Monetary Authority of Macao boosts standards for insurance intermediaries

It also launched a public online registry of intermediaries.

The Monetary Authority of Macao (AMCM) has enforced the revised Insurance Intermediary Business Ordinance from 1 August, raising licensing requirements and tightening oversight of the sector. 

The changes include higher educational and suitability standards for intermediaries, the introduction of an “appointing principal” mechanism requiring insurers to monitor their representatives, and heavier penalties for violations.

AMCM also launched a public online registry of intermediaries and an “Insurance Intermediary E-Platform” for companies to report appointments and continuing professional development (CPD) hours.