2026 年 Mondaq 保险比较指南

InsuranceComparativeGuide

1.Legalframework

1.1.Whichlegislativeandregulatoryprovisionsgoverntheinsurancesectorinyourjurisdiction?

Macau

MdME

Macau’sinsurancesectorisprimarilygovernedbytheMacauInsuranceOrdinance(MIO)(Decree‑Lawno.27/97/M,asamendedbyLawno.21/2020andrepublishedbyChiefExecutiveDispatchno.229/2020),whichregulatesmarketaccessaswellastheconductofinsuranceandreinsuranceactivities.

InsurersandreinsurersarealsosubjecttoprudentialsupervisionundertheFinancialSystemAct(FSA)(Lawno.13/2023).

InsurancecontractsaregovernedbyArticles962to1063oftheMacauCommercialCode,whileprivatepensionfundsareregulatedunderthePrivatePensionFundsLaw(Decree‑Lawno.6/99/M).

InsuranceintermediariesaresubjecttothenewInsuranceIntermediaryActivities

Ordinance(IIAO)(Lawno.15/2024),effective1August2025,introducingupdatedlicensing,conduct,andsupervisoryrequirementsforagents,brokersandother

intermediaries.

Furthermore,theMIO,FSA,IIAOandthePrivatePensionFundsLawaresupportedbyadditionalrulesissuedbytheMonetaryAuthorityofMacau(AMCM).AMCM

providestheserulesthroughofficialnoticesandcirculars,whichallfinancialinstitutionsmustfollow.

Inadditiontosector‑specificlaws,severalgenerallawsapply,including:

.theConsumerProtectionLaw(Law9/2021),whichsafeguardspolicyholderrights;

·theStandardContractualClausesLaw(Decree‑Law17/92/M),applicabletostandard-formcontractterms;and

.theDataProtectionLaw(Law8/2005),governingthehandlingofclientpersonaldata.

1.Legalframework

1.2.Whichbilateralandmultilateralinstrumentsoninsurancehaveeffectinyourjurisdiction?

Macau

MdME

Therearenobilateralormultilateralinsurance‑specifictreatiesinMacau.However,in2014,AMCMenteredintoaco-operationagreementwiththeHongKong

InsuranceAuthorityandtheChinaInsuranceRegulatoryCommission,settingoutaframeworkthatenablestheregulatorsinthesejurisdictionstoshareinformationtofacilitatetheperformanceoftheirsupervisoryandmonitoringfunctionsrelatingtoinsurancefraud.

1.Legalframework

1.3.Whichbodiesareresponsibleforenforcingtheapplicablelawsandregulations?Whatpowersdotheyhave?

Macau

MdME

TheMonetaryAuthorityofMacau(AMCM),whichoperatesundertheauthorityoftheMacauChiefExecutive,isthemainregulatoryauthorityoverseeinginsurance,

reinsuranceandintermediarycompanies.Itsuperviseslicensing,inspections,ongoingcompliance,andenforcementactions.AMCMmaysuspendorrevokeintermediary

licenses,issuebindingguidelines,imposepenalties,andregulateadvertisingandconductwithintheinsurancesector.

1.Legalframework

1.4.Whatistheregulators’generalapproachinregulatingtheinsurancesector?

Macau

MdME

Macau’sregulatoryapproachemphasizesmodernization,internationalalignment,consumerprotection,andrisk-basedsupervision.Recentreformsinclude

strengthenedgovernanceandenhancedAMLrequirements,reflectingaforward-looking,stability-focusedregulatoryphilosophy.

2.Insurancecontracts

2.1.Whatarethemaintypesofinsuranceavailableinyourjurisdiction?

Macau

MdME

InsurersinMacaumayoperateeitherlifeornon-lifeinsurancebusinesses.Both

locallyincorporatedinsurersandbranchesofforeigninsurersmayoperatetheselines.LifeinsurersinMacaufocusonsavings-orientedandlong-termprotectionproducts.Commonlifeinsurancetypesinclude:

.TraditionalLifeInsurance-wholelife,termlife,endowment.

.AnnuityPlans-long-termincome-generatingplans.

