‍ Insurance Authority of Hong Kong. Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. the person is subject to a requirement imposed by an investigator appointed by the IA to produce information or attend an interview); the means by which he/she or it became bound by the non-disclosure obligation (e.g., the person has received a statutory notice from the IA); and. The levy is a percentage of the premium payable, with a cap applied per policy per policy year. REGULATION OF INSURANCE INTERMEDIARIES AND AUTHORISED INSURERS BY THE HONG KONG INSURANCE AUTHORITY – INCREASED FOCUS ON RESPONSIBLE OFFICERS AND SENIOR MANAGEMENT On 23 September 2019, the Insurance Authority (IA) succeeded the three self-regulatory organisations in the regulation of insurance intermediaries. Q16 and Q17 of the FAQs set out the procedures for obtaining consent from the IA. InsuranceAsia News (IAN) spoke with Clement Cheung, chief executive of the Insurance Authority, to find out more about the regulatory road ahead for Hong Kong. supervisors around the world, including the Insurance Authority. 5 August 2020. The phase two of TFM removes the need to conduct physical interactions in order to reduce the risk of virus transmission during the sale of insurance products. 1.2 To align with the international standards, Hong Kong has planned to move towards the RBC from theregime current rules-based regime. Some key milestones for the establishment of the IIA include: consultation conclusions and detailed proposals, Legislative Council Panel on Financial Affairs supervisors around the world, including the Insurance Authority. Regulatory Functions of the Insurance Authority in Hong Kong’s 2020 legislative race: Insurance sector needs an election, not another shoo-in. 41) (IO) on the secrecy provisions. The Hong Kong Insurance Authority, which took over the regulatory and oversight role from the Commission of Insurance, just 11 months ago, has embarked on a major recruitment drive. The Insurance Authority has issued two new guidelines for licensed insurance intermediaries (the Guidelines ): the Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. on consultation conclusions and detailed proposals, key legislative proposals on establishing the IIA, consultation conclusions and the revised proposals, working group to ensure a smooth transition to the statutory licensing regime under the IIA, Insurance Companies (Amendment) Ordinance 2015, LegCo The Insurance Authority (IA) replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator in June 2017. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. AIs are expected to comply with the guidelines starting from 1 July 2019. Hong Kong’s Insurance Authority has released an industry consultation draft of the Guideline on Cybersecurity (“the Guideline”) on 21 November 2018 to address cybersecurity risk, generally considered one of the top operational risks that insurers are facing. Besides insurance, the Hong Kong Monetary Authority has granted eight virtual bank licences for lenders with no physical branches to operate … Knowledge of the local regulatory requirements, insurance… … Since 23 September 2019, the IA's regulatory powers have extended from insurers to other regulated persons i.e. Insurance Authority | 2,007 followers on LinkedIn. The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. (Levy) Regulation, Last revision date: Hong Kong insurance companies. Displayed here are Job Ads that match your query. date, time and place to provide information/documents to the IA or to attend an interview with the IA. The IA is a regulatory body that is independent of the government. A change has occurred in Hong Kong’s insurance regulatory regime. On the other hand, unless the IA consents or a statutory exemption applies, the notice or information contained may not be disclosed to anyone outside the company, including the parent company. PPIB is a registered member of the Insurance Authority (IA) of Hong Kong (Reg. Civil Aviation Department Homepage, HKCAD, CAD, Airport Standards, Air Traffic Management, Flight Standards and Airworthiness, Air Traffic Engineering and Standards, Aeronautical Information, Aircraft Examples of statutory exemptions include disclosure for seeking legal advice, or if the IA consents to the disclosure. AIs are expected to comply with the guidelines starting from 1 July 2019. The IO and its subsidiary legislation regulate insurance business in Hong Kong. The Insurance Ordinance (Cap. Hong Kong has recently introduced fit and proper requirements for “key persons in control functions”. 