Further to the introduction of the Phase 2 temporary facilitative measures (TFMs) on 27 March 2020, the Insurance Authority (IA) has released a circular announcing that Phase 2 of the TFMs will be extended by three months in view of the COVID-19 pandemic.

The Phase 2 TFMs (amongst other things) permit insurers and intermediaries to use non-face-to-face distribution methods for selling certain insurance products.  The Phase 2 TFMs will remain applicable until 30 September 2020, unless varied by the IA (to read further on the Phase 2 TFMs, please see our previous blog post here).

The Hong Kong Monetary Authority has also issued a follow up circular to confirm that the extension of the Phase 2 TFMs will also apply to the non-face-to-face distribution of in-scope insurance products by authorized institutions.