The insurer has also reviewed 365 additional complaints across Prudential Life and Gibraltar Life since January, with 125 cases qualifying for reimbursement.
Licences are due to be issued from November, and HKFI says access to operational data is critical for insurers to assess the new risk and develop appropriate pricing models.
The institute said insurers need better data access, stronger overseas risk controls and reforms to subsidiary rules as domestic market pressures intensify.
Behind the softer pricing lies a market propped up by excess capacity, with the report warning that a retreat by just a handful of dominant reinsurers could trigger a rapid reversal.
