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HK Insurance Authority Consults Industry on Labeling of 'Insurance' in Savings Products
The Hong Kong Insurance Authority (HKIA) and the Hong Kong Monetary Authority (HKMA) are requiring that all savings-type insurance products clearly include the word "insurance...
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HK Insurance Authority Consults Industry on Labeling of 'Insurance' in Savings Products
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The Hong Kong Insurance Authority (HKIA) and the Hong Kong Monetary Authority (HKMA) are requiring that all savings-type insurance products clearly include the word "insurance" in their names to avoid confusion, according earlier reports.

In response to local media, the HKIA stated that it and the HKMA are consulting the industry on proposals to label insurance products with savings components. The initiative aims to ensure insurers prioritize customer interests when developing and marketing products, while reducing the risk of selling products misaligned with customer needs.

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