... and scenarios. In this regard, the modeled 10 For example, the personnel responsible for the review and validation of the model should be adequately qualified and should be independent of the personnel who design or own the model. 11 Stresses and scenarios can be developed ranging from simple...

... applicable: (a) the extent to which assumptions and adverse events in the SST are insurer-specific and relevant to the risk profile11; 9 For example, the personnel responsible for the review and validation of the model should be adequately qualified and should be independent of the personnel who design or...

... formulated by the Board. A n n u a l R e p o r t 2 0 1 8 - 1 9 9 Corporate Governance 2 514 10 8 11 7 6 3 4 13 12 1 9 5 Ms Chitty Cheung Fung-ting Non-Executive Director 6 Mr Kenneth Kwok Tsun-wa Non-Executive Director 7 Mr Ma Ho-fai, GBS, JP Non-Executive Director 8 Mr James Wong Chien-kuo Non-Executive...

... formulated by the Board. A n n u a l R e p o r t 2 0 1 8 - 1 9 9 Corporate Governance 2 514 10 8 11 7 6 3 4 13 12 1 9 5 Ms Chitty Cheung Fung-ting Non-Executive Director 6 Mr Kenneth Kwok Tsun-wa Non-Executive Director 7 Mr Ma Ho-fai, GBS, JP Non-Executive Director 8 Mr James Wong Chien-kuo Non-Executive...

... formulated by the Board. A n n u a l R e p o r t 2 0 1 8 - 1 9 9 Corporate Governance 2 514 10 8 11 7 6 3 4 13 12 1 9 5 Ms Chitty Cheung Fung-ting Non-Executive Director 6 Mr Kenneth Kwok Tsun-wa Non-Executive Director 7 Mr Ma Ho-fai, GBS, JP Non-Executive Director 8 Mr James Wong Chien-kuo Non-Executive...

... in size, complexity and scale of operation, as well as to assist them in designing systems to demonstrate compliance. Insurance brokers are advised to design and implement control procedures to ensure that client monies are identified and kept separately from brokers’ own monies, that client monies...

... their varying differences in size, complexity and scale of operation, as well as to assist them in designing systems to demonstrate compliance. Insurance brokers are advised to design and implement control procedures to ensure that client monies are identified and kept separately from brokers’ own...

...  portion of surrender benefits  is derived  from guaranteed benefits,  there exists a  savings element and may be suitable  for customers with both savings needs and  insurance needs.    Insurers, when performing the diligent review required under GN16 issued by the  IA during the product design stage...

... performing the diligent review required under GN16 issued by the  IA during the product design stage, should properly  identify the target customers  (i.e. among other circumstances of the customers, whether the product concerned  is  suitable  for  customers  with  savings  or  investment  needs,  in...

... unprecedented market volatilities brought about by COVID-19 and is the crucial component for a robust system to safeguard the insuring public. An iterative process of Quantitative Impact Studies has helped to calibrate the design parameters, taking into account technical merits and practical outcomes. Progress...