...). Insurers should tighten the control on CDD compliance to ensure that all requisite information/documents of policyholders are duly obtained. - 4 - b) Financial evidence of policyholders Some insurers did not require financial status evidence (e.g. income/ assets proofs) of the policyholders for insurance...

... a fairly small number of people. The consequences may be serious, even fatal, for those involved, but are comparatively localised. Such risks include motor accidents, personal injuries and the like. (ii) Fundamental Risks: Their causes are outside the control of any one individual or even a group of...

... control of any one individual or even a group of individual, and their outcome affects large numbers of people. Such risks include famine, war, terrorist attack, widespread flood and other disasters which are problems for society or mankind rather than just the ‘particular’ individuals involved. The...

..., chief executives, controllers and key persons in relevant control functions of the insurers to which the standards and requirements apply and (ii) the insurance intermediaries to which the standards and requirements apply and (in the case of licensed insurance agencies and licensed insurance broker...

..., whose main duty is to ensure compliance with codes, rules and guidelines. The Appointed Actuary performs a pivotal role in maintaining internal control and risk mitigation functions that accord proper safeguard to the interest of policy holders – a demanding task that calls for business acumen and...

... Since it is the intention for the insurer to collect the amount of levy in accordance with the Insurance (Levy) Order, and the discrepancy between the levy remittance (scenario 1: HK$39.90 or 2: HK$40.10) and the levy payable is solely due to the forex fluctuation which is beyond the control of insurers...

...”  (i.e.  converting  the  FNA  Form  into  a  template  and  keying  information  into  the  relevant  fields  using  a  portable  computer) should put  into place appropriate control mechanism to ensure that no  field in the template would be subject to pre‐filling prior to communicating with the...