... is very likely to be only 10% per year, rising to a maximum of 30%. Some features to note about the no claim discount system are: (i) Originally, the system was known as a No Claim Bonus (NCB). Technically, this is an incorrect title, since a bonus implies the receipt of extra money. “No claim...

... Remarks 備註 IA-CIB- 2020023 CIB Managing Distribution & Customers (General Insurance) – Monitoring intermediary performance 3 20 November 2020 Mr Tommy Chan 2882 9943 See Note 4 IA-CIB- 2020024 CIB Conduct Issues and Updates of the MPFA System for MPF Intermediaries 2 24 November 2020 Mr Tommy Chan 2882...

... modified requirement. In order to encourage them making up mind earlier, the fee for deleting line of business, i.e. changing from LI to LX or G+LI to G+LX, will be waived from now till 28 February 2011. Such waiver applies also to deletion of other line of business during the said period. For information...

... that falls in the midst of a month would effectively mean that the Member has to keep daily record of insurance brokerage income for that particular month in order to determine the required limit of indemnity for the next policy year and to assess its adequacy. It may be wise to pick the first day of a...

... duty as insurance brokers should be product-free when conducting this procedure. 12. In order to assess clients’ needs, Members should ensure that they understand, among others, the clients’:- 12.1 existing and potential financial commitments (e.g. monthly living and family expenses) and liabilities...

... implementation of the new regulatory regime under the Insurance Companies Ordinance (Cap. 41) as amended by the Insurance Companies (Amendment) Ordinance 2015 and renamed as the Insurance Ordinance (Cap. 41) (“IO”); and (b) aims to further strengthen the co-operation between the SFC and the IA in order to...

... implementation of the new regulatory regime under the Insurance Companies Ordinance (Cap. 41) as amended by the Insurance Companies (Amendment) Ordinance 2015 and renamed as the Insurance Ordinance (Cap. 41) (“IO”); and (b) aims to further strengthen the co-operation between the SFC and the IA in order to...

... implementation of the new regulatory regime under the Insurance Companies Ordinance (Cap. 41) as amended by the Insurance Companies (Amendment) Ordinance 2015 and renamed as the Insurance Ordinance (Cap. 41) (“IO”); and (b) aims to further strengthen the co-operation between the SFC and the IA in order to...

... have made amendments to certain Standards and Practices in order to ensure they do not inadvertently operate to prohibit particular licensed insurance brokers from operating (such as Lloyd’s coverholders). Further (as the Introduction to the Brokers’ Code states) recognition will be always given to the...