... 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...

... sale but becomes relevant after policy issuance, insurers should determine whether policyholders should be informed or not with due regard to the situation and materiality of the risk involved. - 2 - Q 5. Section 6.8 specifies that for policies to be used as collateral assignment (e.g. for premium...

... within a year. The new office space is equipped with modern facilities and is designed to cater for the IA’s future expansion. Before the relocation, the IA operated from four different offices in Admiralty and Wan Chai.   Ends Mrs Carrie Lam, Chief Executive of...

... 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...

... 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...

... 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...

... 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...