Insurance Authority meets with Monetary Authority of Macao to discuss issues of common interest on conduct of insurance business and enforcement

Last week, a delegation consisting of Mr. Peter Gregoire, who serves as the Head of Market Conduct and General Counsel at the Insurance Authority (IA), and Ms. Maria Tsui, the Head of Enforcement at the IA, led a group of colleagues involved in conduct and enforcement to hold a meeting with their counterparts at the Monetary Authority of Macao (AMCM). During the meeting, the regulatory authorities engaged in detailed discussions concerning current matters related to the conduct of insurance business that are common to both the insurance markets of Hong Kong and Macao. Some of the topics that were addressed included the sale of life insurance products to visitors from Mainland China, as well as strategies for enforcement and recent measures taken to address the issue of unlicensed cross-boundary selling. The parties reached an agreement to maintain open communication and enhance collaboration in order to promote the healthy and sustainable development of both markets. Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240422.html