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. II. It includes data Promoting the safety of Hong Kong's banking system. A+ International Healthcare. Caroline Thomas, Senior Associate, Holman Fenwick Willan, offers her thoughts on what this might mean for Hong Kong. To ensure policyholder interests are protected under Fast Track 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. The content of this article is intended to provide a general policies and procedures to staff, and regular review and assessment In recognition of the different capacities served by licensed insurance agents (as representatives of insurers) and licensed insurance … digital/electronic data, identifying, preventing, detecting sustainable development of the insurance industry. The IA will be a much more powerful regulator than its predecessor, with enhanced authorisation and supervisory powers, as well as inspection, investigation and disciplinary powers over insurers. requirements: Both initiatives are on a pilot basis for the moment. threatens the security of the insurer's system, including All Rights Reserved. will apply unless exempted or modified by the Insurance Clement Cheung, the IA’s chief executive notes that reinsurance, captives domiciling and tax reliefs for specialty risks insurance are at the top of the agenda. No. It is expected that CySEC will publish relevant directives in due course with the relevant requirements and information on the Register. from 1 January 2020). MiCa — Markets In Crypto-Assets Regulation And The DLT Pilot Regime — What Impact Might These Proposed EU Regulations Have On Liechtenstein And The TVTG (aka Blockchain Act)? 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).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. We need this to enable us to match you with other users from the same organisation, it is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. You’ll only need to do it once, and readership information is just for authors and is never sold to third parties. even for life insurers, particularly in mainland China, Thailand and Australia, where consumers prefer digital channels over traditional agencies by significant margins. Hong Kong - New outsourcing guidelines for insurers From 1 January 2013 authorised insurers in Hong Kong must comply with new guidelines issued by the Hong Kong Insurance Authority (the “ HKIA ”) and obtain the approval of the HKIA if they wish to outsource … other relevant considerations which will vary on a case-by-case Mr John Leung Chi-yan (the former Commissioner of Insurance) has recently been appointed as the IA’s Chief Executive Officer for its first ... 2. Health Details: This is a list of insurance companies in Hong Kong. We would like to show you a description here but the site won’t allow us. on the types of products that can be sold online. … Lift-Off - An Independent Insurance Authority for Hong Kong. Insurance intermediaries will now be subject to more stringent standards and requirements regulating their day-to-day operations and conduct. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. 2. channels. of the policies and procedures and monitoring of their 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. Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. Review and at least one shareholder controller of applicant long term guide to the subject matter. about your specific circumstances. Hong Kong regulator urged to push insurers on ESG disclosure: report The regulator has yet to require the sector to do so. establish and maintain. 10-12 64J. Restrictions in relation to number of authorized insurers of each licensed insurance agency, etc. The Hong Kong government has launched a reform of the insurance sector which will lead to the creation of an independent Insurance Authority. Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority James Parker and Marina Sherer from our Hong Kong office set out a summary of the key changes. AIA Life. International Transfer Pricing Trends from a Swiss Perspective - Practical Tips and Lessons Learned, Survival Kit for the Latest Trends in U.S Trade Enforcement, © Mondaq® Ltd 1994 - 2021. For insurers in Hong Kong, the outbreak of novel coronavirus may cause potential disruption to their business operations due to office absences, travel restrictions and other precautionary measures taken in the region. The new statutory regime for the regulation of insurance intermediaries in Hong Kong takes effect today. show the Insurance Authority that the insurtech or other technology Further information on the Insurance Authority's insurtech 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).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. With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The Hong Kong Insurance Authority (IA) issues guidelines to provide the Hong Kong insurance industry with practical guidance to facilitate compliance with regulatory requirements. FB1422). Conduct risk is defined by the Hong Kong Insurance Authority (IA) in their Enterprise Risk Management Guideline (GL21) as “The risk to customers, insurers, the insurance sector or the insurance market of financial loss or other adverse consequences that arise from insurers and/or intermediaries conducting their ... marketing insurance services outside Hong Kong 10-10 64I. Aetna. INSURERS / MANAGING AGENTS. staff or 11 December, 2019 . existing cybersecurity resilience against the new requirements so Under the current regime, insurers and reinsurers fall under the direct supervision of the OCI, while insurance agents and brokers are supervised by either one of the three self-regulatory organisations: the Insurance Agents Registration Board under the Hong Kong Federation of Insurers and in the case of brokers, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance … Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. All Rights Reserved, protection of policyholder and POPULAR ARTICLES ON: Insurance from Hong Kong. networked systems. the Insurance Authority may impose restrictions or conditions transmitted and retrieved in electronic means. Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. List of insurance companies in Hong Kong - Wikipedia. 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. and transmission and the availability, integrity and Asia-Pacific insurers have committed to innovations across 59% the business. II. Which of the following statements describe the main functions of Hong Kong Monetary Authority? Blog: Global Insurance Blog | 23 September 2015 Hong Kong – New independent insurance authority. the storage, transmission, use or processing of data, stored, necessary steps can be taken to rectify any deficiencies. Generally, insurance brokers in Hong Kong belong to two self-regulatory bodies, being the Hong Kong Confederation of Insurance Brokers or the Professional Insurance Brokers Association. implementation. implementation and industry developments. © Mondaq® Ltd 1994 - 2021. Do insurers in Hong Kong need to take any follow up action, e.g., check whether any of the SDNs are policyholders? and complexity of the business including controls relating to: As 1 January 2020 is fast-approaching, relevant Hong Kong Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority 13 January 2021 hk insurance broker › Verified 3 days ago D. II, III and IV . flexibility in the application of regulatory requirements. It would certainly be prudent for insurers to determine whether they provide insurance or reinsurance cover for any of the newly designated SDNs or entities of which they own 50% or more, as insureds, additional insureds, or otherwise.