.Investment-linkedAssuranceSchemes(ILAS)-investment-linkedlifeproducts.

.MedicalandCriticalIllnessInsurance-lifeinsurersarealsoauthorisedtounderwritethese.

.GroupLife/MedicalInsurance-employer-providedlifeandmedicalplans.

Generalinsurersmainlycovershort-termrisks.Keyproductcategoriesinclude:

MotorInsurance

.Household/HomeInsurance

.TravelInsurance

.MedicalInsurance(alsoofferedbylifeinsurers)

.EmployeeCompensationInsurance

.ProfessionalLiabilityInsurance

.FireInsurance

.Property&CasualtyProducts

2.Insurancecontracts

2.2.Areallinsurancecontractsregulated?Whattermsdotheytypicallyinclude?

Macau

MdME

Yes,insurancecontractsareregulatedprimarilyundertheCommercialCodeandtheMIO,whichimposemandatory(imperative)provisions.Contractstypicallyincludetermsrelatingtopremiums,coverage,exclusions,insuredinterests,obligations,

duration,andclaimsprocedures.

2.Insurancecontracts

2.3.Whataretheformalanddocumentaryrequirementsforconclusionofaninsurancecontract?

Macau

MdME

Insurancecontractsmustbedocumentedinapolicyissuedbytheinsurer.Avalid

policymustclearlystate:(1)theidentityandaddressofallparties,includingthe

insuredandbeneficiaries;(2)thetypeofinsurance;(3)theinsurableinterest;(4)theriskscovered;(5)theinsuredamount;(6)thestartandenddatesofthecontract;(7)thepremiumandanyadditionalcharges;and(8)anydeductibles,mandatory

exclusions,andotheragreedconditions.

Inadditiontothesesubstantiveelements,theinsurermustcomplywithspecific

formattinganddisclosureobligations.Anypolicywordingthatcreatestermination

rights,exclusions,causesofnullity,restrictiveprovisions,orrisk‑relatedlimitationsmustbespecificallyhighlightedorotherwisemadeclearlydistinguishable(suchasbyboldtypeface,shading,orseparateheadings).Failuretodosomayrendersuch

clausesunenforceable.

Theinsurermustalsoprovideallaccompanyingpre‑contractualdocuments,suchasproductbrochures,benefitillustrations,schedulesoffeesandcharges,andany

importantinformationstatements,ensuringthattheseareaccurate,up‑to‑date,clear,andnotmisleading.Thesedocumentsmustbeconsistentwiththeissuedpolicy.

Finally,thepolicybecomesformallyconcludedupontheinsurer’sacceptanceoftheapplicationandissuanceofthepolicydocument(orprovisionalcover),providedthepolicyholderhasmetalldisclosureobligationsandpaidtheinitialpremiumwhere

required.

2.Insurancecontracts

2.4.Whataretheproceduralrequirementsforconclusionofaninsurancecontract?

Macau

MdME

Proceduresincludecompliancewithstatutorydisclosures,policyformstandards,andlanguagerules.Ifintermediariesareinvolved,theymustcomplywithIIAOlicensingrequirements,includingsuitabilityandprofessionalconductobligations.

2.Insurancecontracts

2.5.Whataretherespectiveobligationsandliabilitiesofinsurerandinsured,bothonconcludinganinsurancecontractandduringitsterm?Whataretheconsequencesofanybreach?

Macau

MdME

Insurersmustassessrisk,honourclaims,maintainsolvency,andfollowregulatory

requirements.Insuredsmustdisclosematerialfactshonestly,paypremiumsontime,andmitigatelosses.Breachoftheseduties,suchasmisrepresentation,nondisclosure,non‑paymentofpremium,orfailuretonotifyriskchanges,mayleadtoreducedorrefused

3.Makingaclaim

3.1.Whataretheformalanddocumentaryrequirementsformakingaclaim?

Macau

MdME

Apolicyholdergenerallymustsubmitaclaiminaccordancewiththetermsoftheinsurancecontract.Inpractice,claimsubmissiongenerallyrequiresacompletedclaimform,evidencesupportingtheclaim,identitydocumentation,andproofofinsurableinterestwhereapplicable.Requirementsmayvarybyproduct.

