The Macau Institute of Financial Services (IFS) and the Macau Insurance Agents and Brokers Association co-hosted a seminar on regulatory details of the Insurance Intermediary Business Ordinance, with the AMCM's representatives sharing insights.
With the development of the insurance market and the increasing diversity of insurance products, the number of insurance intermediaries in Macao has grown significantly. To further safeguard customers’ rights, the newly revised Insurance Intermediary Business Ordinance officially took effect on 1 August. On the same day, the Monetary Authority of Macao (AMCM) launched the "Registry of Insurance Intermediaries" inquiry system on its website, allowing the public to access information such as intermediaries' licenses, business scope, validity periods, and appointing principals.
Key amendments in the Insurance Intermediary Business Ordinance include:
1. Raise the entry and licensing requirements for insurance intermediaries, for example, specifying the minimum educational qualifications required for applicants and requiring them to pass the suitability assessment.
2. Strengthen supervision of insurance intermediary business, introduce the "appointing principal" mechanism to clarify that insurance companies and corporate insurance intermediaries, as principals of intermediaries, must conduct due diligence on appointed intermediaries and implement ongoing conduct management and oversight.
3. Increase penalties for violations, including raising fines, and imposing additional sanctions such as closure of business premises, prohibition from engaging in insurance intermediary business, public reprimands, and disclosure of administrative penalty decisions, etc.
Additionally, in line with the new law, the AMCM officially launched the “Insurance Intermediary E-Platform”, enabling insurance companies, private pension fund management companies, and corporate insurance intermediaries to submit information on appointed intermediaries and their continuing professional development (CPD) training hours. Individual insurance intermediaries can also check their CPD records via the “Macau One Account” mobile app.
Previously, the AMCM has issued multiple regulatory notices and circulars which also took effect on the same day. To help industry understand the new law and its requirements, the AMCM has hosted multiple explanatory seminars, with a cumulative attendance of over 1,000.
