25 November 2020
The Insurance Authority (IA) welcomes the initiatives announced today (25 November) in the 2020 Policy Address which include supporting the local insurance industry to set up after-sales service centres in Mainland cities located in the Greater Bay Area (GBA) and pressing ahead with the “unilateral recognition” policy for Hong Kong motor vehicles entering Guangdong using the Hong Kong-Zhuhai-Macao Bridge (HZMB).
“The COVID-19 pandemic further demonstrates the practical need for and crucial functions of the proposed after-sales service centres. We have been in close contact with the China Banking and Insurance Regulatory Commission on this subject and are awaiting eagerly for an early breakthrough,” said Dr Moses Cheng, Chairman of the IA.
Dr Cheng also considers the “unilateral recognition” to be a positive move and commented that “Allowing Hong Kong private cars to enter Guangdong via HZMB without the need to take out a separate insurance coverage in the Mainland will pave way for more frequent and convenient movement of people within the GBA. The IA has been actively discussing with relevant authorities in the Mainland and will continue to render its total support.”
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