155 Insurance Authority of Hong Kong jobs available on Indeed.com. InsuranceAsia News (IAN) spoke with Clement Cheung, chief executive of the Insurance Authority, to find out more about the regulatory road ahead for Hong Kong. A change has occurred in Hong Kong’s insurance regulatory regime. The Hong Kong Insurance Authority (HKIA) recently issued a Guideline on Anti-Money Laundering and Counter-Terrorist Financing (GN3) and a Guideline on Exercising Power to Impose Pecuniary Penalty (GN3A).The GN3 consists of 10 chapters and is an updated version of the relevant guideline issued by the HKIA in July 2005. Insurance Authority | 2,007 followers on LinkedIn. 155 Insurance Authority of Hong Kong Jobs, Employment March 2021 | Indeed.com On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Hong Kong’s Insurance Authority (IA) has published its annual report for 2019-2020, which outlined its major activities and initiatives in a year marked by the massive disruption caused by the COVID-19 pandemic. Brief on the Insurance Companies (Amendment) The Guideline introduces baseline cybersecurity requirements for authorised insurers (AIs). Between 2012 – 2016, Hong Kong’s insurance penetration changed from 12.4% of the population to a 17.6% of the population—a significant increase considering, but definitely well below ideal insured rates. The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. The Explanatory Note further clarifies the non-disclosure requirement in relation to information obtained in the course of inspection, investigation or disciplinary action by the IA. 1 ("IA") in Hong Kong, are obliged to observe the new Principles. The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. 13 January 2021 The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. Hong Kong Insurance Authority changes guidance on governance – what you and your board need to know. Hong Kong’s Insurance Authority has released an industry consultation draft of the Guideline on Cybersecurity (“the Guideline”) on 21 November 2018 to address cybersecurity risk, generally considered one of the top operational risks that insurers are facing. Hong Kong:Insurance Authority establishes disciplinary panel pool. The Hong Kong Insurance Authority (HKIA) is making great efforts to reinforce Hong Kong’s role as a global risk management centre and insurance hub under the two national development strategies (BRI and the policies of the Greater Bay Area). I n June 2017, the Insurance Authority (IA) took over the reg- Other News. A person who contravenes section 121 commits an offence and is liable to a maximum fine at level 4 (which is currently fixed at HK$25,000). Other contracts may be construed as contracts of insurance (for example, extended warranties) but this will depend on their nature and specific terms. Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority Hong Kong: Hong Kong Monetary Authority (HKMA) Hong Kong Securities and Futures Commission (SFC) Hong Kong Insurance Authority (IA) Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Hungary - Hungarian National Bank (Hungarian: Magyar Nemzeti Bank (MNB)) Iceland - Central Bank of Iceland; India: Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) … Besides insurance, the Hong Kong Monetary Authority has granted eight virtual bank licences for lenders with no physical branches to operate … Tag: Insurance Authority. by Guest Contributor 09:00, 6 June 2020 02:47, 20 June 2020. On 23 September 2019, the Insurance Authority in Hong Kong will take over regulation of insurance agents and brokers from the self-regulatory bodies (SROs), which are the Hong Kong Federation of Insurers, Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. companies from June 26, 2017, appointment of senior executives of Insurance Insurance Authority of Hong Kong Jun 2017 - Present 3 years 10 months. The Guideline introduces baseline cybersecurity requirements for authorised insurers (AIs). Hong Kong Insurance Authority issues two new Guidelines for Licensed Insurance Intermediaries. Hong Kong has a new insurance regulator – the independent Insurance Authority (iIA). The Hong Kong Insurance Authority has extended the second phase of temporary facilitative measures (TFM) for non-face-to-face meetings to 31 December. The IA is looking to boost . On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. This is a list of insurance companies in Hong Kong. required to submit to the Insurance Authority (“IA”) specific information annually in Forms HKL1, HKL2 and HKL3 for their “ Hong Kong long term insurance business ” within 4 months after the close of … In the FAQs, the IA reiterates the grounds on which it may commence an investigation against insurers (Section 41D of the IO) and regulated persons (Section 64ZZH of the IO), namely where the IA has reasonable cause to believe that: Further, the IA may exercise its investigation powers to enquire whether a person is guilty of misconduct (as defined by sections 41P and 80 of the IO) or is not a fit and proper person (for the purposes of sections 41P(1)(c) and 81(1)(c) of the IO). Please refer to the insurance policy for details of coverage, terms and conditions. The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to Strategic Investor of Bowtie, established in Hong Kong for. From 1 January 2018 a premium levy on Hong Kong insurance policies will be payable to the Insurance Authority by policyholders in line with new regulations. The non-disclosure obligation under sections 121(2) and 121(3) of the IO prohibits disclosure of information obtained in the course of an inspection, investigation or disciplinary action by the IA, subject to statutory exemptions. 