The Hong Kong Federation of Insurers (HKFI) today (21 February 2020) welcomes the Insurance Authority (IA) in introducing the temporary facilitative measures on non-face-to-face (non-F2F) distribution methods for Qualifying Deferred Annuity Policy (QDAP) and Voluntary Health Insurance Scheme (VHIS) products in view of the outbreak of COVID-19.

From now until 31 March 2020, policyholders are able to purchase QDAP and VHIS products sold by life insurers and intermediaries through non-F2F applications, such as digital, tele-marketing, postal, video-conference or any combination of these methods. This will enable policyholders to acquire the necessary insurance cover and protection, enjoy the tax concession for the assessment year 2019-20 while minimizing the risk of infection during the conventional F2F application process.

“Covid-19 has imposed an unprecedented challenge to Hong Kong and the insurance industry is no exception. We are pleased to have worked out a range of flexible measures with the Insurance Authority while maintaining strong levels of consumer protection,” said Mr Edward Moncreiffe, Deputy Chairman of Life Insurance Council and Convenor of Special Committee on Tax Concession for Deferred Annuity Products. “Over 110,000 intermediaries working in our industry will now be able to continue serving our customers and ensure their retirement and savings needs are met. This is a manifestation of how the industry and our regulator remain agile and put customers first in this trying time.”

Going forward, the HKFI will continue working closely with the IA in exploring more innovative and nimble distribution methods to serve the insuring public.