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….
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
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
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