28 February 2018
Chairman of the Insurance Authority (IA) Dr Moses Cheng welcomes the initiatives to facilitate the development of the insurance industry announced in the Financial Secretary’s 2018-19 Budget today (28 February 2018).
Dr Cheng said, “The IA will continue to work closely with the Government and the industry on exploring ways to facilitate the sustainable development of the industry and enhance Hong Kong’s competitiveness in the global insurance market. Our goal is to promote Hong Kong as a regional insurance hub, and strengthen Hong Kong’s role as a risk management centre for the Mainland and the infrastructural projects under the ‘Belt and Road Initiative’ ”.
Besides, the IA supports the Budget initiative in offering tax concession to encourage the development of the deferred annuity market and to give people more financial planning options for their retirement. The IA will consult with the industry the soonest in developing the guidelines in implementing the tax concession for contributions made to deferred annuity products.
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