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Insurance Authority welcomes passage of the amendment bill for the implementation of the Risk-based Capital regime

6 July 2023

The Insurance Authority (IA) welcomed the passage of the Insurance (Amendment) Bill 2023 (the Bill) today (6 July 2023), which provides the legislative framework for the implementation of the Risk-based Capital (RBC) regime for the Hong Kong insurance industry.

“The RBC regime can enhance the financial soundness of insurers and is crucial for consolidating Hong Kong’s position as an international financial centre,” an IA spokesperson said. “We are pleased that the Bill has gained staunch support by members of the Legislative Council, and will continue to work closely with the insurance industry to ensure a smooth transition to the RBC regime.”

The IA will start the preparatory work on drafting detailed requirements of the RBC regime to be followed by public consultation on subsidiary legislation. The RBC regime is targeted for implementation in 2024.