To reduce the risk of virus infection from face-to-face meetings between intermediaries and their clients, the Insurance Authority (IA) has rolled out a set of temporary facilitative measures, which will last until 30 April 2023.
Insurers and intermediaries may dispense with the need to conduct a Financial Needs Analysis in the selling process of a Qualifying Deferred Annuity Policy (QDAP), provided that they have duly performed upfront disclosure of important information with their clients and applied an extended cooling-off period that lasts no less than 30 calendar days for the delivery of policy documents through the mail and for policy holders to seek professional advice if necessary. Insurers and intermediaries must continue to adhere strictly to the principle of fair treatment of customers.
For details, please refer to the IA circulars issued to authorized life insurers on 21 February, 27 March, 15 June, 4 September, 2 December 2020, 24 February, 27 May, 13 September 2021, 4 March and 9 September 2022.