The Hong Kong Federation of Insurers (HKFI) welcomes the refinement of rules under the Capital Investment Entrant Scheme (CIES) relating to the recognition of investment-linked assurance scheme (ILAS) as Eligible Collective Investment Schemes (ECIS) under the CIES.

With the refinement of the CIES rules, ILAS products will meet the relevant requirements as permissible investment assets under ECIS.

"This helps increase our range of products to meet the needs of our clients.  We appreciate the work done by the Security Bureau and Immigration Department and the assistance rendered by the Insurance Authority and the Securities and Futures Commission (SFC)," said Mr Alex Chu, Chairman of the Life Insurance Council of the HKFI.

All ILAS products under the ECIS require SFC's vetting and approval in the usual way.  It is anticipated that such products will be available to CIES applicants by the fourth quarter of 2010 at the earliest.