The Hong Kong Insurance Authority (IA) is expected to assume responsibility for regulating insurance intermediaries from around the middle of 2019.
In preparation for the new regime, the IA has launched a number of public consultations on guidelines and rules. Further codes and guidelines are being prepared and will be released for consultation in due course.
Please click here for discussion of the new regime and what it means for intermediaries operating in Hong Kong.
Late last week, the Hong Kong Insurance Authority (IA) published a circular setting out its key findings from anti-money laundering and counter-financing of terrorism (AML/CFT) onsite inspections of authorised insurers carrying on long term business.
The IA conducted visits of more than 20 insurers to review their AML/CFT policies, procedures and controls and their compliance with the relevant legislative and regulatory requirements. Continue reading
With effect from 26 June 2017, Hong Kong’s independent Insurance Authority (“IA”) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (“OCI”) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, with enhanced authorisation and supervisory powers, as well as inspection, investigation and disciplinary powers over insurers.
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.