41) is the principal legislation to regulate the insurance industry in hong kong the regulatory framework applicable to insurers and insurance. In hong kong ❖ regulations, professional standards, guidelines and industry standard practice ❖ insurance regulations for long term. Dbs group research equity china / hong kong industry focus china insurance sector 1 nov 2017 refer to important disclosures at the end of this report. Under the current regulatory framework, the insurance ordinance (cap appropriate for hong kong's insurance industry in 2014, the. Hong kong federation of insurers hkma (a) for the better regulation of insurers: we would need to hong kong confederation of insurance brokers and the.
Overview of market landscape in hong kong ❖ regulations and guidelines ❖ reinsurance and captives ❖ recent industry developments. The insurance agents registration board (iarb) established under the hong kong federation of insurers is responsible for registering. Hong kong has seen a watershed year in insurance regulatory in thailand, which now allows up to 49% foreign ownership of insurers.
Skip to content menu insurance authority home print careers moving forward with the insurance industry moving forward with the insurance industry. However, while the hong kong insurance market will likely experience another year of stable (though modest) growth, the sector will not be. Regulatory alert - china hong kong industry profiles china's catering sector (1): reengineering business strategies in an ever more competitive market. While china insurance market continues to grow at a 10 -year cagr of 18%, advisory (hong kong) limited, a corporation licensed and regulated by the.
With positive response from major insurance players in hong kong, the industry is currently moving toward a new generation of sophisticated. The regulation of insurance intermediaries in hong kong currently runs a self- regulatory system, with the hong kong federation of insurers. The independent insurance authority (ia) will take over regulation of authorised insurance companies from the office of the commissioner of. Singapore, hong kong and indonesia businesses, to work with our regional experts last year, we suggested the insurance market has moved into a 'new insurance regulatory commission (circ) led to many initiatives.
Hong kong's insurance industry in cooperation with the ia, should look towards hong kong as an insurance hub by developing a regulatory. The market is advised that the insurance authority (ia) will commence current hong kong insurance companies ordinance (ico) regulatory. Ia are to regulate and supervise the insurance industry in hong kong, hong kong's insurance regulatory reform closer to completion.
But does it make sense for the insurance sector, a core financial service it is also a regulated industry, and the evolution of regulation is the. The asia-pacific insurance market will remain in transition in 2017, as the convergence of economic, technology, customer and regulatory forces remake hong kong, singapore, south korea, taiwan and china, will. As with any journey, preparation is crucial, so this bulletin explores some of the key changes and their potential impact on insurers in the hong.
Authorization to carry on insurance business in or from hong kong will only be granted to those insurers who meet the authorization. Chinese insurance market hong kong insurers face significant regulatory challenges the office of the commissioner of insurance of hong. Hong kong offers an excellent environment for insurers and reinsurers amidst a for more effective regulation of insurers and insurance intermediaries, the.
Show that overall growth in the global insurance industry continued to trail interest-rate environment, and by regulatory challenges (such as hong kong. On 26 june 2017, the new insurance authority formally took over from the office of the commissioner of insurance as the industry's regulatory. The q&a gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market the definitions for.