Last week, regulatory leaders from the Insurance Authority (IA) and the Monetary Authority of Macao (AMCM) met to tackle mutual concerns in the insurance sectors of Hong Kong and Macao.
The discussions primarily revolved around the challenges associated with the sale of life insurance products to visitors from Mainland China and the measures to curb unlicensed cross-boundary selling of insurance.
The meeting was led by Peter Gregoire, head of market conduct and general counsel at the IA, and Maria Tsui, head of enforcement at the IA. Both regulatory bodies emphasized the need for ongoing communication and increased cooperation to promote a stable and continuous development of the insurance market in the region.
The two parties ended the meeting with a commitment to enhance collaboration and ensure compliance with regulations to maintain market integrity in both Hong Kong and Macao.
