Hong Kong Insurance Authority extends TFM to end-2020

The TFM removes the need for face-to-face insurance sales.

The Hong Kong Insurance Authority has extended the second phase of temporary facilitative measures (TFM) for non-face-to-face meetings to 31 December.

The phase two of TFM removes the need to conduct physical interactions in order to reduce the risk of virus transmission during the sale of insurance products.

Products covered by the TFM include Qualifying Deferred Annuity Policy (QDAP), Voluntary Health Insurance Scheme (VHIS) plans, term life policies and refundable policies with no savings or renewable policies with no cash value.

The scope of products covered and the implementation details remain unchanged, the regulator said.