... with the requirements relating to the PII indemnity limit (generally 2 times of brokerage income) and proper handling of client monies3 by insurance broker companies. 45. Moreover, for insurance broker companies carrying on both general and long term business and those heavily reliant on business...

... with the requirements relating to the PII indemnity limit (generally 2 times of brokerage income) and proper handling of client monies3 by insurance broker companies. 45. Moreover, for insurance broker companies carrying on both general and long term business and those heavily reliant on business...

...) Numerical Example (please refer to section (e) for the relevant formulae) Definition of quantities Supervised group member Jurisdiction of incorporation MCR PCR Eligible capital resources Holding Entity A a 0 0 CRa(A) Intermediate Holding Entity B b 170* 220* CRb(B)* Subsidiary C c 25 45 55 Affiliate D d...

... control of the regulated activities of an agency or a broker company, the IA will take a “substance over form” approach to seek to understand the actual role played by the director in the agency or broker company. The type of factors and questions the IA will consider in this respect are set out below: 2...

...) 45. 46. 47. 48. * Seven respondents asked not to be identified. 49. 50. 51. 13 Annex B Summary of feedback on the consultation questions and responses from OCI Question 1 Do you agree that a total balance sheet approach should be adopted in the assessment of solvency, valuation of assets and...

... 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...

... director. In considering whether or not a director is involved in the management or control of the regulated activities of an agency or a broker company, the IA will take a “substance over form” approach to seek to understand the actual role played by the director in the agency or broker company. The type...

... differentiation, a specific set of Important Facts Statement must be prepared for this purpose and must be used for business introduced from this type of intermediary. For the avoidance of doubt, however, Member Companies must still follow the requirement under 7.8 of the GN15 during the underwriting process for...

... Technical Representatives P.35 P.39 P.45 P.46 PART D : Procedures The Register Application for the Confirmation of Appointment and Registration of Registered Persons Procedures for Determining Fitness and Properness of Registered Persons and Complaints against Registered Persons Appeals Reports to the...

... companies should have effective controls in place to ensure customers are aware of the possible risks associated with switching investment choices or placing top-up investment after policy inception that may become inconsistent with their risk profile. What type of controls would be considered as effective...