Topic: Insurance

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Hong Kong: Insurance Authority to take over regulation of intermediaries from 23 September 2019

With effect from 23 September 2019, the Hong Kong Insurance Authority (the IA), an independent statutory body, will take over regulation of insurance intermediaries from the three existing self-regulatory organisations (the Hong Kong Confederation of Insurance Brokers, the Professional Insurance Brokers Association, and Insurance Agents Registration Board) and administer a new statutory licensing regime. The … Continue Reading

Hong Kong: New initiatives by the Insurance Authority to facilitate Insurtech in Hong Kong

To promote the development of Insurtech in Hong Kong, the Insurance Authority (IA) launched two initiatives on 29 September 2017, “Insurtech Sandbox” and “Fast Track”. Insurtech Sandbox Insurtech Sandbox aims to facilitate a pilot run of innovative Insurtech applications by authorized insurers in their business operations. Insurtech Sandbox allows authorized insurers to experiment with new … Continue Reading

Hong Kong: Key persons in control functions – 30 September 2017 deadline for approval under transitional arrangements

Summary Hong Kong has recently introduced fit and proper requirements for “key persons in control functions”. As a result, an insurer must now obtain the Insurance Authority’s prior approval before appointing a key person in a control function. Individuals who were key persons in control functions before 26 June 2017 can benefit from the Insurance … Continue Reading

Hong Kong Resolution Regime for Financial Institutions – one step closer to commencement

On 6 April 2017, the Government and financial regulators in Hong Kong, namely the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA) and the Securities and Futures Commission (SFC), published their conclusion on the public consultation relating to the protected arrangements regulation, bringing the Financial Institutions (Resolution) Ordinance (Chapter 628 of the Laws of … Continue Reading

Hong Kong: Changes to the Guidance Note on Corporate Governance

What you and your board need to know Changes to GN10 From 1 January 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), will take effect. The second phase of changes (which are more substantive) will take effect from 1 January 2018, … Continue Reading

Hong Kong: Changes ahead in insurance regulation

The Office of the Commissioner of Insurance (OCI) recently released its 2015 Annual Report, highlighting the considerable challenges and changes ahead for the insurance industry and the OCI. Essential preparation is underway for the OCI to be succeeded by Hong Kong’s new insurance regulator, the Independent Insurance Authority (IIA), which is expected to start operation … Continue Reading

Hong Kong: Insurance regulator issues guidance note on reinsurance activities

The Office of the Commissioner of Insurance (OCI) issued on 1 June 2016 a new guidance note on prudent practices relating to reinsurance management and general guiding principles in assessing the adequacy of the reinsurance arrangements of authorized insurers (the Guidance Note). The purpose of the Guidance Note is to set out Hong Kong reinsurance … Continue Reading

Hong Kong: PRC residents to receive fact statements when purchasing insurance policies in HK

The Insurance Commissioner recently announced that his office is working with the Hong Kong Federation of Insurers to better protect Chinese residents who purchase insurance policies in Hong Kong. From mid-2016, all Chinese residents who purchase Hong Kong insurance policies will be required to sign and acknowledge a fact statement that they understand key differences … Continue Reading

Hong Kong: Much-anticipated Financial Institutions (Resolution) Bill Gazetted

On 20 November 2015 the Hong Kong Government published the Financial Institutions (Resolution) Bill (the Bill). The Bill seeks to bring Hong Kong into line with the latest international standards – the Financial Stability Board (FSB) ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’ (Key Attributes) and to establish an effective cross-sector resolution regime … Continue Reading

Hong Kong: Commencement date for provisions of the Insurance Companies (Amendment) Ordinance

The government has published a commencement notice for specified provisions (Initial Provisions) of the Insurance Companies (Amendment) Ordinance (Amendment Ordinance). The designated commencement date for the Initial Provisions is 7 December 2015. This follows the Secretary for Financial Services and the Treasury’s previous announcement (see previous blog entry) that the Amendment Ordinance would be introduced … Continue Reading

Breaking news – Hong Kong: Passing of Insurance Companies (Amendment) Bill 2014

The Hong Kong Legislative Council passed the Insurance Companies (Amendment) Bill 2014 today (10 July 2015). The Bill will need to be gazetted before it becomes law. The Secretary for Financial Services and the Treasury, Professor KC Chan, indicated that the Ordinance will be brought into force in three stages. This is to facilitate the … Continue Reading

Financial Institutions Symposium hosted by Norton Rose Fulbright in Sydney

Technology-led innovation has the potential to truly disrupt existing business models and distribution channels in the financial services industry. In Australia and more broadly, we have seen start-ups build innovative payment systems, peer-to-peer lending platforms, crypto-currencies, robo-advice and automated investment management. However, the large institutions are well capitalised, have large customer bases and are adapting … Continue Reading

Singapore: Follow-up to Financial Advisory Industry Review

30 March 2015 Notices on the Distribution of Direct Purchase Insurance Products   MAS has recently issued Notices under the Insurance Act and the Financial Advisers Act on 30 March 2015, covering the Distribution of Direct Purchase Insurance Products [“DPI”] (MAS Notice 321 / FAA-Notice 19). This set of Notices is a follow-up to 1 … Continue Reading

Deposit insurance system formally enacted in People’s Republic of China

On 31 March 2015, the State Council of People’s Republic of China formally released the Deposit Insurance Regulation (the Regulation), which will take effect from 1 May 2015. A draft of the Regulation was circulated on 30 November 2014 to solicit public comments and we prepared a briefing on such draft in December 2014. Compared … Continue Reading

Learning & Development training programme – open to our clients in Hong Kong

Our Hong Kong office has released a Learning & Development calendar for March – September 2015. Clients are invited to join a range of legal and personal development and business skills sessions. We are holding a session in June on Corporate governance in financial institutions.… Continue Reading

CIRC issues insurance M&A measures

This article first appeared in the September 2014 issue of Asia Insurance Review On 21 March 2014, China Insurance Regulatory Commission (CIRC) issued the Administrative Measures on the Acquisition and Merger of Insurance Companies (the Insurance M&A Measures) which has taken effect since 1 June 2014. The Insurance M&A Measures apply to M&A activities where … Continue Reading