1 February 2024
The Insurance Authority (IA) welcomed the commencement of consultation and legislative work on Article 23 of the Basic Law by the Hong Kong Special Administrative Region (HKSAR) Government to enhance the legal regime, safeguard national security and ensure social stability, laying a solid foundation for the financial and economic development of Hong Kong.
Mr Stephen Yiu, Chairman of the IA, said, “The legislative work is an important step in fulfilling our constitutional duty. It helps create a safe and orderly business environment, strengthen investor confidence and reinforce Hong Kong’s position as an international financial centre and global risk management centre. We support the HKSAR Government’s efforts in explaining its legislative work to all stakeholders, and will communicate closely with the insurance sector to assist the industry in getting a clear understanding of the legislative proposals.”
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