3.Makingaclaim

3.2.Whataretheproceduralrequirementsformakingaclaim?

Macau

MdME

Theproceduralstepsformakinganinsuranceclaimareprimarilyderivedfromtheinsurancecontractitself.However,insurersmustfollowmandatoryrulesofthe

CommercialCodeandMIOconcerningtimelyacknowledgmentandfairprocessing.Policyholdersmustcooperatebyprovidingrequestedinformation.

3.Makingaclaim

3.3.Onwhatgroundscantheclaimbedenied?Howcantheinsuredchallengethedenialofclaim?

Macau

MdME

Claimsmaybedeniedformisrepresentation,non‑disclosure,policyexclusions,fraud,absenceofcoverage,orlapseofpolicy.InsuredsmaychallengedenialsinMacau

courts,whichhaveexclusivejurisdictionoverinsurancedisputesarisinginMacau.

3.Makingaclaim

3.4.Howcanthirdpartiesmakeaclaim?

Macau

MdME

Third‑partyclaimsarisewhenabeneficiaryhasbeendesignatedor,ifnonewas

appointed,whenthepolicyholder’slegalheirssucceedtothepolicybenefitsuponthepolicyholder’sdeath.Abeneficiarymayclaimdirectlybysubmittingproofofthe

insuredevent,identification,andanydocumentsrequiredunderthepolicy.Ifno

beneficiaryisnamed,theheirsmustprovidedeathdocumentationandevidenceofheirshiptoclaimtheproceeds.InsurersmustthenverifyentitlementandprocesstheclaiminaccordancewiththepolicyandMacaulaw.

4.Formandstructureofinsurers

4.1.Whattypesofinsurancecompaniesaretypicallyfoundinyourjurisdiction?

Macau

MdME

InsuranceCompanies:InsurancecompaniesoperatinginMacauareprimarily

categorizedastwodistinctbranches:LifeInsuranceorNon-life/GeneralInsurance.Macaulawdoesnotgrantcompositelicenses,meaninganinsurancecompanycannotsimultaneouslyoperatebothlifeandnon-lifebusinesses.

ReinsuranceCompanies:EntitiesintendingtosellreinsuranceproductsinMacaumustobtainreinsurancebusinessauthorization.However,Macauregulationsalso

allowlicensedinsurerstoaccept,manage,andperformreinsurancecontracts(withintheauthorizedcategories).

4.Formandstructureofinsurers

4.2.Howaretheseinsurancecompaniestypicallystructuredandfunded?

Macau

MdME

InsurancecompaniesoperatinginMacauaretightlyregulatedandmustfollowspecificstructuralandfinancialrequirements.

Localinsurersmustbeincorporatedaspubliclimitedcompanies(jointstock

companies)andcanonlyconductinsurancebusiness.Theycannotoperatebothlifeandgeneralinsurancesimultaneously.Theirboardsmustincludeatleastthree

directors,withatleastoneMacauresident,andallkeypersonnelmustmeetstrict“fitandproper”standardsregardingintegrity,financialsoundness,andprofessional

experience.

Foreigninsurersmayoperatethroughbranchesorrepresentativeoffices.Branchesmustfunctionasindependentcentreswiththeirownstaff,accounting,andclaimshandling,andmustappointatleastoneMacau‑residentgeneraltrustee.

Representativeofficesarelimitedtoliaisonactivitiesandcannotconductinsurancebusiness.

Fundingrequirementsaresubstantial.Localinsurersmustmaintainminimumpaid‑upcapital:MOP30millionforgeneralinsuranceandMOP60millionforlifeinsurance.HalfofthismustbedepositedinaMacaubankundertheAMCM’scontrolbefore

operationsbegin.ForeignbranchesmustestablishanestablishmentfundofMOP10–15million(dependingonthebusinessline),alsopartlydepositedunderregulatory

control.

