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Category Archives: China and Hong Kong

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

China proposes new cyber security rules for insurance industry

On 9 October 2015, the China Insurance Regulatory Commission issued draft Supervisory Rules for Adoption of Information Technology by Insurance Institutions (“Draft Insurance IT Rules“) for public comment.  The public comment period will close on 31 October 2015…. Click here to continue reading….

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: OCI guidance note on underwriting long-term insurance business (GN 16)

The Office of the Commissioner of Insurance (“OCI“), the Hong Kong insurance regulator, issued a new guidance note (the “Guidance“) on underwriting life business (other than investment-linked assurance scheme (“ILAS“) business, which is covered by the earlier guidance note GN 15) on 30 July 2015. The Guidance has been under discussion with the industry for

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