Remuneration Structures of Licensed Insurance Intermediaries which are Authorized Institutions for Participating Policies with Regular Payment Terms (2026-06-05)

Circulars Email: HKMA E-mail Alert of 08 June 2026 (05:00 p.m. HKT)

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Document Information

Title: Remuneration Structures of Licensed Insurance Intermediaries which are Authorized Institutions for Participating Policies with Regular Payment Terms (2026-06-05)

Type: Circulars

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/current/20260602-4-EN

Email Received: 2026-06-08 17:20

Summary Created: 2026-06-08 12:00

English Summary
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Management Summary
  • Purpose / Background: The HKMA issued this circular to align remuneration practices for Authorized Institutions (AIs) acting as insurance intermediaries with the Insurance Authority’s (IA) Practice Note. It aims to ensure that commission structures for participating policies with regular payments are prorated to better align intermediary incentives with policyholder interests and "treating customers fairly" (TCF) principles.
  • One-line conclusion: AIs must implement phased commission spreading for both institutional income and frontline technical representatives, with specific exemptions for balanced scorecard models that meet strict conduct-based criteria.
  • Key Changes:
  • Mandatory proration of commissions received by AIs from insurers (85% cap in 2027; 70% cap in 2028).
  • Requirement to spread remaining commission evenly over 5 years (or the premium payment term if shorter).
  • Extension of spreading requirements to appointed technical representatives (capped at 70% upfront from 2028).
  • Introduction of a "substance-over-form" approach to identify and regulate commission components within balanced scorecards.
  • Exemption criteria provided for scorecards that effectively incorporate non-financial TCF performance metrics.
  • Key Dates / Deadlines:
  • 1 July 2027: 85% upfront commission cap for AIs (initial phase).
  • 1 July 2028: 70% upfront commission cap for AIs and appointed technical representatives.
  • Applicability / Impact scope: All AIs in Hong Kong acting as licensed insurance intermediaries for participating long-term policies with regular payment terms.
  • Recommended management actions:
  • Conduct a gap analysis of current remuneration structures against the 85%/70% thresholds.
  • Evaluate existing balanced scorecards to ensure commission components are identified and handled via "substance-over-form" testing.
  • Enhance internal controls and monitoring to evidence TCF compliance.
  • Initiate migration plans for staff compensation structures well before the 2027/2028 deadlines.
Detailed Summary
  1. Document overview
  • Nature: Regulatory circular establishing commission spreading expectations for AIs in the bancassurance channel.
  • Purpose: To harmonize AI practices with the IA’s Practice Note on participating policies to improve service quality and alignment with policyholder interests.
  • Scope: Participating policies with regular payment terms.
  1. Main requirements
  • Commission Received by AIs:
  • Must be prorated such that upfront commission (1st year) is limited to 85% (from 1 July 2027) and 70% (from 1 July 2028).
  • Remaining commission must be spread evenly over at least 5 years (2nd to 6th year) or the premium payment term (whichever is shorter).
  • Commission for Technical Representatives:
  • Must follow the 70% upfront cap (from 1 July 2028) and the 5-year even-spreading requirement.
  • Balanced Scorecard Exemption:
  • Representatives may be exempt from direct spreading if the AI uses a balanced scorecard that:
    a) Has no separate commission component (all commission-like elements must be subject to spreading).
    b) Effectively incorporates "treating customers fairly" (TCF) metrics.
  1. Key changes
  • Shifts from potential front-loaded commission models to mandated, phased, and even-spread structures.
  • Introduction of strict "substance-over-form" assessment to prevent re-characterization of commission payments.
  1. Important dates & transition
  • 1 July 2027: Effective date for 85% cap (AI-level).
  • 1 July 2028: Effective date for 70% cap (AI and individual representative levels).
  1. Impact and risks
  • Operations: Potential need to restructure incentive schemes and system tracking for 5-year payout schedules.
  • Compliance: High risk of "non-compliant" status if scorecards do not explicitly separate commission components.
  • Data: Requirement to track and report commission proration accurately for audit purposes.
  1. Compliance action checklist
  • [ ] Audit all current commission agreements with insurers.
  • [ ] Perform "substance-over-form" review of all frontline staff remuneration packages.
  • [ ] Refine/re-design scorecards to include clear, measurable TCF performance metrics.
  • [ ] Establish automated monitoring to ensure the "even spread" of commissions occurs as mandated.
  1. Appendices/attachments summary
  • N/A (The document provided does not contain separate attachments; all requirements are contained in the body text).
中文摘要
快速切換摘要區塊
管理層摘要
  • 目的/背景： 配合保險業監管局（IA）對分紅保單（Participating Policies）佣金攤分的要求，HKMA 針對作為持牌保險中介人的認可機構（AIs，即銀行），確立了在銀行保險銷售渠道中，佣金分期發放的具體監管期望，以確保中介人利益與客戶利益一致。
  • 一句話結論： 銀行必須自 2027 年 7 月起逐步落實分紅保單佣金的「分期攤分」制度，並對前線銷售人員的薪酬結構進行合規審視與調整。
  • 關鍵變更：
  1. 佣金攤分要求： 收取的佣金需按比例在首年及隨後年份攤分。
  2. 分階段實施： 2027 年 7 月起首年佣金上限為 85%；2028 年 7 月起收緊至 70%。
  3. 後續攤分： 首年後剩餘佣金需在至少 5 年或保費繳付期內（以較短者為準）平均分發。
  4. 人員薪酬豁免條件： 若採用平衡計分卡（Balanced Scorecard），需滿足無獨立佣金成分及包含公平對待客戶指標，否則須回歸攤分規定。
  5. 實質重於形式： 評估薪酬成分時，不論名稱，若具佣金性質即受監管。
  • 重要日期 / 截止日：
  • 2027 年 7 月 1 日： 首階段生效（首年佣金上限 85%）。
  • 2028 年 7 月 1 日： 次階段生效（首年佣金上限 70%，適用於 AI 收取佣金及支付予前線人員）。
  • 適用對象 / 影響範圍： 所有兼任持牌保險中介人的認可機構（AIs），涵蓋銀行保險渠道下銷售的定期供款分紅保單。
  • 管理層建議行動：
  1. 調整系統與流程： 更新銀行與保險公司間的佣金結算及撥付系統，以符合攤分比例。
  2. 審視薪酬架構： 審核前線技術代表的平衡計分卡，確認是否包含「公平對待客戶」考核指標及是否有隱性佣金。
  3. 合規檢測： 建立內部控制機制，確保銷售過程符合「實質重於形式」的佣金定義判斷。
  4. 紀錄保存： 保存薪酬設計、攤分計算的合規審計軌跡，以供 HKMA 隨時查閱。
詳細摘要

