Thursday, October 19, 2017

HK regulator to fast track online-only insurers

Companies applying for licences to operate online-only insurance firms in Hong Kong can expect faster processing of their applications.

Insurance Authority chief executive John Leung Chi-yan said online-only insurance applicants will be given a separate fast track channel so that they do not have to wait 12 to 18 months to get a licence.

However, Leung said the fast track will apply to online-only insurers providing direct sales of basic life insurance, travel or personal accident insurance.

Those who are planning to offer more complicated life insurance products, which would require policyholders to contribute money for 20 or 30 years, will not be allowed to sell these online.

The fast track forms part of the Insurance Authority’s efforts to promote insurance technology, improve responsiveness, and provide more personal and reliable insurance services to customers.

The Insurance Authority began operating in June with 170 staff.

 

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