The Monetary Authority of Macau (AMCM) warned the public yesterday that some individuals and companies have been illegally selling life insurance products without holding the required licence, according to a statement by Macau’s quasi-central bank.
The statement underlined that the entire sales procedure of any Macau life insurance products must be carried out in Macau.
These companies and individuals, the statement cautioned, are not locally licensed. The statement said that buyers should call the AMCM if any dubious companies or individuals approached them to sell life insurance.
According to the statement, those companies and individuals often advertise their life insurance products as other financial products such as saving deposits and stock funds, and might also employ terms like “high yield” or “high dividends” to attract customers. The statement said that both sales tactics are illegal and the selling parties face fraud charges.
The statement also said that residents should only buy life insurance services from companies registered on the AMCM website. The statement underlined that buying life insurance from questionable sources could lead to pecuniary losses and even involve illegal activities such as unlicensed currency exchange services and money laundering.
