... IA AR20 Summary Eng.indd 1 The reporting year was an eventful one for the Insurance Authority (“IA”), fraught with unprecedented challenges, yet emerging opportunities abound. We continued to implement different reforms to strengthen the supervisory regime in Hong Kong. The Insurance Authority...

... first introduced in 1996. Under which, policy holders have the right to cancel new policies within the cooling-off period and request for a refund of the premium(s) paid. With effect from 1 February 2010, the cooling-off period is 21 days after the delivery of the policy or issue of a notice (informing...

... 2020) and informed Mr Tsang that the client needed to provide further documents in order to complete the arrangement of the policy. Mr Tsang, however, overlooked the matter and did not follow up with the client for the further documents, despite being reminded to do so by the Responsible...

... culture. 1.3 ERM for solvency purposes is the coordination of risk management, strategic planning, capital adequacy, and financial efficiency in order to enhance sound operation of the authorized insurer and ensure the adequate protection of policy holders. An authorized insurer embeds an integrated set of...

... Insurance Intermediaries Quality Assurance Scheme Long Term Insurance Examination Study Notes 2017 Edition 1 Study Notes for Long Term Insurance Examination Update Renaming of The Insurance Claims Complaints Bureau The Insurance Claims Complaints Bureau (‘ICCB’) has been renamed The Insurance...

... CONTENTS Chapter Page 1. INTRODUCTION TO LIFE INSURANCE 1/1 1.1 Definition of Life Insurance 1/1 1.1.1 Needs for Life Insurance 1.2 Principles of Life Insurance 1/2 1.2.1 Insurable Interest 1.2.2 Duty of Disclosure 1.2.3 Other Insurance Principles 1.3 Calculation of Life Insurance Premium 1/10 1.3.1 Rating...

... Seventh Edition: August 2017  Insurance Authority 1999, 2001, 2005, 2007, 2011, 2016, 2017 Please note that no part of the Study Notes may be reproduced for the purposes of selling or making profit without the prior permission of the Insurance Authority. ii TABLE OF CONTENTS Chapter Page 1. INTRODUCTION...

... which is due from the policy holder after the end of the 1st policy year. If the customer makes a purchase under that promotion, the right to the rebate at the end of the 1st policy year must form part of the terms and conditions of the contract of insurance (in order for it to be enforceable against...