# Sources: every document cited on premiumfinance.hk

> Every regulatory circular, rate publication, bank key facts statement, consumer page and press report cited on this site, with date, link and access notes.

- URL: https://premiumfinance.hk/sources/
- Author: Premium Finance Practice Editorial (https://premiumfinance.hk/about/)
- Reviewed by: Premium Finance Practice Editorial Editorial Board
- Published: 2026-11-04
- Updated: 2026-11-04
- Language: en

## Key takeaways

- Primary regulatory sources are the IA and HKMA circulars of 1 April 2022, the HKMA circular of 16 October 2023, the joint inspection circulars of 6 December 2023 and 27 June 2024, and the IA circular of 20 August 2026.
- Rate figures come from the HKAB HIBOR page (3 Nov 2026) and press reports of bank Prime rates (29 Oct 2026); bank terms come from key facts statements and product pages current in October and November 2026.
- Some IA website documents are protected against automated access; where that is the case the HKMA document library copy is linked and the IA URL is given for manual opening.

Every figure and rule on this site traces to one of the documents below. Each entry gives the publisher, date and link, how the document was used, and any access limitation found on 4 November 2026. Regulatory documents are listed first, then rate publications, bank disclosures, consumer and legal information, and press reports.

## Regulatory circulars and press releases

| Document | Publisher | Date | Used for | Link and access note |
|---|---|---|---|---|
| Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies (Ref INS/TEC/9/2/2/26) | Insurance Authority | 1 Apr 2022 (effective 1 Jan 2023) | Definition of premium financing; three-limb affordability test; over-leveraging; asset proof and haircuts; IFS-PF timing; training; cooling-off notice; compliance | [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-6-TC/20220401-6-TC.pdf); IA original at ia.org.hk/en/legislative_framework/circulars/reg_matters/files/Circular_01042022.pdf (manual opening) |
| Important Facts Statement – Premium Financing (Annex to the above, English and Chinese, with requirements) | Insurance Authority | 1 Apr 2022 | The fifteen IFS-PF items, declarations, facility-details section, requirement that customers cannot opt out | [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-7-TC/20220401-7-TC.pdf) |
| Use of Premium Financing to take out Long Term Insurance Policies (circular to all authorized institutions, Ref B1/15C, C2/5C) | Hong Kong Monetary Authority | 1 Apr 2022 | Bank duties in dual capacity; cooling-off fairness and net refund; leverage ratio in credit assessment and its disclosure | [HKMA document library copy (Chinese translation)](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-5-TC/20220401-5-TC.pdf); English at hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2022/20220401e1.pdf |
| Insurance Authority and Hong Kong Monetary Authority introduce measures to enhance protection of policy holders in the use of premium financing (press release) | HKMA | 1 Apr 2022 | Effective date; summary of measures; links to both circulars | [hkma.gov.hk](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2022/04/20220401-4/) |
| Same press release, Government version | HKSAR Government / IA / HKMA | 1 Apr 2022 | Cross-check | [info.gov.hk](https://www.info.gov.hk/gia/general/202204/01/P2022040100493.htm) |
| IA and HKMA jointly announce key findings of joint inspection on premium financing (press release) | HKSAR Government / IA / HKMA | 30 Sep 2021 | First inspection; deficiencies in affordability, disclosure and assignment processing | [info.gov.hk](https://www.info.gov.hk/gia/general/202109/30/P2021093000397.htm); IA circular of the same date at ia.org.hk (manual opening) |
| Premium Financing Activities for Insurance Policies (circular on interest rate disclosure, Ref B1/15C) | Hong Kong Monetary Authority | 16 Oct 2023 | Cost-of-funds discretion; building blocks; equal prominence; three-month implementation | [hkma.gov.hk](https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20231016e1.pdf); [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20231016-1-EN/20231016-1-EN.pdf) |
| IA-HKMA joint inspection exercise on premium financing (announcement circular) | IA and HKMA | 6 Dec 2023 | Scope of the second inspection | [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20231206-1-TC/20231206-1-TC.pdf) |
| Revised Code of Banking Practice (press release) | HKAB, DTC Association, HKMA | 7 Dec 2023 | Enhanced key facts statements; 60 days' notice of significant changes to loan terms; transition periods | [info.gov.hk](https://www.info.gov.hk/gia/general/202312/07/P2023120700476.htm) |
| Findings from IA-HKMA joint inspection exercise on premium financing (circular and annex) | IA and HKMA | 27 Jun 2024 | Facility types and tenors; interest-only assessment by some banks; 20% liquid-asset assumption; 200 bps stress; leverage ratio and haircuts; asset proof; IFS-PF timing; mobile KFS; rate-basis changes; sales practice; notice of assignment; cooling-off fees | [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20240627-2-TC/20240627-2-TC.pdf); IA copy at ia.org.hk/en/legislative_framework/circulars/reg_matters/files/Circular_27062024.pdf (manual opening) |
| Observations on insurance business carried on with the use of premium financing facilities (IA circular, Ref INS/TEC/9/2/2/26) | Insurance Authority | 20 Aug 2026 | Marked increase in financed business; participating whole life concentration; lapse behaviour; product governance under GL16 and GL21; premium discounts and day-one values; leverage of up to nine times; joint inspection H2 2026 | [HKMA document library copy](https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20260818-2-EN/IA%20circular%20of%2020%20August%202026.pdf) |
| Circular on Important Facts Statement for Mainland Policyholders (IFS-MP) | Insurance Authority (formerly Office of the Commissioner of Insurance) | 8 Jul 2016 (effective 1 Sep 2016) | Requirement for PRC resident identity card holders; signing on every page | [ia.org.hk](https://www.ia.org.hk/en/legislative_framework/circulars/reg_matters/files/cir_20160708.pdf) (manual opening) |
| Guideline on Cooling-off Period (GL29) | Insurance Authority | 23 Sep 2019 | 21-calendar-day cooling-off period | [ia.org.hk](https://www.ia.org.hk/en/legislative_framework/files/GL29.pdf) (manual opening; definition cross-checked with CLIC) |