7 June 2017. Whilst the guidance from the FAQs and Explanatory Note are similar to that given by the Securities and Futures Commission in Hong Kong for investigations they conduct, the fact that the IA has issued the same shows that it is now prepared to step up their enforcement activity and conduct more investigations. 128 years. respect of Insurance Companies, Insurance Authority to start regulating insurance This homepage provides general information and latest news on the establishment of an Independent Insurance Authority (“IIA”). to an indemnity insurer providing insurance coverage to the person, in order to preserve the right to make a claim under such insurance. The obligation under Section 121 of the IO applies equally to persons under investigation and persons assisting in the investigation. Q6 of the FAQs sets out the disciplinary actions that the IA may take, including: revoking or suspending the license of an insurance intermediary or the approval of a person as a RO; prohibiting a person from applying for a license or from being appointed as a RO; public or private reprimand, and/or a pecuniary penalty of not exceeding the greater of HK$10 million or three times the profit gained or loss avoided. 41). Earlier this year the minimum governance standards for Hong Kong authorized insurers changed as part of a two-phase reform. Where the requirement under section 41D or 64ZZH is imposed on a corporation, internal disclosure amongst the officers and employees within that corporation is not prohibited by section 121. By AIR team | 11 Nov 2020. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. Q1 - Q8 of the FAQs focus on the disciplinary process and Q9 - Q17 clarify the application of the secrecy provisions. For insurance complaints involving bank staff, the Hong Kong Monetary Authority (HKMA) will be responsible for investigating the cases as delegated to the HKMA pursuant to a memorandum of understanding signed in July 2019. With effect from 23 September 2019, the Hong Kong Insurance Authority (the IA), an independent statutory body, will take over regulation of insurance intermediaries from the three existing self-regulatory organisations (the Hong Kong Confederation of Insurance Brokers, the Professional Insurance Brokers Association, and Insurance Agents Registration Board) and administer a new … Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. On 21 November 2018, Hong Kong’s Insurance Authority released an industry consultation draft of its Guideline on Cybersecurity. The Government conducted a public consultationon the conceptual framework Charltons advises insurers, reinsurers and intermediaries such as brokers and agencies on regulatory compliance and investigations. Ordinance 2015 (Commencement) Notice 2015 on 7 Source: "List of Authorized Insurers" (PDF).Office of the Commissioner of Insurance. The IA was established on 7 December 2015 as part of the enhancement of Hong Kong’s insurance regulatory regime, by putting in place a regulator which is financially and operationally independent of the government and the industry in compliance with international standards. On September 23, 2019, the IA became the sole regulator overseeing over 120,000 insurance intermediaries in Hong Kong. From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. Chief Operating Officer, Asia Starr International Insurance Asia Limited Mar 2015 - May 2017 2 years 3 months. Section 13AE(12)(f) of the Insurance Ordinance provides for a regulatory regime relating to the intermediary management function, being one of the control functions of an authorised insurer. Under the new insurance intermediary regime, anyone carrying on “regulated … 41 of the Laws of Hong Kong) (the “Ordinance”) is the principal legislation regulating the insurance industry in Hong Kong. 41). Insurance Hong Kong: General HIH Insurance (Asia) Limited (in provisional liquidation) Hong Kong: … Bowtie Life Insurance opened the doors to Bow Coffee in Wan Chai on Thursday. Yesterday, on 26 June 2017 the Provisional Insurance Authority PIA was renamed ‘Insurance Authority’ and has taken over the regulation of insurers and two years later also the regulation of intermediaries. On 21 November 2018, Hong Kong’s Insurance Authority released an industry consultation draft of its Guideline on Cybersecurity. Our website is also going through a major overhaul, some information on this website is UPDATED TO 23 SEPTEMBER 2019 and obsolete contents have been disabled. See our briefing on the September 2019 developments. Sort by: relevance - date. Chinese courier firm to take controlling stake in Kerry Logistics Network February 10, 2021. 