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⏭... January 2022. On 30 November 2021, the agent received the client’s cheque as payment for annual premium in respect of two in-force insurance policies. The agent submitted the cheque to the insurer, but in the accompanying receipt inaccurately recorded the amount of premium payable for each...
https://www.ia.org.hk/english/infocenter/press_releases/20230529.html -
Date: 2023-05-29
...No Content...
https://www.ia.org.hk/english/portal_for_insurers/lisa/files/notes_on_collection_of_levy_on_insurance_premium.pdf -
Date: 2024-01-18
... Information (e.g. complaints relating to the presentation of product features, policy terms and conditions, premium payment terms or returns on investment, dividend or bonus shown on benefit illustrations, etc.) (b) Claims (e.g. disputes on the result of claims assessment or settlement amount, etc.) (c...
https://www.ia.org.hk/english/infocenter/statistics/files/Summary_Complaints_received_by_IA_20190401_20200331_Eng.pdf -
Date: 2020-09-28
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How to choose a QDAP
... annuities can be categorized by the length of their premium payment period and annuity period. In general, the amount of each payout is fixed. For the same insured sum, if the annuity period is longer, the amount of each payout will be smaller. However, some policies may offer a step-up provision, whereby...
https://www.ia.org.hk/english/qualifying_deferred_annuity_policy/how_to_choose.html -
Date: 2024-01-19
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QDAP
... Premium Payment Period (Year) top down Annuity Commencement Age top down Annuity (Income) Payment...
https://www.ia.org.hk/english/qualifying_deferred_annuity_policy/qdap_all.html -
Date: 2023-02-23
... the fund management charges levied by the fund houses are not included in the illustration. Hence, the gross return required is higher (see example for the standard wording). A warning statement is required alerting the proposer that early surrender or early premium discontinuance may result in...
https://www.ia.org.hk/english/supervision/reg_ins_intermediaries/files/4.GN_on_ILAS_Illustration_Document.pdf -
Date: 2019-12-20
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Policyholder Corner - Important lessons for that prospective policyholders from Mainland China
... that prospective policyholders from Mainland China can draw from our enforcement and complaints work: LESSON 1 - Pay premium directly to the authorized insurer, not to your individual insurance agent The core role of a licensed individual insurance agent is to advise...
https://www.ia.org.hk/english/legislative_framework/Conduct_in_Focus_Issue_07_(Article_02).html -
Date: 2023-09-18
... circumstances, needs and requirements of the clients as disclosed and duly recorded in documentation obtained by Members in conducting the “Know Your Client” procedures. 3. If the client is covered by existing long term insurance policy(ies) that is/are in force, paid-up, suspended or under premium holiday, or...
https://www.ia.org.hk/english/supervision/reg_ins_intermediaries/files/1_CIB_GN12_on_Product_Recommend_Includ_LLT_v1_18_12_2014_eg19.pdf -
Date: 2019-12-20
... Key AML/CFT considerations Risk-based approach No one-size-fits-all 1. AML/CFT risk assessment 2. Additional measures for NFTF channel 3. Identity Information 4. Premium collection 5. Transaction monitoring 6. Technology adopted 3. Straight-through process 8. CDD performed by an insurance intermediary...
https://www.ia.org.hk/english/supervision/antimoney_laundering/files/AML_Online_Sharing_Session_20201204_Presentation.pdf -
Date: 2021-11-12
... Key AML/CFT considerations Risk-based approach No one-size-fits-all 1. AML/CFT risk assessment 2. Additional measures for NFTF channel 3. Identity Information 4. Premium collection 5. Transaction monitoring 6. Technology adopted 3. Straight-through process 8. CDD performed by an insurance intermediary...
https://www.ia.org.hk/english/supervision/antimoney_laundering/files/AML_Online_Sharing_Session_20201204_Presentation.pdf -
Date: 2022-04-27