Offshore life insurers have had to stop taking business from expatriates living in mainland China i...
Offshore life insurers have had to stop taking business from expatriates living in mainland China if they do not have authorisation in the country. This follows guidelines issued by the Office of the Commissioner of Insurance in Hong Kong.
Skandia has a licence and office in China but this does not cover Isle of Man-based Royal Skandia. It has therefore stopped writing Royal Skandia policies for expatriates based in China ex-Hong Kong.
Francine Fu, regional director of the Far East at Royal Skandia, said: "The Hong Kong Commissioner of Insurance issued guidelines last year about life insurers not accepting business from China unless they are authorised.
"It took until earlier this year to clarify whether the directive covered the sale of products to expats. As it does, we have stopped writing business in China."
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