## Benchmark rates

| Document | Publisher | Date | Used for | Link |
|---|---|---|---|---|
| HKAB HKD Interest Settlement Rates (HIBOR) | The Hong Kong Association of Banks | 3 Nov 2026, 11:15 a.m. | Overnight 2.34333%, 1-week 2.40000%, 2-week 2.52893%, 1-month 2.68000%, 2-month 3.10071%, 3-month 3.21399%, 6-month 3.42179%, 12-month 3.90685% | [hkab.org.hk](https://www.hkab.org.hk/en/rates/hibor) |
| Interbank Interest Rate Fixing Mechanism (inSight) | Hong Kong Monetary Authority | 3 Aug 2012 | Panel of 20 banks; trimmed mean discarding three highest and three lowest | [hkma.gov.hk](https://www.hkma.gov.hk/eng/news-and-media/insight/2012/08/20120803/) |
| Hong Kong major lenders keep prime rate unchanged | The Standard | 29 Oct 2026 | HSBC and BOCHK Prime 5.00%, Standard Chartered 5.25%; last change Oct 2025; 1-month HIBOR 2.71494% on that day | [thestandard.com.hk](https://www.thestandard.com.hk/finance/article/346890/Hong-Kong-major-lenders-keep-prime-rate-unchanged) |
| Hong Kong holds base rate at 4.25% after US Federal Reserve decision | South China Morning Post | 29 Oct 2026 | HKMA Base Rate 4.25% (secondary source; no HKMA press release located for this date) | [scmp.com](https://www.scmp.com/business/banking-finance/article/3372495/hong-kong-holds-base-rate-425-after-us-federal-reserve-decision) |

## Bank disclosures

| Document | Publisher | Date | Used for | Link |
|---|---|---|---|---|
| Insurance Premium Financing (product page) | The Hongkong and Shanghai Banking Corporation Limited | Viewed Nov 2026 | 75% HKD / 80% USD LTV on guaranteed cash value; HIBOR + 0.75% to 2%, floor 0.75%; USD BLR − 1.5%; 10-year interest-only; eligibility tiers; surrender after 90 / 60 days; worked example US$744,000 | [hsbc.com.hk](https://www.hsbc.com.hk/wealth-financing/products/premium-financing/) |
| Key Facts Statement for Insurance Premium Financing (fixed rate) | The Hongkong and Shanghai Banking Corporation Limited | 16 Oct 2026 | 4.3% fixed 3 or 5 years for applications 1–15 Nov 2026; reversion formula; default 1-month HIBOR + 6%; prepayment charge 2%; minimum US$30,000 equivalent; HK$353.42 per HK$100,000 monthly | [hsbc.com.hk](https://www.hsbc.com.hk/content/dam/hsbc/hk/sc/docs/wealth-financing/premium-financing/key-facts-statement.pdf) |
| Key Facts Statement for Revolving Credit Facility – Premium Financing & Policy Collateralization | Hang Seng Bank Limited | Oct 2026 | Prime − 0.4% / 0.6% / 0.8% and 1-month HIBOR + 1.35% / 1.15% / 0.95% by loan size; daily Prime and monthly HIBOR re-fixing; overdue Prime + 4.75% or overnight HIBOR + 5%; over-limit Prime + 6%; minimum HK$600,000; tenor up to 20 years; annual minimum principal 5%; HK$1,000 fees; three-year highs (Prime 5.875%, 1-month HIBOR 5.65946%, overnight 6.50357%); cooling-off treatment | [hangseng.com](https://cms.hangseng.com/cms/pws/files/PF_KFS.pdf) |
| Premium Financing & Policy Financing (product page) | OCBC Bank (Hong Kong) Limited | Viewed Nov 2026 | 90% LTV illustration; HIBOR or COF + margin; COF 4.5% + 1.7% example; US$1,000,000 premium example; collateral top-up; loan recall; default rate; insurer credit risk | [ocbc.com.hk](https://www.ocbc.com.hk/premier-banking/en/premium-financing.html) |
| Insurance Financing Service (product page) | China Construction Bank (Asia) Corporation Limited | Viewed Nov 2026 | 3-month HIBOR basis; deed of assignment; mark-to-market monitoring; limit review on insurer downgrade; currency conversion; premium financing versus policy financing | [asia.ccb.com](https://www.asia.ccb.com/hongkong/personal/loans/insurance_financing.html) |

