... taken over the statutory functions of the Office of the Commissioner of Insurance (‘OCI’) to regulate insurance companies with effect from 26 June 2017. The OCI was disbanded on the same day. This Update serves to set out the textual updates to the Study Notes for the General Insurance Examination (2008...

... which was published in the Gazette on 19 July 2002 (Ordinance Number 27 of 2002). Certain provisions of the Ordinance, for which no subsidiary legislation need to be made or no further legislative amendment is envisaged, came into effect upon the publication of the Commencement Notice (Legal Notice 137...

... (Amendment) Ordinance 2020 came to effect in March 2021 to provide for a bespoke, streamlined authorization and regulatory regime for Special Purpose Insurers (“SPI”) formed specifically for issuing ILS in Hong Kong.   Pilot ILS Grant Scheme To encourage the...

... details of the Bill and render full support to the Legislative Council in the scrutiny process. Ends Note: 1The Pillar 2 requirements have been implemented with the issuance of the Guideline on Enterprise Risk Management (GL21), which took effect on 1 January 2020....

... (Financial Institutions) Ordinance” mentioned therein to “Anti- Money Laundering and Counter-Terrorist Financing Ordinance” (Cap. 615). The revised GL3A will come into effect on 30 June 2018. A copy of the revised GL3A (showing marked-up changes against the previous version) is attached at Appendix A...

... Complaints Bureau (ICCB), and the rest concern claims disputes that were ultimately settled between the claimants and the insurers concerned without being referred to the ICCB for adjudication. It is worth noting that the Complaints Panel of the ICCB is empowered by the Articles of Association of the ICCB to...

... that the Complaints Panel of the ICCB is empowered by the Articles of Association of the ICCB to look beyond the strict interpretation of policy terms in making a ruling. In addition, as far as good insurance practice is concerned, the Complaints Panel relies heavily on the expected standards set out...

... submit further applications to effect this. That said, all the requirements3 applicable for the distribution of ILAS (including PLP) products must still be complied with (e.g. GL26 on Sale of ILAS Products, GL28 on Benefit Illustrations for Long Term Insurance Policies, GL30 on FNA etc) as appropriate....

... financing, covering affordability assessment, additional measures for customers with risk of over-leveraging, disclosure, sales practices and training. The relevant requirements will take effect on 1 January 2023. Affordability assessment If an insurance intermediary is aware...

... A shift in mindset from an emphasis on savings and investment return to a focus on protection is essential if we are to narrow the protection gap,” he said. The event featured a total of three panel discussions - the first one on GBA moderated by Mr Laurence Li, Chairman of the Financial...