Posted inRegulation

Hong Kong regulator eases sale of life products online

Temporary measures are extended until September 2022.
double exposure of hand holding smart phone with financial graph, stack of coins, business and technology background

Hong Kong is currently facing the worst outbreak of covid since the pandemic begun two years ago.

As a result, the Insurance Authority (HKIA) has issued a circular to all life insurers which puts in place additional measures to open up the distribution of life products online, reports our sister publication, International Adviser.

The move follows growing demand for a variety of insurance products, while at the same time trying to minimise the risk of infection.
The temporary facilitative measures have been extended to 30 September 2022, where all life insurance products, including investment-linked assurance schemes, will be available via Virtual Onboarding Sandbox – a solution that allows the sale of life products via video conference calls – approved by the HKIA.

Insurers already operating via video services will not need to submit additional applications. Those that do not will be able to submit an application via a fast track process.

“The introduction of further facilitative measures aims to help address the need of potential policyholders in obtaining the necessary protection while minimising the risk of infection when taking out life insurance policies,” said Carol Hui, executive director of long-term business of the HKIA.

“We appreciate the unwavering support and dedication of our insurance industry in providing a professional service and timely protection for policyholders amid the current severe pandemic situation.”

Part of the Mark Allen Group.