Best Practice Guidelines

  1. Know your client and recommend suitable products

    The intermediary should inquire about the clients’ backgrounds, their motives and objectives of purchasing insurance plans, and the stability of their income sources in order to provide appropriate investment recommendations from professional point of view. In addition, the recommendations on insurance products should base on clients’ needs to help them to accomplish their goals in protection and financial planning at different stages of life.

  2. Deliver the policy within the cooling off period

    It is necessary to hand-in the issued policy to the client within the cooling off period in order to secure customer’s right during cooling off period.

  3. Provide clear explanation on policy's details

    It is necessary to clearly explain to clients on the scope of coverage of their insurance plans, and to remind them about the important provisions and rules stated in the policy, such as the waiting period, the premium grace period, and the suicide clause etc.

  4. Elaborate the potential returns and risks of the product

    The intermediary should clearly explain the contents of Investment-Linked Assurance Scheme (ILAS) and investment plan, as well as the values of relevant investments to the clients. The intermediary should never exaggerate the expected rate of return or cover up the risks that may involve, and should let the clients understand the investment return may go up and down and they must make their own insurance decision based on the risk taking abilities.

  5. Handle policy replacement prudently and declare the relevant benefit and loss clearly (Handle policy replacement prudently and declare the relevant benefit and loss clearly)

    It is necessary to elaborate the pros and cons to the client when he/ she has decided to replace an existing insurance policy. Also the intermediary is required to complete the Customer Protection Declaration Form (“CPDF”) and explain the contents and actual impact on policy replacement to the clients. For example, the insurer may have to reassess the insured’s health condition, and the calculation of waiting period and suicide clause of the new policy will be restarted.

  6. Support claims follow ups

    Insurance intermediaries have to do their utmost in assisting and explaining to clients about the procedures and documents required for insurance claims in order to help clients to receive payment promptly, signifying the value of insurance services.

  7. Handle client's information properly to protect personal privacy

    It is necessary to keep clients’ information, contents of insurance policies, claims documents and relevant information in high confidentiality. To safeguard clients’ privacy, it is prohibited to use their information arbitrarily and the intermediaries must handle, store and dispose the documents in a proper manner.

  8. Handle clients’ premium properly

    There must be a clear differentiation over client’s premium from the intermediary’s own money. If the intermediary received money from the clients as insurance premium, he / she is required to hand over the money to the insurer within the designated period set by the industry regulation, and arbitrary usage of client’s premium is strictly prohibited.

  9. Maintain close tie and provide updated information to clients

    Clients have different needs over time. Thus intermediary has to maintain close tie with clients and provide updated information in order to provide professional insurance and financial recommendations to clients.

  10. Knowledgeable and comply with applicable industry guidelines and regulations

    Insurance intermediaries have to understand, implement and comply with the industry guidelines and regulations issued by regulators, insurers and LUAHK. In the meantime, they have to keep abreast of the updates and modifications of industry regulations. In case of any doubts, they should take the initiative to seek clarifications from the related regulator or the compliance department of the affiliated insurers.

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