Insurance Authority hosts the 13th Annual Meeting of the Asian Forum of Insurance Regulators
8 June 2018
The Insurance Authority (IA) hosted the 13th Annual Meeting and Conference of the Asian Forum of Insurance Regulators (AFIR)1 in Hong Kong on 7 and 8 June 2018. The event brought together some 50 delegates from insurance regulators in 15 jurisdictions in the Asia-Pacific region and representatives of the International Association of Insurance Supervisors, the Financial Stability Institute, the National Association of Insurance Commissioners of the USA, and the Access to Insurance Initiative.
"This year’s AFIR Annual Meeting is the first major international event hosted by the IA since we took over the insurance regulatory functions from the Government’s Office of the Commissioner of Insurance last June,” said Dr Moses Cheng, Chairman of the IA, in his welcome remarks.
“As an international financial centre, Hong Kong strives to contribute to the development of the insurance markets in the region,” Dr Cheng said. “The IA aims to strengthen the position of Hong Kong as a regional insurance hub. We treasure opportunities like the AFIR Annual Meeting, which enable regulators to meet face-to-face to share regulatory experience and insights and explore major trends in insurance markets.”
Riding on this year’s theme, “Building an Effective Regulatory Regime in a Changing Landscape”, the participants actively exchanged views and shared experience on topical issues in insurance supervision, including the development of a risk-based capital regime, the promotion of Insurtech, and the challenges related to cybersecurity.
Mr Chen Wenhui, Vice-Chairman of China Banking and Insurance Regulatory Commission (CBIRC), said, “Thanks to member regulators’ concerted efforts, AFIR has developed an effective and structured communication and co-operation mechanism. Through organising a series of meetings and activities, AFIR has pulled together insurance regulators in Asia, and facilitated collaboration and information exchange, which contribute to the sustainable development of the regional insurance market.”
At the meeting, AFIR members elected Mr John Leung, Chief Executive Officer of the IA, as the new Chairman, replacing Mr Chen Wenhui, for a term of two years to 2020. “I would like to express my sincere gratitude to Mr Chen for his valuable contribution to the development of AFIR in the past years. I look forward to working very hard with AFIR members to further enhance regional collaboration and raise the profile of Asian insurance regulators in the international arena,” Mr Leung said.
Ends
Notes:
1The AFIR was established in 2006 as a platform for facilitating information exchange, co-operation, and mutual understanding among Asian and Oceanic insurance regulators. Representatives of the following AFIR members attended the meeting (in alphabetical order): Australia, China, Chinese Taipei, the Dubai Financial Services Authority, Hong Kong, India, Japan, Korea, Macao, Malaysia, New Zealand, the Philippines, Singapore, Sri Lanka and Thailand.
The IA hosts the 13th AFIR Annual Meeting, which has brought together some 50 delegates from insurance regulators in 15 jurisdictions in the Asia-Pacific region.
Dr Moses Cheng, Chairman of the IA, gives the welcome remarks at the AFIR Annual Meeting.
Mr Chen Wenhui, Vice-Chairman of China Banking and Insurance Regulatory Commission, delivers the opening remarks at the AFIR Annual Meeting.
Delegates from insurance regulators pose for a group photo at the AFIR Annual Meeting.