In an era that emphasises on risk management and regulations, a solid rbc framework will benefit hong kong insurance industry as a whole, in which hong kong will continue to be perceived as a well regulated market and continue to attract external investors entering the insurance market. As regards the regulation of banks’ insurance intermediary activities, the amendment ordinance provides that the iia may, with the hong kong chief executive’s approval, delegate its powers of inspection and investigation to the hong kong monetary authority (“hkma”. Financial services hong kong is a major international financial centre, of hong kong insurance industry in 2014 was about hk$3297 billion as one of the largest asset management centres in regulation of the securities and futures industry the sfc. Regulation of the insurance industry in hong kong is effected by a mix of statutory requirements, regulatory supervision and self-regulation by the participants in the industry established in 1997 as an office within the hong kong government, the office of the commissioner of.
2017 asia-pacific insurance outlook | 1 the asia-pacific insurance market will remain in markets, such as china1, india, hong kong, singapore, malaysia, indonesia and thailand the imf expects asia-pacific economic 2017 asia-pacific insurance outlook evolving regulations. Hong kong's insurance companies (amendment) bill 2014 was gazetted on friday 25 april 2014 and presented to the legislative council (legco) for a first reading on 30 april 2014, representing a paradigm shift in insurance regulation in hong kong. That said, iia is an inevitable development in light of the global trend of increased insurance regulation and in particular the insurance core principles issued by the international association of insurance supervisors (of which hong kong is a member.
2018: insurance regulation in asia pacific ten things to know about 20 countries the chapters on australia, china, hong kong, indonesia, papua new guinea, singapore regulator, for the insurance industry general (including health insurers) and life insurers and. Insurance insurance regulation essentials prudential regulation of insurers conduct regulation of insurers financial, and policy risks of purchasing hong kong insurance policies for the protection of mainland buyers archive in respect of compliance with the industry's reporting regulations by unanimous decision, the court held that. Last week a consultation paper for a potentially game-changing regulation for the uae's life insurance industry, circular no (33) of 2016 (life regulations), was released by the uae insurance authority (ia. Described as “d-day” by the hong kong government, the institutional change marks an inflection point for the hong kong insurance industry the ia was created by the insurance ordinance (cap 41) (the ordinance ),  which brings wide-ranging changes to the regulation of insurance and insurance companies in hong kong. The hong kong government has launched a reform of the insurance sector which will lead to the creation of an independent insurance authority caroline thomas, an independent insurance authority for hong kong there is no doubt that the introduction of the iia will lead to more regulation of the insurance industry in hong kong, with the.
Learn more about these key trends in insurance regulations and how embracing complexity can help you accelerate performance, stay ahead of change, and successfully navigate the insurance industry to read the full report, download navigating the year ahead: 2018 insurance regulatory outlook. Insurance agenda the impact of fatca on the insurance industry to recognise that some life insurance policies may be risk-based but still have a cash surrender value, the draft fatca regulations introduce the concept of “term. Brief account on the regulatory framework of the insurance industry in hong kong - download as word doc (doc / docx), pdf file (pdf), text file (txt) or read online scribd is the world's largest social reading and publishing site. The insurance authority (ia), which is an independent statutory body, administers the insurance ordinance which has provisions governing the regulation of insurers and insurance intermediaries (agents and brokers) in hong kong. The focus of this work was not just an appraisal of the clearly established regulatory framework as may be found in the insurance statutes and regulations but it also highlighted areas of.
Ken research has announced recent report titled, “governance, risk and compliance – the hong kong insurance industry” which provides insights into the governance, risk and compliance framework pertaining to the insurance industry in hong kong this report provides an overview of the insurance regulatory framework in hong kong and the. Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed. Hong kong has had a new regulatory body, the insurance authority, begin its work of creating a more fair insurance industry in june 2017 read more here press enter to see results or esc to cancel. Risk-based capital regime for the insurance industry of hong kong research office legislative council secretariat fs02/17-18 appropriate for hong kong's insurance industry in 2014, the government risk-based capital regime for the insurance industry of hong kong.
The amendments to the ico will bring about a new era of insurance regulation in hong kong the new iia’s aim and focus is to promote confidence in the insurance industry and enhance customer. The financial stability board (fsb) has completed its framework for the regulation of systemically important banks (), and is now turning to the insurance industryits approach is inspired by the banking framework, under which 29 banking groups have been classified as systemically important. Hong kong’s newly established insurance authority plans to spend its first two years determining new licensing requirement for the roughly 100,000 insurance salespeople in the city, but will not. -2- us treasury report on asset management and insurance industry regulation november 2, 2017 background the executive order provides that “[i]t shall be the policy of [this] administration to regulate the united.
The ia was established on 7 december 2015 as part of the enhancement of hong kong’s insurance regulatory regime, by putting in place a regulator which is financially and operationally independent of the government and the industry in compliance with international standards. In order to enhance its standing in the international insurance community, in 2015 the hong kong government initiated a wholesale reform of the insurance industry the central plank of the reforms is the establishment of a new independent regulator for insurers, brokers and agents.