Allinsurersmustmaintainsufficienttechnicalreserves(claims,mathematical,and

unearnedpremiumreserves,dependingonthetypeofinsurancebusinesspursed)

backedbyapprovedassetsheldinMacau.Theymustalsomaintainsolvencyreservesbasedonpremiums,riskcapital,andactuarialcalculations.AMCMimposesstrict

rulesoninvestment,reporting,auditing,andassetqualitytoensuresolvencyandpolicyholderprotection.

4.Formandstructureofinsurers

4.3.Arethereanyrestrictionsonforeignownershipofinsurancecompanies?

Macau

MdME

Macaulawdoesnotsetfixedproportionalcapsonforeignownership.

However,therearespecialrestrictionsforlicensingofforeignbranchoffices.A

foreigninsurerintendingtoestablishabranchinMacaumusthavebeenoperationalformorethan5yearsinitshomecountryandislimitedtoconductingthesametypeofinsurancebusinessapprovedinitshomecountry.

5.Authorisation

5.1.Whatauthorisationsarerequiredtoprovideinsuranceservicesinyourjurisdiction?Whatactivitiesdotheycover?

Macau

MdME

InsurersandReinsurersintendingtooperateinsuranceorreinsurancebusinessin

MacauonaregularbasismustobtainauthorisationfromtheChiefExecutive,priortocommencementofoperations.Authorizationisgrantedperbusinessline,meaning

entitiesmaybelicensedas"Life"or"Non-Life"insurers,andcompositelicensesarenotpermittedunderMacaulaw.

Theauthorizationforinsurerscoverstheconductofinsurancebusiness,whichincludestheunderwriting,acceptance,fulfilmentandmanagementofinsurancecontracts,aswellasrelatedinsuranceoperations.

Theauthorizationforreinsurerscoversonlytheconductofreinsurancebusiness,whichincludestheunderwriting,acceptance,fulfilmentandmanagementof

reinsurancecontracts.

Foreigninsurersmayestablishrepresentativeoffices,butthesearenotpermittedto

conductinsurancebusiness.Theirfunctionsarelimitedtorepresentingtheparent

company,includingfacilitatingcommunicationorhandlingmattersrelatedto

reinsuranceinterests.Theycannotissuepolicies,acceptrisk,orconductanyregulatedinsuranceactivityintheirownname.

Forforeignreinsurers,theycanestablishapresenceinMacaueitherbyincorporatingalocalcompanyorbysettinguparepresentativeoffice,followingrequirements

undertheMIOthatcloselyresemblethoseforinsurers,withsomespecific

distinctions.Arepresentativeofficeactssolelyasthelocalextensionofanoverseas

reinsurerandcannotindependentlyconductanyregulatedreinsuranceactivities.Its

roleislimitedtoplacingreinsurancecontractsfortheentityitrepresentsandhandlingmattersinMacauarisingfromthosecontracts.Itmayacceptreinsuranceagreementsonbehalfofthatentityandoverseerelatedlocalinterests.However,itcannotexceedthesefunctions,keepanyportionofpremiums,oracquirerealestateotherthanwhatisstrictlynecessaryforitsbasicestablishmentandoperation.

5.Authorisation

5.2.Whatrequirementsmustbesatisfiedtoobtainauthorisation?

Macau

MdME

ToobtainauthorisationtooperateasaninsurerorreinsurerinMacau,anapplicantmustsatisfythefollowingkeyrequirements:

1.CorporateForm

.Mustbeincorporatedasapubliclimitedcompany(jointstockcompany)iflocallyestablished.

.Foreigninsurersmustapplytooperatethroughabranch.

2.MinimumCapital

·MOP30millionfornon‑lifeinsurers.

.MOP60millionforlifeinsurers.

.50%ofcapitalmustbepaidincashatincorporationanddepositedinaMacau‑licensedbankunderAMCM’scontrol.

3.Shareholder(“FitandProper”)Requirements

.Majorshareholdersmustdemonstrategoodreputation.

.Noconvictionsforfraud,dishonesty,moneylaundering,etc.

.Financialsoundnessandclarityofownershipstructurerequired.

