澳澳澳澳门门门门金金金金融融融融管管管管理理理理局局局局.pdfVIP

澳澳 門門 金金 融融 管管 理理 局局 澳澳 門門 金金 融融 管管 理理 局局 AUTORIDADE MONETÁRIA DE MACAU Notice Nº 008/2003-AMCM SUBJECT: “COOLING-OFF” RIGHTS FOR PURCHASERS OF LIFE INSURANCE POLICIES Considering that life insurance is a contract of a long-term nature and, as such, requires that purchasers are fully aware of the inherent costs and benefits; The AMCM, pursuant to the provision of Article 10 paragraph 2 a) of Decree-Law No. 28/97/M, of 30 June, hereby determines that, with effect from 1 July 2003, insurance companies authorised to transact life insurance in the Macau Special Administrative Region shall grant the policyholders a “cooling-off” period, in accordance with the rules contained in the annex to this notice and forming an integral part thereof. Monetary Authority of Macau, 27 March 2003. For and on behalf of the Board of Directors: President, Anselmo Teng. Executive Director, António Félix Pontes. “Cooling-Off” Rights 1.0 Introduction 1.1 The Monetary Authority of Macau (AMCM), after hearing the opinion of the Macau Insurers’ Association, has decided to introduce cooling-off rights for purchasers of new life insurance policies in Macau. 1.2 These rights will give Macau consumers a chance to re-think their decision to purchase a life insurance product. 1.3 This will give purchasers of life insurance products a degree of consumer protection not available to purchasers of many other products in the market pl