... agency, take note of this guidance and take remedial action as necessary as a contravention of section 64K of the Ordinance is an offence. II. REQUIREMENTS RELATING TO THE NOTIFICATION OF CERTAIN INFORMATION TO THE IA REGARDING LICENSED INSURANCE BROKERS The Ordinance includes the following 6...

... making available funds or other financial assets or economic resources to relevant persons or entities, or dealing with funds or other financial assets or economic resources belonging to such persons or entities are prohibited, except with a licence. (ii) United Nations Sanctions (Central African...

... practice, however, insurers are encouraged to conduct FNA even for those excluded products. II. Section 5 – Product Design Q 2. Section 5.3 requires insurers to monitor the products after launch to ensure that they continue to meet the needs of the target customers. Does this requirement apply to products...

...); (ii) the appointment of the person as a controller, director (other than a controller or director to whom sections 13A, 13AC or 13B applies); or (iii) appointed actuary (other than an actuary to whom section 15(3A) applies) of an authorized insurer if it appears to the IA that the person is not fit...

... Microsoft Word - circulars01.doc Strengthening Capital Requirements for Insurance Companies – Preparation for Solvency II Executive summary A company’s capital is intended to serve as a pillow to absorb losses resulting from the realization of unexpected risks to which an insurance company is...

... Microsoft Word - circulars01.doc Strengthening Capital Requirements for Insurance Companies – Preparation for Solvency II Executive summary A company’s capital is intended to serve as a pillow to absorb losses resulting from the realization of unexpected risks to which an insurance company is...

...); (ii) the appointment of the person as a controller, director (other than a controller or director to whom sections 13A, 13AC or 13B applies); or (iii) appointed actuary (other than an actuary to whom section 15(3A) applies) of an authorized insurer if it appears to the IA that the person is not fit...

... that he/ she/ it is guilty of misconduct or is not fit and proper. One type of disciplinary action that the IA may take is ordering a person to pay a pecuniary penalty not exceeding the amount which is the greater of (i) HK$10 million; or (ii) 3 times the amount of the profit gained or loss avoided by...

... that he/ she/ it is guilty of misconduct or is not fit and proper. One type of disciplinary action that the IA may take is ordering a person to pay a pecuniary penalty not exceeding the amount which is the greater of (i) HK$10 million; or (ii) 3 times the amount of the profit gained or loss avoided by...