Select, as the product is known, is fully authorised by the Hong Kong Securities & Futures Commission (SFC) and the Office of the Commissioner of Insurance.
It is a lump sum product targeted at investments and savings which also offers the ability to make additional regular contributions. It is available in a choice of currencies, and provides access to over 120 Hong Kong-regulated funds.
Select allows partial withdrawals to be taken, provides a regular income facility, and allows online switches and redirections.
The product comes after the Hong Kong Guidance Note 15 (GN15) was introduced in January, which aimed to improve customer treatment throughout Hong Kong by banning indemnity commission on investment-linked assurance products.
Rather than receiving their entire commission up front, an adviser will now receive a portion of their commission at the time of a policy’s purchase, with the rest being obtained at regular intervals throughout the rest of the policy’s duration, provided certain customer standards are met.
Neil Broadbent, regional director of Generali International in Hong Kong, said: “Select offers all of the advantages of a sophisticated investment/savings product, while also providing direct access to investment options corresponding to underlying funds from leading fund houses, all of which gives brokers the ability to tailor the product to their clients’ needs and circumstances.”
Generali International is part of the Generali Group, and is based in Guernsey. It is an authorised insurer in both Hong Kong and Singapore, supported by offices in the Far East, Latin America, the Middle East and Europe.
The product follows the launch of GN15-compliant bonds by Old Mutual and Standard Life in January, with FPI launching one the following month.
