... potential losses from cyber events. As the regulators, we have to closely monitor the cyber risk management and control systems of insurers to ensure that they align with international best practices. The IA has recently formed an expert panel to help us formulate a cybersecurity strategy. The sharing of...

... diligence, transaction records, registers of suspicious transaction reports, training records; 4 We have adopted a risk-based approach to design, implement and regularly review our AML/CFT policies, procedures and controls (collectively referred to as “AML/CFT Systems”); 5 Our Senior Management is satisfied...

... composition of its Board of Directors, of whom four – including the Chairman – come from outside the insurance industry and three from the insurance industry. 5.1.4a Composition and Powers of The Insurance Claims Complaints Panel (a) Claim-related complaints that are filed with the ICB are actually...

... application and how to design the policy terms.   You have to pay the premium according to the policy terms after submitting your application. It can generally be paid in a single premium or by instalments (i.e. annually, monthly, quarterly or half-yearly). Be reminded to use...

... A shift in mindset from an emphasis on savings and investment return to a focus on protection is essential if we are to narrow the protection gap,” he said. The event featured a total of three panel discussions - the first one on GBA moderated by Mr Laurence Li, Chairman of the Financial...

... practice, however, insurers are encouraged to conduct FNA even for those excluded products. II. Section 5 – Product Design Q 2. Section 5.3 requires insurers to monitor the products after launch to ensure that they continue to meet the needs of the target customers. Does this requirement apply to products...

... Price and underwriting Product design and development 19 • Technology-neutral Principle • Insurtech Sandbox and Fast Track • Common Applications • Cybersecurity New Drivers of Growth - InsurTech Positive or Negative Disruption? Opportunities exist : Less than 1% of new business is sold through digital...

... Price and underwriting Product design and development 19 • Technology-neutral Principle • Insurtech Sandbox and Fast Track • Common Applications • Cybersecurity New Drivers of Growth - InsurTech Positive or Negative Disruption? Opportunities exist : Less than 1% of new business is sold through digital...

... Price and underwriting Product design and development 19 • Technology-neutral Principle • Insurtech Sandbox and Fast Track • Common Applications • Cybersecurity New Drivers of Growth - InsurTech Positive or Negative Disruption? Opportunities exist : Less than 1% of new business is sold through digital...

... worth noting that the Complaints Panel of the ICCB is empowered by the Articles of Association of the ICCB to look beyond the strict interpretation of policy terms in making a ruling. In addition, as far as good insurance practice is concerned, the Complaints Panel relies heavily on the expected...