V. Regulatory Framework in Hong Kong 香港的規管架構

The IA supervises insurers and licensed insurance intermediaries, while the SFC regulates securities and futures markets and certain aspects of investment-linked long term insurance products. Selling these policies or advising on their underlying fund choices generally does not itself require an SFC licence, but additional securities business may do so.

Insurance Authority (IA) · The Securities and Futures Commission (SFC)

Following the supplied 2023 study material, Hong Kong’s framework combines the Insurance Ordinance with conduct codes and guidelines governing insurers, intermediaries, internet insurance activities and investment-linked assurance schemes. Candidates should distinguish who each requirement applies to, their responsibilities and the measures protecting clients.

Insurance Ordinance (IO) · Code of Conduct for Licensed Insurance Agents and Code of Conduct for Licensed Insurance Brokers · Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (GL23) · Three Former Self-Regulatory Bodies · Guideline on the Use of Internet for Insurance Activities (GL8) · Guideline on Underwriting Class C Business (GL15)

Investment-linked insurance policies are collective investment schemes but fall outside “securities” under the applicable exclusion for insurance contracts. Candidates must distinguish licensing and registration, scheme and advertisement authorisation, and liability for misrepresentation and market misconduct.

Securities and Futures Ordinance (SFO) · Licensing and Registration Requirements · Other Relevant Codes Issued by the SFC · Offers of Investment · Market Misconduct · CIS Internet Guidance Note

Insurance institutions must apply risk-based customer due diligence, monitor business relationships and report suspicions while avoiding tipping off. They must also comply with requirements governing the collection, retention, use, security, transparency, access and correction of policyholders' personal data.

Anti-Money Laundering and Counter-Terrorist Financing Ordinance and Guideline (GL3) · Personal Data (Privacy) Ordinance (PDPO)