8 January 2020
The Insurance Authority (IA) today (8 January 2020) published its Annual Report 2018-19 , which provides an overview of key activities carried out and major efforts made during the past year to promote Hong Kong as a global risk management centre and a regional insurance hub.
“The Belt and Road Initiative and the Greater Bay Area development are cornerstones of our strategy to strengthen market sustainability and global competitiveness,” said Dr Moses Cheng, Chairman of the IA. “This report outlines specific measures put in place to enable the insurance industry in Hong Kong to capitalise on new opportunities arising from these national initiatives.”
The report also recounts the intensive preparatory work undertaken by the IA that paved the way for smooth implementation of the direct regulatory regime for around 120,000 insurance intermediaries on 23 September 2019.
“A robust regulatory regime will inspire public confidence and provide institutional support for the insurance market to grow and flourish,” said Mr Clement Cheung, Chief Executive Officer of the IA. “Through adopting an effective but flexible approach, with due emphasis on fairness and transparency, we aim to raise the professional standards of insurance intermediaries and encourage the adoption of proper conduct for better protection of policy holders.”
The IA has also embarked on a host of other regulatory reforms, such as the Risk-based Capital Regime, the Policy Holders’ Protection Scheme, the group-wide supervision framework, and the promotion of Insurtech development.
The Annual Report 2018-19 is available for public access on the
IA website
.
Ends