6 October 2021
The Insurance Authority (IA) welcomes initiatives pertaining to the insurance sector contained in the Chief Executive’s 2021 Policy Address announced today (6 October 2021).
“The successful launch of a group-wide supervision framework, the substantial progress achieved on design process of the risk-based capital regime and the recent inaugural issuance of insurance-linked securities bear testimony to the resilience and resourcefulness of our insurance industry,” said Dr Moses Cheng, Chairman of the IA. “Leveraging on its traditional strengths and unique competitive advantages, Hong Kong has plenty to offer as a global risk management centre in realising the ‘dual circulation’ economic strategy elucidated in the 14th Five-Year Plan.”
“We are working closely with relevant authorities in the Greater Bay Area (GBA) on the establishment of after-sales service centres and implementation of the unilateral recognition policy of motor insurance for vehicles accessing the Hong Kong-Zhuhai-Macao Bridge. On Fintech, the IA will actively explore the formation of a one-stop sandbox network to promote cross‑boundary applications within GBA,” Dr Cheng added.
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