Significant Changes brought about by the New Insurance Intermediary Ordinance in Macau

Our Insurance team attended and spoke at the MIIPA & Macau Institute of Financial Services seminar last week. The seminar focused on the 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐛𝐫𝐨𝐮𝐠𝐡𝐭 𝐚𝐛𝐨𝐮𝐭 𝐛𝐲 𝐭𝐡𝐞 𝐍𝐞𝐰 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐈𝐧𝐭𝐞𝐫𝐦𝐞𝐝𝐢𝐚𝐫𝐲 𝐎𝐫𝐝𝐢𝐧𝐚𝐧𝐜𝐞.

The seminar raised some very insightful topics and provided a fantastic platform for engaging in discussions. It also dived into the legal framework and its impact on the ordinance.

António Tam, Senior Associate in our Insurance practice, shared as a speaker on the day, where he covered that under the new ordinance, one of the responsibilities of insurance intermediaries is ensuring that their identity meets professional qualifications, primarily through continuous professional training.

Carlos Coelho followed up by agreeing that the new ordinance "represents a significant leap forward for Macau's insurance sector." and that "the new changes aim to enhance the licensing structure, strengthen supervision, establish clearer responsibilities for principals, and ensure compliance with international standards," calling it "a call to action for intermediaries to rise to the challenge, embrace the change, and emerge stronger."

It was a very valuable seminar, with many professionals in the field coming together.

Credit to Macau Business for the photographs and news coverage of this event - discover the article here.