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Statutory Functions

In accordance with the Insurance Ordinance (Cap. 41), the principal function of the Insurance Authority ("IA") shall be 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. The Ordinance stipulates that the IA shall –

  1. be responsible for supervising an authorized insurer’s and a licensed insurance intermediary’s compliance with the provisions of the Ordinance;

  2. consider and propose reforms of the law relating to insurance business;

  3. promote and encourage the adoption of proper standards of conduct and sound and prudent business practices by authorized insurers;

  4. promote and encourage the adoption of proper standards of conduct by licensed insurance intermediaries;

  5. review and, if necessary, propose reforms of the systems for regulating authorized insurers and licensed insurance intermediaries;

  6. regulate the conduct of insurance intermediaries through a licensing regime;

  7. promote the understanding by policy holders and potential policy holders of insurance products and the insurance industry;

  8. formulate effective regulatory strategies and facilitate the sustainable market development of the insurance industry, and promote the competitiveness of the insurance industry in the global insurance market;

  9. conduct studies into matters affecting the insurance industry;

  10. assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate measures in relation to the insurance industry;

  11. co-operate with and assist financial services supervisory authorities of Hong Kong or of any place outside Hong Kong, whenever appropriate, to the extent permitted by the Ordinance; and

  12. perform functions imposed or conferred on the IA by the Ordinance or any other Ordinance.