41 of the Laws of Hong Kong) (the “Insurance Ordinance”). As a result, an insurer must now obtain the Insurance Authority’s prior approval before appointing a key person in a control function. It is reprinted here with permission. Insurance Authority jobs in Hong Kong. The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. The Insurance Authority of Hong Kong (IA) has issued Frequently Asked Questions (FAQs) on enforcement and an Explanatory Note (Explanatory Note) to clarify Section 121 of the Insurance Ordinance (Cap. Environmental, Social and Governance (ESG), Regulatory Investigations and Financial Crime, Subscribe for Regulatory Investigations and Financial Crime Insights alerts, Advising on the issues that are critical to our clients, a provision of IO may have been contravened; or, a person may have been involved in defalcation, fraud, misfeasance or other misconduct; or. From 1 January 2018 a premium levy on Hong Kong insurance policies will be payable to the Insurance Authority by policyholders in line with new regulations. licensed insurance intermediaries and certain officers (including responsible officers (RO) and persons in their management), succeeding from three self-regulatory organisations. But Hong Kong’s insurance regulator is yet to give licences to any of the 40 plus companies that have made enquiries so far . The principal function of IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. Insurance Authority, Hong Kong: currently 1 jobs.The latest job was posted on 01 Feb 21. The Codes will … On 23 September 2019, the Insurance Authority in Hong Kong will take over regulation of insurance agents and brokers from the self-regulatory bodies (SROs), which are the Hong Kong Federation of Insurers, Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. Hong Kong’s 2020 legislative race: Insurance sector needs an election, not another shoo-in. The IA is a regulatory body that is independent of the government. Media. The Government conducted a public consultationon the conceptual framework during 2014. Visit our resource centre giving you access to our toolkits, publications, alerters and crossborder guides all in one place. This should, however, only be disclosed to limited classes of persons, including: to his/her firm’s RO, compliance officers, chief executive or key persons in control functions (for an individual who is a regulated person); to a person who is in a position to direct him/her to or put him/her in contact with a counsel or solicitor to obtain legal advice or legal representation (and where the disclosure is made solely for this purpose); or. Key persons in control functions must be approved by the Insurance Authority (the “IA”) under section 13AE of the Insurance Ordinance Cap. TechCrunch. The Insurance Authority has provided further information on their website https://www.ia.org.hk and in their leaflet. FB1422). It is reprinted here with permission. 2007-11-26 Source: "Register of Authorized Insurers".Insurance Authority. The Insurance Authority (IA) replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator in June 2017. The Hong Kong Insurance Authority (IA) has proposed to reduce the minimum investment size of insurance-linked securities (ILS) to $250,000 (HK$1.94m) after a public consultation, according to a statement. Authority, LegCo of industry advisory committees to independent A two-month public consultation on the Codes was conducted in early 2019 and the Insurance Authority has issued the Codes together with the consultation conclusions. Tesla Motors HK Limited is appointed and registered under the Insurance Agents Registration Board of Hong Kong as an insurance agent for LIBERTY. The principal function of IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. That said, the internal disclosure should still be on a need-to-know basis. Hong Kong's Insurance Authority announced over the weekend they are "closely monitoring repercussions arising from unilateral sanctions recently imposed by the … The policy objectives of setting up the IIA are to modernize the regulatory infrastructure to facilitate the stable development of the insurance industry, provide better protection for policyholders, and align with