Hong Kong is about to establish a unified insurance regulatory regime under the auspices of a new body, to be named the ‘Insurance Authority’. The creation and set up of an independent insurance authority is regarded by the Hong Kong Government as the most important regulatory reform in the insurance sector since the passage of the Insurance Companies Ordinance in 1983. The potent regulatory powers that the new Insurance Authority will wield will present a challenge to those operating in the industry, and they must be ready to embrace the changes and take advantage of opportunities the new regime will present.
The launch of our Guide to the Independent Insurance Authority is timely as it coincides with recent legislative amendments which enable the ‘Provisional Insurance Authority’ to be established this month to undertake preparatory work. The Provisional Insurance Authority will be renamed as the Insurance Authority in around late 2016 or early 2017, and take over the existing duties of the Office of the Commissioner of Insurance.
Our new Guide to the Independent Insurance Authority provides an overview of the new authority’s authorisation and licensing powers and navigates through the armory of its supervisory and enforcement powers. The guide also provides practical tips and recommendations for those in the industry to consider.
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