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1. Legal framework 1. 1. Which legislative and regulatory provisions govern the insurance MacauMdME Macau’s insurance sector is primarily governed by theMacau Insurance Ordinance(MIO)(Decree‑Law no. 27/97/M, as amended by Law no. 21/2020 and republishedby Chief Executive Dispatch no. 229/2020), which regulates market access as well as Insurers and reinsurers are also subject to prudential supervision under theFinancialSystem Act (FSA)(Law no. 13/2023). Insurance contracts are governed byArticles 962 to 1063 of the Macau CommercialCode, while private pension funds are regulated under the Private Pension Funds Law Insurance intermediaries are subject to the new Insurance Intermediary ActivitiesOrdinance (IIAO) (Law no. 15/2024), effective 1 August 2025, introducing updatedlicensing, conduct, and supervisory requirements for agents, brokers and other Furthermore, the MIO, FSA, IIAO and the Private Pension Funds Law are supportedby additional rules issued by the Monetary Authority of Macau (AMCM). AMCMprovides these rules through official notices and circulars, which all financial In addition to sector‑specific laws, several general laws apply, including: theConsumer Protection Law(Law 9/2021), which safeguards policyholderrights;theStandard Contractual Clauses Law(Decree‑Law 17/92/M), applicable to theData Protection Law(Law 8/2005), governing the handling of client 1. Legal framework 1. 2. Which bilateral and multilateral instruments on insurance haveeffect in your jurisdiction? MacauMdME There are no bilateral or multilateral insurance‑specific treaties in Macau. However,in 2014, AMCM entered into a co-operation agreement with the Hong KongInsurance Authority and the China Insurance Regulatory Commission, setting out a 1. Legal framework 1. 3. Which bodies are responsible for enforcing the applicable laws MacauMdME The Monetary Authority of Macau (AMCM), which operates under the authority ofthe Macau Chief Executive, is the main regulatory authority overseeing insurance,reinsurance and intermediary companies. It supervises licensing, inspections, ongoing 1. Legal framework 1. 4. What is the regulators’ general approach in regulating the MacauMdME Macau’s regulatory approach emphasizes modernization, international alignment,consumer protection, and risk‑based supervision. Recent reforms include 2. Insurance contracts 2. 1. What are the main types of insurance available in your MacauMdME Insurers in Macau may operate either life or non‑life insurance businesses. Bothlocally incorporated insurers and branches of foreign insurers may operate these lines.Life insurers in Macau focus on savings‑oriented and long‑term protection products. Traditional Life Insurance – whole life, term life, endowment.Annuity Plans – long‑term income‑generating plans.Investment‑linked Assurance Schemes (ILAS) – investment‑linked life General insurers mainly cover short‑term risks. Key product categories include: Motor InsuranceHousehold / Home InsuranceTravel Insurance Medical Insurance (also offered by life insurers)Employee Compensation InsuranceProfessional Liability InsuranceFire InsuranceProperty & Casualty Products 2. Insurance contracts 2. 2. Are all insurance contracts regulated? What terms do they MacauMdME Yes, insurance contracts are regulated primarily under the Commercial Code and theMIO, which impose mandatory (imperative) provisions. Contracts typically includeterms relating to premiums, coverage, exclusions, insured interests, obligations, 2. Insurance contracts 2. 3. What are the formal and documentary requirements for MacauMdME Insurance contracts must be documented in a policy issued by the insurer. A validpolicy must clearly state: (1) the identity and address of all parties, including theinsured and beneficiaries; (2) the type of insurance; (3) the insurable interest; (4) the In addition to these substantive elements, the insurer must comply with specificformatting and disclosure obligations. Any policy wording that creates terminationrights, exclusions, causes of nullity, restrictive provisions, or risk‑related limitations The insurer must also provide all accompanying pre‑contractual documents, such asproduct brochures, benefit illustrations, schedules of fees and charges, and anyimportant information statements, ensuring that these are accurate, up‑to‑date, clear, Finally, the policy becomes formally concluded upon the insurer’s acceptance of theapplication and issuance of the policy document (or provisional cover), provided the 2. Insurance contracts 2. 4. What are the procedural requirements for conclusion of an MacauMdME Procedures include compliance with statutory disclosures, policy form standards, andlanguage rules. If intermediaries are involved, they must comply with IIAO licensing 2. Insurance contracts 2. 5. What are the respective obligations and liabilities of insurer andinsured, both on concluding an insurance contract and during its term? Macau MdM