... provisions which require compliance by licensed insurance agents with the requirements set out by their principals. September 2019 Page 5 The Insurance Ordinance also has provisions relating to the principal-agent relationship between insurers and their licensed individual insurance agents and licensed...

... insurance brokers can approach insurers across the market1 to source the most suitable insurance products for clients and licensed insurance broker companies owe fiduciary duties to clients when acting as agents of the clients. In view of this, the Insurance Ordinance imposes requirements (set out in rules...

... provisions which require compliance by licensed insurance agents with the requirements set out by their principals. September 2019 Page 5 The Insurance Ordinance also has provisions relating to the principal-agent relationship between insurers and their licensed individual insurance agents and licensed...

... insurance brokers can approach insurers across the market1 to source the most suitable insurance products for clients and licensed insurance broker companies owe fiduciary duties to clients when acting as agents of the clients. In view of this, the Insurance Ordinance imposes requirements (set out in rules...

... solvency, capital, and local asset requirements, which are set for ensuring sufficient loss absorption capability of authorized insurers must be met. All other requirements under the relevant guidelines should apply, except where the IA agrees to exempt or modify after due consideration. All...

... of solvency. The solvency margin calculation is set out in Section 10 of the ICO for general insurers, and in the Insurance Companies (Margin of Solvency) Regulation for long- term insurers. 2.1.3 The ICO sets out the requirement for an insurer to maintain separate assets in separate long-term...

... Kong Federation of Insurers. 3A n n u a l R e p o r t 2 0 1 9 - 2 0 Chairman’s message ProMoTinG coMPeTiTiveness hong kong is a mature market, boasting top insurance density and penetration rates. Consolidating it as a premier base for regional headquarters set up by major i n t e r n a t i o n a l g r...

... Kong Federation of Insurers. 3A n n u a l R e p o r t 2 0 1 9 - 2 0 Chairman’s message ProMoTinG coMPeTiTiveness hong kong is a mature market, boasting top insurance density and penetration rates. Consolidating it as a premier base for regional headquarters set up by major i n t e r n a t i o n a l g r...

... will add a new section 129A to the Ordinance (set out in the SCHEDULE) to empower the IA to make rules on the requirements in paragraph 10 to 11 above. Consultation 13. This paper is published by the IA to consult the public on the draft Rules (see ANNEX A) which will be made pursuant to new section...