The Insurance Authority will tighten regulations on insurance companies selling investment-linked products, according to Insurance Commissioner Benjamin Tang Kwok-bun.
A new examination would be introduced for insurance salesmen to ensure they were qualified to sell the products to clients, Mr Tang said.
'The move will close the gap between the insurance industry and the fund-management companies, in a bid to bring fair competition between the two sectors,' he said.
Mr Tang made the promise in a speech yesterday at a Hong Kong Investment Funds Association (IFA) luncheon where fund managers complained that insurance agents were operating under less stringent regulatory requirements than they were.
Policy holders who purchase investment-linked insurance products can choose from a selection of funds.
At present, funds being packaged into investment-linked insurance schemes must be authorised by the Securities and Futures Commission. However, insurance agents are not under the supervision of the SFC.
