Hong Kong’s Insurance Authority (IA) and Monetary Authority (HKMA) have issued clarification regarding indexed universal life (IUL) insurance products amid rising demand from high-net-worth investors. The regulators noted IUL products, which link cash value to financial indices, belong to Class C business under the Insurance Ordinance, subjecting them to existing regulatory frameworks. However, recognising specific features of IUL policies and their hybrid nature—combining linked and traditional universal life products—the IA and HKMA acknowledged certain guidelines would need tailored application. They confirmed some regulatory provisions under guidelines GL15 and GL26 could be adjusted when these products target professional investors defined under the Securities and Futures Ordinance. Insurers and licensed intermediaries offering IUL policies must now adhere to clarified guidelines to ensure policyholder protection.