Insurance Authority consults on the proposed Insurance (Group Capital) Rules
19 August 2020
The Insurance Authority (IA) today (19 August 2020) launched a six-week public consultation on the draft Insurance (Group Capital) Rules (the “Group Capital Rules”) to tie in with the implementation of the new supervisory framework for multinational insurance groups (“GWS framework”) tentatively in the first quarter of 2021.
The main objective of the proposed Group Capital Rules is to set out the requirements in relation to capital, regulatory reporting and public disclosure that apply to an insurance holding company in relation to its insurance group. The Group Capital Rules will apply to insurance holding companies which are designated by the IA as being subject to the GWS framework.
The consultation paper is now available on the IA website. Members of the public are welcome to submit their comments to the IA on or before 30 September 2020 by email to [email protected], by fax to 3899-9993, or by post to the IA Office on 19/F, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong1.
1In view of the latest development of COVID-19, the office of the IA is now temporarily closed to the general public until further notice. To avoid undue delay, members of the public are encouraged to submit their comments to the IA by email.