With less than a week before the Insurance Authority (IA) takes over the regulation of insurance intermediaries on 23 September 2019 (please refer to our earlier blog post), we round up the following recent related announcements:
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.
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 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
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
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
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,
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
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
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
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