Insurance Authority publishes its Annual Report 2019-20
16 December 2020
The Insurance Authority (IA) today (16 December 2020) published its Annual Report 2019-20 entitled “Leading Change and Propelling Growth”, outlining some major activities and outcomes achieved amidst the COVID-19 pandemic.
Dr Moses Cheng, Chairman of the IA, said “The past year was an eventful one for the IA, fraught with unprecedented challenges but yet filled with emerging opportunities,” adding that “Key achievements made during the reporting period include taking over responsibility from the three former Self-Regulatory Organisations1 , engaging the industry in finalising the Risk-based Capital Regime, devising a group-wide supervisory framework, introducing measures to enhance competitiveness of Hong Kong as a global risk management centre, sustaining momentum on initiatives related to the Guangdong-Hong Kong-Macao Greater Bay Area development and bringing insurance products in line with societal aspirations.”
In response to COVID-19, the IA rolled out a set of temporary facilitative measures that enable designated protective insurance products to be sold without face-to-face interactions subject to enhanced disclosure requirements and a longer cooling-off period. In parallel, the scrutiny of applications for pilot trial under the Insurtech Sandbox involving virtual on-boarding was expedited. These measures have helped to reduce the risk of infection while sustaining business transactions during a period of serious operational challenges.
“While COVID-19 has undoubtedly been a source of serious impediment to all walks of life, there is a silver lining,” said Mr Clement Cheung, Chief Executive Officer of the IA. “Riding on an encouraging response to the Qualifying Deferred Annuity Policies and playing to the expanding level of care sought after by an ageing population, the IA will partner more closely with the industry in future to explore offerings that open up new opportunities while helping to share out the burden shouldered by the Government.”
The report also highlights the progress of market development initiatives pertaining to reinsurance, captive insurance, insurance-linked securities, as well as green and sustainable finance.
The full version of the Annual Report 2019-20, together with a simplified version, are available for public access on the IA website.
1The three former Self-Regulatory Organisations are The Hong Kong Confederation of Insurance Brokers, the Professional Insurance Brokers Association and the Insurance Agents Registration Board established under the Hong Kong Federation of Insurers.