... practices and decisions. 1.3 The risk-based capital regime (“RBC regime”) for Hong Kong’s insurance industry comprises three key components, commonly known as the “Three Pillars”. Pillar 1 covers the regulatory capital rules and requirements; Pillar 2 covers corporate governance and ERM; and Pillar 3 covers...

... Annex 1 Key Observations from the First ORSA Reports The Insurance Authority (“IA”) issued the Guideline on Enterprise Risk Management (“GL21”) which took effect on 1 January 2020. This is the Pillar 2 requirement which is implemented ahead of the statutory capital requirement under the Risk-based...

... Senior Management Conference. I have to thank Mr Schaefer for kindly offering me this opportunity to meet with a dynamic group of insurers and digital start-ups to explore the future of the insurance industry. 2. It is not the first time InsuranceCom has chosen Hong Kong as the venue for its Asia...

... manage and diversify their insurance risks under the Belt & Road Initiative. The Hong Kong insurance industry has good experience and adequate resources to provide such risk management services. Let me tell you how Hong Kong can take part in this. Firstly, Hong Kong can provide direct insurance and...