## Consumer and legal information

| Document | Publisher | Date | Used for | Link |
|---|---|---|---|---|
| Premium Financing (Smart Consumers) | Hong Kong Monetary Authority | Last revised 24 Jan 2024 | Definition; bank duties; risks; IFS-PF | [hkma.gov.hk](https://www.hkma.gov.hk/eng/smart-consumers/premium-financing/) |
| Understand Premium Financing Before Taking Out The Loan (inSight) | Hong Kong Monetary Authority | 22 Jan 2024 | Cost of funds warning; early surrender loss; complaints 4 / 34 / 48 in 2021–2023 and their themes; advice to customers | [hkma.gov.hk](https://www.hkma.gov.hk/eng/news-and-media/insight/2024/01/20240122) |
| Life insurance: cooling-off period | Community Legal Information Centre, University of Hong Kong | Viewed Nov 2026 | 21 calendar days from delivery of policy or cooling-off notice; refund subject to market value adjustment | [clic.org.hk](https://clic.org.hk/en/topics/insurance/common_types_of_insurance/life_insurance/q1) |
| Premium financing thematic page | Insurance Authority | Viewed Nov 2026 | Referenced in the 2024 findings as a training resource | [ia.org.hk](https://www.ia.org.hk/en/premium_financing/index.html) (manual opening) |

## Press reports

| Document | Publisher | Date | Used for | Link |
|---|---|---|---|---|
| IA warns on premium financing risks as new business contributions hit 36pc in H1 2026 | The Standard | 20 Aug 2026 | About 36% of new business premiums financed in H1 2026, up about 15 percentage points | [thestandard.com.hk](https://www.thestandard.com.hk/finance/article/340502/IA-warns-on-premium-financing-risks-as-new-business-contributions-hit-36pc-in-H1-2026) |
| HK insurance premiums rise 35pc in H1 2026 (IA provisional statistics) | The Standard | 23 Oct 2026 | Long-term new office premiums HK$275.2 billion (+58.4%); participating HK$245.4 billion (+63.7%); total gross premiums HK$573.6 billion | [thestandard.com.hk](https://www.thestandard.com.hk/finance/article/346358/HK-insurance-premiums-rise-35pc-in-H1-2026-HSBC-Life-leads-market) |
| 2024 provisional statistics: Mainland visitor new business premiums HK$62.8 billion, 28.6% of individual new office premiums | Insurance Authority | 25 Apr 2025 | Context on Mainland visitor business; IA page protected against automated access, figure cross-checked with trade press | [ia.org.hk](https://www.ia.org.hk/en/infocenter/press_releases/20250425.html) (manual opening) |

## How sources were used

Regulatory wording is quoted or paraphrased from the circular text. Bank figures are taken from the key facts statement or product page as published on the date stated; they are examples of market practice, not quotations, and each bank may change them. Benchmark rates are the published readings on the stated day. Worked examples on this site are arithmetic on those published terms and are labelled as such. Where an IA document could not be opened automatically, the HKMA document library copy was used and the IA address is given for readers to open manually. Readers who find a figure that has since changed are invited to tell the editorial team through the site's message form.

## Sources and dates

- Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies — Insurance Authority (IA) 2022-04-01 https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-6-TC/20220401-6-TC.pdf
- Important Facts Statement – Premium Financing (Annex) — Insurance Authority (IA) 2022-04-01 https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-7-TC/20220401-7-TC.pdf
- Use of Premium Financing to take out Long Term Insurance Policies (HKMA circular) — Hong Kong Monetary Authority (HKMA) 2022-04-01 https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20220401-5-TC/20220401-5-TC.pdf

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This site is run by Premium Finance Practice Editorial, an independent insurance information site providing general education and comparison. It is not an insurer, licensed insurance intermediary or bank, sells no insurance product and accepts no application. Content has not been reviewed, approved or endorsed by the Insurance Authority (IA). For applications, quotations and policy servicing, consult a Hong Kong insurer or licensed insurance intermediary.