... basis in accordance with strategies, policies and procedures set out by the board of directors; and (h) “small authorized insurer” refers to an authorized insurer whose annual gross premium income in and total gross insurance liabilities as at the end of the immediate preceding financial year are both...

... basis in accordance with strategies, policies and procedures set out by the board of directors; and (h) “small authorized insurer” refers to an authorized insurer whose annual gross premium income in and total gross insurance liabilities as at the end of the immediate preceding financial year are both...

... respect of the new supervisory framework for multinational insurance groups (GWS framework), tentatively to be implemented in the first quarter of 2021. The main objective of the proposed Group Capital Rules is to set out the requirements in relation to capital, regulatory reporting and public...

... other than 12 months, “gross premium income” has to be annualized in the manner as set out in the definition of “adjusted gross premium income” in rule 2 of the Rules before applying the above specified percentages. 5.25 “Gross premiums receivable” is defined in rule 2 of the Rules. “Gross premiums...

... for 26.4% of the total new office premiums for individual business. Among these new policies, about 97% were medical or protective in nature, such as critical illness, medical, whole life, term life and annuity products. In terms of premium payment pattern, about 99% of the policies were paid at...

... insured event has occurred, no claims will be accepted. The coverage, benefit limit, exclusions and premium levels of travel insurance products offered by insurers vary. Travellers must understand the policy details and the terms and conditions clearly before taking out a policy and choose a...

... third party traffic accident victim (or his/her dependants) who suffers bodily injury or death but is unable to obtain compensation because the driver is uninsured or untraceable. As a result of the legislative changes in 1995 whereby insurance policies are allowed to set a limit on third party...

... Implementation of New Regulatory Regime for Insurance Intermediaries Introduction Currently, insurance intermediaries are regulated by three Self-Regulatory Organizations (“SROs”), namely the Insurance Agents Registration Board set up by The...

... Self-Regulatory Organisations (SROs)1. Under the new statutory regime, the two codes of conduct will specify fundamental conduct requirements expected of them. The draft Codes of Conduct set out eight core General Principles, under which standards and practices are elaborated. When formulating these...

... Property Damage business resulting from the absence of any major typhoons. As at 31 December 2019, gross and net claims incurred by authorized insurers due to the social events were HK$1,292 million and HK$411 million respectively. Premium growth was mainly driven by the growth in Property Damage business...