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March, spring begins spreading around the globe despite the dynamics of the market. A perfect timing to act with determination and resistance as we believe the world will have prosperity in future. As always, we would endeavor to provide you our professional consultation and compliance services.
 
Let’s have a brief look with our Regulatory Updates from the IA! 
 
REGULATORY UPDATES

Practice Note on Illustration Rate Caps in Benefit Illustration for Participating Policies
28 February 2025

To ensure policyholders’ reasonable expectations on the performance of their participating policies are met, the Insurance Authority (“IA”) issues the Practice Note on Illustration Rate Caps in Benefit Illustration for Participating Policies (“Practice Note”) to articulate a set of aligned minimum expectations regarding the illustration rate caps that authorized insurers should use in benefit illustrations for participating policies at the point of sale.

The Practice Note shall take effect from 1 July 2025. The requirements and expectations outlined in the Practice Note apply to all benefit illustrations to be provided by authorized insurers and licensed insurance intermediaries at the point of sale.
 
Should you have any questions in relation to the above, please contact your case officer or email us at enquiry@ia.org.hk.
 
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ComplianceDirect Consulting Limited
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