Insurance

The Financial Stability Board (FSB) has published two papers designed to assist resolution planning for insurance companies. The papers are practices papers on Resolution Funding for Insurers and Internal Interconnectedness in Resolution Planning for Insurers.

  • Resolution Funding for Insurers. This practices paper considers different sources of resolution funding including policyholder protection

The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies for failure to submit their audited financial statements and auditor’s reports within required timeframes.  One of the broker companies has had its licence suspended, and both companies have been fined.  The enforcement actions are the first of

On 4 September 2020, the Insurance Authority (IA) launched a six-week consultation on the proposed Insurance (Special Purpose Business) Rules (SPB Rules). The consultation ties in with the introduction of the new regulatory regime for the issuance of insurance-linked securities (ILS) which is expected to come into operation in

The Insurance Authority has issued a circular today extending Phase 2 of the temporary facilitative measures (TFMs), introduced in March 2020, by another three months (i.e. to 31 December 2020) in light of the current COVID-19 situation.

The Phase 2 TFMs permit insurers and intermediaries to use non-face-to-face distribution methods for selling certain

The Hong Kong Insurance Authority (IA) has published a consultation paper on the proposed Insurance (Group Capital) Rules (Group Capital Rules), marking the launch of a six-week public consultation which will end on 30 September 2020.  The consultation ties in with the implementation of the new supervisory framework for multinational insurance

Further to the introduction of the Phase 2 temporary facilitative measures (TFMs) on 27 March 2020, the Insurance Authority (IA) has released a circular announcing that Phase 2 of the TFMs will be extended by three months in view of the COVID-19 pandemic.

The Phase 2 TFMs (amongst other things) permit

In recognition of the impact of COVID-19 on the insurance industry and taking into account a request made by the Hong Kong Federation of Insurers, the Insurance Authority (IA) has issued a circular, announcing that it will modify the approach for bringing certain guidelines into effect.

In relation to the following guidelines (which

The bills amending the Insurance Ordinance (Cap.41) (the IO) which are expected to help Hong Kong grow its insurance sector have now been published in the Gazette.

The bills – namely, the Insurance (Amendment) Bill 2020 (the First Bill) and the Insurance (Amendment) (No.2) Bill 2020 (the Second Bill), seek to (i)

Further to the Phase 1 temporary facilitative measures (TFMs) introduced by the Insurance Authority (IA) on 21 February 2020, the IA has announced the second phase of TFMs in view of the development of the COVID-19 pandemic, in order to reduce the risk of infection from in person meetings during the