Response of the Insurance Authority to imposition of sanctions by the United States Government on individuals in Hong Kong

8 August 2020

The Insurance Authority (IA) is closely monitoring repercussions arising from unilateral sanctions recently imposed by the United States Government on a number of individuals in the Mainland and Hong Kong on 7 August 2020.

An IA spokesperson said, “In assessing potential impact arising from the sanctions, market participants should take into account the full spectrum of legal, business and commercial risks to which they are exposed. This may involve complex operational issues, varying with the structure, size and business portfolio of an insurer or insurance intermediary as well as its overseas affiliates. Above all, the IA will expect customers to be treated fairly and transparently in the formulation of any responses to the sanctions.”

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