4.ManagementSuitability

.Directors,supervisorsandkeymanagersmustshowintegrity,adequateinsurance/financialexperienceandprofessionalqualifications.

5.BusinessPlan&TechnicalCapacity

·Submissionofathree‑yearbusinessplan,including:

Governancestructure

Riskmanagement&internalcontrols

Actuarialbasesandreservingmethodology

Reinsurancestrategy

Human,financialandITresources

6.RequiredDocumentation

Articlesofassociation

.Identificationandbackgrounddocumentsofshareholdersanddirectors.Proofofcapital,organisationalstructure,AML/CTFpolicies

7.RegulatoryAssessment

.AMCMevaluatesfinancialviability,marketimpact,abilitytomaintain

solvency,andwhethergroupstructureenableseffectivesupervision.

8.AdditionalRequirementsforForeignInsurers

.Minimum5yearsofoperationinhomejurisdiction

.AuthorisedabroadforthesameclassestobeoperatedinMacau·AppointmentofaMacau‑residentgeneralrepresentative

.Establishmentfund(MOP10–15milliondependingonthebusinessline)

5.Authorisation

5.3.Whatistheprocedureforobtainingauthorisation?Howlongdoesthistypicallytake?

Macau

MdME

TheentityintendingtooperatethebusinessmustsubmitanapplicationtoAMCM.

AMCMwillthenconductasubstantiveassessmentbasedonaseriesofcriteria,

includingthecompany'sfinancialcapacity(includingminimumcapitalrequirements),thesuitabilityofitsshareholders,directors,andkeymanagementpersonnel,andthe

adequacyofthecorporategovernancestructureandbusinessplan.

FollowingAMCM’sreviewandopinion,thefinalauthorizationofaninsurermustbeapprovedbytheChiefExecutive,intheformofanExecutiveOrderandpublishedinMacau’sOfficialGazette.

TheMIOdoesnotexplicitlystatethetimelimitfortheChiefExecutiveapproval.

Applicationsshouldtypicallybedecidedwithin9to18monthsfromthedatetheauthoritiesreceiveallnecessaryandcompleteinformation.Furthermore,after

obtainingtheChiefExecutive'sauthorization,therelevantentitymustcompleteregistrationformalitieswithin120days.

6.Regulatorycapitalandliquidity

6.1.Whatminimumcapitalrequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

ForLifeInsurers,thestatutoryminimumcapitalamountisMOP60,000,000.

ForGeneral/Non-LifeInsurers,thestatutoryminimumcapitalamountisMOP30,000,000.

6.Regulatorycapitalandliquidity

6.2.Whatliquidityrequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

Macau’sprudentialframeworkassuresthatinsurancecompaniesmaintain“liquidityrequirements”throughtechnicalreserverequirements,solvencymargins,andrulesgoverningtheassetsthatmustbemaintainedtobackliabilities.

.TechnicalReserves:Insurancecompaniesmustmaintainadequatetechnical

reserves,whichmustbebackedbycompliantassets.AMCMhasspecific

reservebackingrequirementsforexceptionallyhighlossesorfrontingpolicies.

.AssetDiversificationandLiquidity:Whenmanagingtheassetportfolio

backingreserves,insurancecompaniesmustconsiderassetliquidity,safety,anddiversificationtoensuretheabilitytofulfillcontractualobligationspromptlyintheeventofclaims.

.SolvencyMargin:Insurancecompaniesmustmaintainthelegallyrequiredsolvencymargintoaddresspotentialfinancialrisks,withspecificcalculationstandardsstipulatedbyAMCMthroughnoticesorcirculars.

.InternalControls:Companiesmustestablishcomprehensiveinternalcontrolmeasurestocontinuouslymonitorthematchingofassetsandliabilitiesto

preventliquiditycrises.

7.Supervisionofinsurancegroups

7.1.Whatrequirementsapplywithregardtothesupervisionofinsurancegroupsinyourjurisdiction?

Macau

MdME

AccordingtoArticles10-12ofFSA:

AMCMcaninspectfinancialinstitutionson-siteandmonitorthemoff-site.Ifneeded,AMCMcanextenditsoversighttotheentiregroupthatafinancialinstitutionbelongsto,includingitsrelatedcompanies.Duringinspections,AMCMhastherightto

reviewrecords,accounts,andelectronicdata,andcanseizedocumentsifnecessary.

