Hong Kong extends temporary facilitive measures until 2023

The extension was supposed to end by 9 September 2022.

Hong Kong has announced the extension of temporary facilitative measures for non-face-to-face distribution of specific protective insurance products to 30 April 2023.

According to the circular released by the Insurance Authority, The scope of products covered and the implementation details of the measures remain unchanged.

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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 can distribute those 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 no less than 30 calendar days for the protection of policy holders,” the IA said.