... able to purchase it: (i) state the objective(s) of the policy; (ii) state the type and nature of the policy (e.g. “The product is a long term insurance plan underwritten by [name of authorized insurer] and is neither a bank deposit nor a bank savings plan”); (iii) highlight the target premium amount...

..., for failing to comply with this fundamental requirement. Since these were transitional cases, in taking disciplinary action the IA was required to apply the rules of the self-regulatory body which applied at the time. Going forward, however, this type of contravention can be prosecuted as an offence...

... able to purchase it: (i) state the objective(s) of the policy; (ii) state the type and nature of the policy (e.g. “The product is a long term insurance plan underwritten by [name of authorized insurer] and is neither a bank deposit nor a bank savings plan”); (iii) highlight the target premium amount...

... The Insurance Companies (Margin of Solvency) Regulation elaborates on the calculation of solvency margin by class of business for long-term business. In summary, the solvency margin calculation is factor-based and is subject to dollar amount minimums, which vary by type of insurers. In general, the...

... the IA to either carry out the investigation on its own or jointly with the MA. 36. Following the commencement of an investigation under the IO carried out by the MA, the MA will keep the IA informed of the progress of the investigation on a regular basis. 37. The MA will inform the IA of the...

... the IA to either carry out the investigation on its own or jointly with the MA. 36. Following the commencement of an investigation under the IO carried out by the MA, the MA will keep the IA informed of the progress of the investigation on a regular basis. 37. The MA will inform the IA of the...

... the IA to either carry out the investigation on its own or jointly with the MA. 36. Following the commencement of an investigation under the IO carried out by the MA, the MA will keep the IA informed of the progress of the investigation on a regular basis. 37. The MA will inform the IA of the...

... the IA to either carry out the investigation on its own or jointly with the MA. 36. Following the commencement of an investigation under the IO carried out by the MA, the MA will keep the IA informed of the progress of the investigation on a regular basis. 37. The MA will inform the IA of the...

... activities? A2: In this scenario, the bank staff does not provide, explain or discuss with the client any information relating to a particular insurance product. Rather, the bank staff is introducing the generic insurance concept of annuities to the client (i.e. providing generic information on a type of...

... activities? A2: In this scenario, the bank staff does not provide, explain or discuss with the client any information relating to a particular insurance product. Rather, the bank staff is introducing the generic insurance concept of annuities to the client (i.e. providing generic information on a type of...