The Monetary Authority of Macao announced that the revised Insurance Intermediation Activity Law will take effect on 1 August, tightening licensing and supervision of insurance intermediaries with a stated focus on strengthening protection of clients’ rights and interests. The rollout is accompanied by new public-facing and supervisory tools, including an online enquiry service for the Register of Licensed Insurance Intermediaries and an electronic reporting platform for market participants. The updated law raises market entry and operating requirements, clarifies minimum academic qualifications for licence applicants, and requires a fit-and-proper assessment. It also strengthens oversight by introducing a “principal” regime and clarifying the responsibilities of insurers and insurance intermediaries acting as legal-person principals, including due diligence when appointing intermediaries and ongoing management and supervision of their conduct. Sanctions are increased through higher fines and additional measures such as closure of premises, bans on carrying out insurance intermediation, public reprimands, and publication of administrative sanctioning decisions. From 1 August, the public register enquiry system will allow website users to view public information including licensing details, permitted scope of activity, authorisation validity, and principal appointment; the Electronic Platform for Insurance Intermediaries will enable insurers, private pension fund management companies and corporate intermediaries to declare appointed intermediaries and related information such as continuing professional training hours, while individual intermediaries can check their training records via the Macao SAR Single Access Account to Public Services. AMCM supervisory notices and circulars previously issued to support implementation will enter into force at the same time, and briefings for the sector have been held with more than 1,000 participants.

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