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Tag Archives: Hong Kong

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Insurers to benefit from mutual solvency recognition between Mainland China and Hong Kong

On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong. China adopted a risk-based capital regime, C-ROSS, with effect from 1 January 2016. In Hong Kong, the consultation on a

Posted in Asia, China and Hong Kong, Market developments

The future of Hong Kong’s insurance industry – New focus on reinsurance and captives?

The Hong Kong Financial Services Development Council, an advisory body to the government, has recently released a report on the Hong Kong insurance sector. Its key recommendations are: Boosting the Hong Kong reinsurance market, including by negotiating preferential treatment for Hong Kong reinsurers under C-ROSS, China’s risk-based capital regime, and by extending tax incentives for

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Hong Kong – The new independent insurance regulator takes charge

It has been announced that the new Independent Insurance Authority for Hong Kong (“IIA“) will assume its functions on 26 June 2017 (the “Commencement Date“), replacing the Office of the Commissioner of Insurance. From the Commencement Date, the appointment of “key persons” (such as officers responsible for risk management, compliance, financial control, internal audit and

Posted in China and Hong Kong, Regulatory and legislative updates

New guidance note on reinsurance for Hong Kong insurers

    A new guidance note on reinsurance for Hong Kong insurers (“GN17“) came into effect on 1 January 2017. GN17 contains a number of general requirements with regard to the management and monitoring of reinsurance arrangements. The most significant changes in regulation are new approval requirements for certain alternative risk transfer and financial reinsurance

Posted in China and Hong Kong, Regulatory and legislative updates

New corporate governance requirements in Hong Kong

      New corporate governance standards for insurers authorised in Hong Kong came into effect on 1 January 2017. Hong Kong incorporated insurers and overseas insurers with a certain threshold of Hong Kong business must comply with the new guidance note 10 (“GN10“) issued by the Hong Kong regulator. GN10 provides that the chairman

Posted in Asia, Regulatory and legislative updates

Proposed Adoption of Risk-Based Capital Regime for Hong Kong Insurers

The Hong Kong Office of the Commissioner of Insurance (OCI) is currently in the process of developing a risk-based capital regime for the Hong Kong insurance industry. The current regime has been in use since the 1980s and so significant changes abound, with the OCI’s stated intention being to align Hong Kong’s regime with international