ForMacau-basedfinancialinstitutions:

.Ifacompanyownsmorethan50%ofanothercompany,AMCMwillsupervisethemasonegroup.

.Ifownershipis50%orless,AMCMdecideswhethertoapplyconsolidatedsupervision.

.AMCMcancooperatewithoverseasregulatorstosuperviseinternationalgroupsthroughagreementsorjointmechanisms.

CompaniesunderconsolidatedsupervisionmustprovideAMCMwithinformationaboutthemselvesandtheirrelatedcompanies.Thisinformationmustbecomplete,accurate,andtruthful.OverseasbranchesinMacaumaysharenecessarydatawiththeirhomecountryregulatorsforriskassessment.

8.Reporting,governanceandriskmanagement

8.1.Whatkeydisclosurerequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

Insurancecompaniesmustclearlydisclosekeyorunusualexclusionclausesinpolicydocuments;failuretofulfillthisdisclosureobligationmayleadtoregulatory

complianceissues.

Besides,undertheMIO,insurancecompaniesinMacaumustpubliclydisclosetheirannualfinancialstatements,businessreportsummaries,supervisoryandauditor

opinions,shareholderinformation,andthenamesofgoverningbodymembers.

Companieswithoverseassubsidiariesmustalsopublishconsolidatedaccounts,whileforeigninsurers’Macaubranchesmustpublishbranch‑levelfinancialstatementsandbusinesssummaries,andsubmittheirparentcompany’saccountstoAMCM.

8.Reporting,governanceandriskmanagement

8.2.Whatkeyreportingrequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

.ChangeinQualifiedShareholding:Directorindirectacquisitionof10%ormoreofaqualifiedshareholding,orsubsequentcumulativeincreases/decreases

exceeding5%,mustobtainpriorapprovalfromAMCM.

.OutsourcingArrangementNotification:Aftersigningsignificantoutsourcingcontractsorcloudoutsourcingcontracts,insurancecompaniesmustnotify

AMCMwithin30days.

.FinancialReporting:InsurancecompaniesinMacaumustregularlydisclose

quarterlyandannualfinancialinformation,actuarialandstatisticalreports,

managementandgovernancedetails(forlocalinsurers),annualconsolidated

accounts(forforeigninsurers),ensurealldisclosuresareaccurateandcomplete,andprovideanyadditionalinformationrequiredbyAMCM.

8.Reporting,governanceandriskmanagement

8.3.Whatkeygovernancerequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

InsurancecompaniesinMacaumustcomplywithacomprehensivecorporate

governanceframeworkestablishedundertheAMCMCorporateGovernance

GuidelineforAuthorizedInsurers(GuidelineunderNoticeno.016/2013‑AMCM).

Theguidelinerequiresinsurerstomaintainsound,transparent,andprudent

managementpracticestosafeguardpolicyholdersandensuremarketstability.

TheBoardofDirectorsholdsprimaryresponsibilityforsettingtheinsurer’s

long‑termstrategicdirection,approvingitsriskappetite,andoverseeingsustainabilityandfinancialsoundness.TheBoardmustregularlyreviewbusinessstrategies,

monitorseniormanagementperformance,andensurethatoversightandoperationalrolesremainclearlysegregated.

Theguidelinemandatesanappropriateboardcomposition,requiringdirectorsto

collectivelypossesssufficientexpertise,integrity,andindependence.Directorsmustactobjectively,avoidconflictsofinterest,andexerciseinformedandindependent

judgment.

Insurersmustimplementarobustriskmanagementandinternalcontrolsystem,

includingindependentriskmanagement,actuarial,compliance,andinternalauditfunctions.Thesefunctionsmustbeproperlyresourced,operateindependently,andreporttotheBoardwhenneeded.

