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Tag Archives: Independent Insurance Authority

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 Asia, China and Hong Kong, Regulatory and legislative updates

Hong Kong: Insurance Intermediaries

The regulation of insurance intermediaries in Hong Kong currently runs under a self-regulatory system, with the Hong Kong Federation of Insurers administering the regime for insurance agents and the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association administering the regime for insurance brokers. New statutory licensing regime and controlled intermediary management

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

Hong Kong – New independent insurance authority

The Insurance Companies (Amendment) Bill 2014 (“ICA“) was passed on 10 July 2015. Under the ICA, the Insurance Companies Ordinance (“ICO“) will be amended and renamed “Insurance Ordinance” (“IO“). An independent insurance authority (“IIA“) will be set up to replace the existing Insurance Authority. The establishment of the IIA has been described as the most