Document background
The Deed of Assignment Life Policy is a crucial document used in Hong Kong for transferring ownership of life insurance policies, whether for personal, business, or security purposes. It becomes necessary when policy owners wish to transfer their policy rights, often in contexts such as estate planning, business succession, or using the policy as collateral for financing. The document must comply with Hong Kong's Insurance Ordinance (Cap. 41) and Stamp Duty Ordinance (Cap. 117), requiring proper execution as a deed and timely notification to the insurance company. The assignment can be absolute (complete transfer) or by way of security (as collateral), and the document includes comprehensive details about the policy, parties involved, and terms of transfer. This deed is particularly important in Hong Kong's financial sector, where life insurance policies are frequently used as wealth planning and financial instruments.
