last year because of the social events and the COVID- 19 pandemic. New office premiums for long-term insurance business in the first...

...%). New office premiums in respect of policies issued to Mainland visitors were $43.4 billion (decreased by 8.8%), representing 25.2% of the total for individual businesses, with the recent social events taking a heavy toll in the fourth quarter that saw premiums contracted further by 23.4% to $7.4...

... During the first quarter of 2021, some 24,000 Qualifying Deferred Annuity Policies were issued that attracted $1.6 billion in terms of premiums, representing 4% of the total for individual businesses. Continued restrictions on cross-boundary passenger traffic took a heavy toll on the new...

... business environment has always been a crucial factor in establishing Hong Kong as an international financial centre. However, our economy has suffered a heavy toll since last year because of the social events and the COVID- 19 pandemic. New office premiums for long-term insurance business in the first...