international practice that financial regulators should be financially and operationally independent of the Government. As noted in our previous updates in this series, the Insurance Authority will take over the direct regulation of insurance intermediaries from the Insurance Agents Registration Board, Professional Insurance Brokers Association and the Hong Kong Confederation of Insurance Brokers (the self-regulatory organisations (SROs)) on 23 September 2019. Brief on the Insurance (Levy) Order and Insurance October 2015, inaugural appointments to the independent Insurance James Parker and Marina Sherer from our Hong Kong office set out a summary of the key changes. The IA is looking to boost . LIBERTY is an authorised insurer regulated by the Insurance Authority under the Insurance Ordinance. Bowtie raises $30M to bring the digital insurance model to Hong Kong. Asia is traditionally a region with low insurance penetration, and Hong Kong was no exception to that rule. Chief Operating Officer, Asia Starr International Insurance Asia Limited Mar 2015 - May 2017 2 years 3 months. Recent Posts. In relation to the cases transferred from the three SROs, the IA will conduct an investigation under the new law and either: dismiss the case; commence disciplinary proceedings; and/or impose disciplinary sanctions which could have been imposed by the SROs. a person has carried on insurance business in a manner that is not in the interests of policy holders or the public interest. Apply to Hong Kong Graduate Program, Company Secretary Head Governance, Trade Finance Risk Management and more! Cheung gave insight into the IA’s progress in rolling out the new regulatory regime — and developments on the implementation of RBC and IFRS 17. Page 1 of 239 jobs. Recent Posts. But Hong Kong’s insurance regulator is yet to give licences to any of the 40 plus companies that have made enquiries so far. The second phase of changes (which are more substantive) will take effect from January 1, 2018, allowing more time for transition. Insurance Authority of Hong Kong Jun 2017 - Present 3 years 10 months. Authority, appointment Insurance contracts are classified by reference to the classes of insurance business set out in Schedule 1 to the IO. The Hong Kong Insurance Authority, which took over the regulatory and oversight role from the Commission of Insurance, just 11 months ago, has embarked on a major recruitment drive. Insurance Authority of the Hong Kong Special Administrative Region of the People's Republic of China on the other hand, recognising the increasing international activity in insurance markets and the corresponding need for The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents' Code) and Code of Conduct for Licensed Insurance Brokers (Brokers' Code) (collectively, the Codes). The IA's disciplinary decisions are subject to review at the Insurance Appeals Tribunal. The levy is a percentage of the premium payable, with a cap applied per policy per policy year. The Insurance Authority •A new independent insurance regulator to comply with the requirement of the International Association of Insurance Supervisors (IAIS) •New regulatory initiatives and new role in facilitating market and industry development the fact that he/she/it (in the case of a corporation) is bound by a non-disclosure obligation; the general nature of the matter (without revealing anything specific) giving rise to the non-disclosure obligation (e.g. Insurance Authority, LegCo Brief on the Commencement of No. Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. Cheung gave insight into the IA’s progress in rolling out the new regulatory regime — and developments on the implementation of RBC and IFRS 17. Tag: Insurance Authority. 1.2 To align with the international standards, Hong Kong has planned to move towards the RBC from theregime current rules-based regime. “We are confident that Mr Cheung will continue to contribute to the work of the IA in the new term, to lead the Hong Kong insurance sector to grasp the opportunities brought about by the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt & Road Initiative, and to enhance Hong Kong's status as an international risk management centre." Unless the IA states otherwise, it may be assumed that the IA consents to the disclosure of the following information (see Part 4 of the Explanatory Note): The IA provides further guidance on the extent of details which may be disclosed to an employer/supervisor and indemnity insurer in the responses to Q12 and Q13 of the FAQs respectively. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. 1 ("IA") in Hong Kong, are obliged to observe the new Principles. Lauritzen Bulkers to open office in Hong Kong February 15, 2021 .
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