1) 文檔概述
本文檔由香港金融管理局（HKMA）發布，旨在與保險業監管局（IA）的《分紅保單中介人報酬結構實務指引》接軌，明確銀行作為保險中介人在銷售分紅保單時，必須實施的佣金攤分（Commission Spreading）標準。

2) 主要要求

  • 對銀行收取佣金的要求： 銀行從保險公司獲取的佣金須進行分期計算。
  • 對前線員工薪酬的要求： 原則上受同樣攤分限制，但若使用平衡計分卡，滿足特定條件（無獨立佣金成分、具備客戶公平待遇指標）可獲豁免。
  • 實質重於形式： 任何具佣金性質的薪酬（無論名稱為何）均須納入攤分計算，嚴禁透過修改名目規避規定。

3) 關鍵變更

  • 佣金比例限制：
  • 自 2027/07/01 起： 首年佣金上限 85%。
  • 自 2028/07/01 起： 首年佣金上限 70%。
  • 平均分攤機制： 首年後的剩餘佣金，需在 5 年或保費繳付期（取短者）內，實現「年度等額支付」。
  • 平衡計分卡豁免： 若銀行無法證明薪酬結構不含佣金成分或無法有效考核「公平對待客戶」，則平衡計分卡亦必須強制執行攤分要求。

4) 重要日期與過渡安排

  • 2027 年 7 月 1 日： 首階段佣金攤分生效（85% 上限）。
  • 2028 年 7 月 1 日： 全面實施嚴格攤分（70% 上限），包含對技術代表的支付規定。
  • 過渡建議： HKMA 鼓勵銀行提前啟動系統遷移與架構重整。

5) 對機構的影響與風險

  • 營運： 需重新編程佣金結算邏輯，處理不同年份保單的複雜攤分路徑。
  • 人力資源： 平衡計分卡的設計需大幅修改，增加合規考核權重。
  • 合規/IT： 數據追蹤壓力上升，需確保系統能對「佣金成分」進行實質拆解。

6) 合規動作清單（Checklist）

  • [ ] 盤點現有分紅保單代理協議，計算現行比例與 2027/2028 目標之差距。
  • [ ] 檢視所有前線銷售人員的薪酬考核架構（Scorecard）。
  • [ ] 進行「實質重於形式」的審核，剔除或調整違規佣金成分。
  • [ ] 建立對應薪酬審計與監控程序，確保滿足 HKMA 查核要求。

7) 附件/附錄摘要
*註： 本文檔未附帶正式編號之附件，文中提及的《保險業監管局實務指引》（IA Practice Note）為本規範之基礎，銀行需同時參考該指引中關於分紅保單定義（段落 2.2-2.3）、佣金定義（段落 2.4）及獎金佣金（段落 4.2，即與非財務業績掛鉤之獎金可豁免攤分）等細節。*