Arisk‑alignedremunerationpolicyisrequired,ensuringcompensationdoesnot

incentivizeexcessiverisk‑taking.Insurersmustalsoupholdhighstandardsof

financialreporting,disclosure,andtransparency,providingaccurateinformationtostakeholdersandAMCM.

SeniormanagementisresponsibleforexecutingBoard‑approvedstrategies,ensuringeffectiveinternalcontrols,andmaintainingregulatorycompliance.AMCMperformsongoingsupervisoryreviewsandmayrequirecorrectiveactionsifgovernance

standardsarenotmet.

8.Reporting,governanceandriskmanagement

8.4.Whatkeyriskmanagementrequirementsapplytoinsurancecompaniesinyourjurisdiction?

Macau

MdME

TheBoardofDirectorsisresponsibleforsettingtheinsurer’sriskstrategy,definingitsrisk‑takingcapacity,andensuringrobustoversightofallmaterialrisks.TheBoardmustregularlyreviewriskpolicies,monitorimplementation,andensurethe

frameworkremainsappropriatetotheinsurer’ssize,nature,andcomplexity.

Insurersmustestablishanindependentriskmanagementfunctionwithadequate

authorityandresourcestoidentify,assess,monitor,andcontrolrisks—including

underwriting,market,credit,liquidity,operational,andstrategicrisks.ThisfunctionmusthavedirectaccesstotheBoard.

Astronginternalcontrolsystemisrequired,supportedbyclearpolicies,procedures,reportinglines,andsegregationofduties.Anindependentinternalauditfunctionmustperiodicallyevaluatetheeffectivenessofriskmanagementandcontrols.

Theactuarialfunctionplaysacriticalroleinassessingreservingadequacy,pricingassumptions,andsolvency‑relatedrisks.

Finally,insurersmustmaintainrisk‑alignedremunerationpoliciesthatavoidencouragingexcessiverisk‑takingandmustcomplywithongoingAMCMsupervisoryreviews.

9.Seniormanagement

9.1.Whatrequirementsapplywithregardtothemanagementstructureofinsurancecompaniesinyourjurisdiction?

Macau

MdME

Asnotedearlier,insurersinMacaumayoperateeitheraslocallyincorporatedpubliclimitedcompaniesorasbranchesofforeigninsurers..

LocallyIncorporatedInsurers

UndertheMacauInsuranceOrdinance(MIO),alocallyincorporatedinsurermustmeetspecificgovernanceandmanagementstructurerequirements:

.TheBoardofDirectorsmustcompriseatleastthreedirectors,andatleastonedirectormustbeaMacauresident.

.AlthoughtheMIOdoesnotimposeauniquecorporategovernancemodel,

insurersmustmaintainthegovernancebodiesrequiredunderMacaucompanylaw,including:

BoardofDirectors

SupervisoryBoard(orasolesupervisor)

GeneralAssemblyofShareholders

CompanySecretary

Thesebodiescollectivelyensureoversight,accountability,andadherencetoregulatoryandcorporategovernancestandards.

BranchesofForeignInsurers

ForeigninsurersoperatinginMacauthroughabranchmustappointoneormoreGeneralRepresentatives.

.AtleastoneGeneralRepresentativemustbeaMacauresident.

.GeneralRepresentativesmustpossesssufficientauthoritytolegallybindtheinsurerinMacauandareresponsibleforensuringcompliancewithlocal

regulatoryobligations.

9.Seniormanagement

9.2.Howaredirectorsandseniorexecutivesappointedandremoved?

Whatselectioncriteriaapplyinthisregard?

Macau

MdME

.Fit-and-ProperAssessment:DirectorsandsupervisorymembersmustpassAMCM'sfit-and-properassessment.

.SelectionCriteria:Assessmentcriteriaincludetheintegrity,professionalcompetence,financialsoundness,andpastperformanceofthemanagementpersonnel.

.ApprovalMechanism:

Forlocallyincorporatedinsurers(publiclimitedcompanies),directorsandsupervisoryboardmembersareappointedthroughboardresolutions,in

accordancewithMacaucompanylaw.

Forbranchesofforeigninsurers,generaltrusteesarealsoappointedthroughboardresolution

.SpecialRegistration:Beforeta