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Regulatory Details for Indexed Universal Life Insurance Released
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The Insurance Authority (IA), responding to industry inquiries and growing demand from high-net-worth clients, jointly issued a circular with the Hong Kong Monetary Authority (HKMA) today (13th). The circular clarifies how the existing insurance regulatory framework applies to the sale of Indexed Universal Life (IUL) insurance products designed for professional investors. It permits high-net-worth individuals, defined under the Securities and Futures (Professional Investor) Rules as those with investment portfolios of at least HKD8 million, to purchase IUL products. The IA stated that clearer regulatory guidelines are expected to diversify the range of insurance options available to high-net-worth clients, enhancing product choices in Hong Kong’s market while protecting policyholders. The authority anticipates that the circular will provide greater certainty for the industry to launch IUL products exclusively targeting professional investors. Additionally, increased flexibility in meeting sales process regulatory requirements will facilitate the design of more personalized approaches tailored to the backgrounds of professional investors. AAStocks Financial News |
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