On Aug. 30, MAC MA issued rules to supervise advertising activities.
MAC MA issued Requirements for advertising activities in the insurance industry.
Regulatory Requirements
Advertisements should state the name and contact information of the licensed firm.
Licensed organizations must formulate control measures to ensure that they fully comply with current relevant laws, regulations in Macau such as Financial system act.
The advertising content must be identifiable, true and can be verified at any time.
It shall not contain any false or misleading information or financial information.
If the advertising content involves non-guaranteed benefits of any insurance contract, the licensed institution must comply with relevant guidelines on such benefits, such as the Guideline on the governance of life insurance products, see #123577.
If any performance information is in the advertisement, such as past returns, awards and rankings, they must state source of information, reference date, calculation basis.
Specifies the requirement if advertisements involve capital guarantee returns.
Also specifies that an advertisement should not contain content such as encouraging customers to terminate or redeem their contracts in advance, exaggerating or falsely promoting past performance, intercept false reports from newspapers, criticize peers.
The licensed organization must keep sufficient records to prove full compliance.
The board of directors of the licensed organization is responsible for overall supervision and ultimate responsibility for compliance with this circular.
Effectiveness
This circular will take effect from Oct. 1, 2024.
Regulators
MAC MA
Entity Types
CNSM; IB; Ins
Reference
Cir, 009/B/2024-DSG/AMCM, 8/30/2024
Functions
Advertising; Compliance; C-Suite; Financial; Product Administration; Record Retention; Reporting; Treasury
