Hong Kong regulator extends pandemic safety measures

Hong Kong regulator extends pandemic safety measures | Insurance Business Asia

Hong Kong regulator extends pandemic safety measures

Hong Kong’s Insurance Authority (IA) has extended temporary measures allowing non-face-to-face distribution of certain life and health insurance products until March 31, 2021.

The measures were put in place to minimise person-to-person contact and prevent further spread COVID-19. In September, the IA extended the measures until December 31. In light of the latest developments regarding the pandemic, the regulator decided to further extend the measures.

The scope of products covered and the implementation details of the measures remain unchanged, according to the IA’s statement.

Products covered by the temporary facilitative measures include qualifying deferred annuity policy (QDAP), voluntary health insurance scheme (VHIS) products, term life policies, and refundable policies without substantial savings component or renewable policies without cash value that provide insurance protection.

Insurers and intermediaries are allowed to distribute these products via different non-face-to-face means, such as digital, telemarketing, postal or video conferencing, but are required to make upfront disclosure at the point-of-sale and provide an extended cooling-off period of at least 30 calendar days for the protection of policyholders.