The Insurance Authority has issued a circular today extending Phase 2 of the temporary facilitative measures (TFMs), introduced in March 2020, by another three months (i.e. to 31 December 2020) in light of the current COVID-19 situation.
The Phase 2 TFMs permit insurers and intermediaries to use non-face-to-face distribution methods for selling certain insurance products (amongst other things). The scope of products covered and the implementation details of the TFMs will remain unchanged. To read our previous blog posts on the related circulars issued in respect of the TFMs, please click here and 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.