... compliance costs and business impact on insurers at the implementation stage. 11. The second task is the establishment of a Policyholders’ Protection Scheme. This seeks to enhance the protection of policyholders in the event of insolvency of an insurance company. Put it simply, it is the insurance sector’s...

... industry and for the protection of existing and potential policy holders. The Ordinance stipulates that the IA shall – be responsible for supervising an authorized insurer’s and a licensed insurance intermediary’s compliance with the provisions of the Ordinance...

... the Risk-based Capital Regime, updating design parameters of the Policy Holders’ Protection Scheme and empowering the general public with knowledge on lifetime risk profiling. The Annual Report 2020-21, in full and simplified versions, is available on the IA website. Ends...

... has observed three overarching principles: compliance with relevant Insurance Core Principles issued by the International Association of Insurance Supervisors; meeting needs and ensuring competitiveness of insurance industry; and strengthening resilience of insurance industry for protection of policy...

... the IA after completing their respective tenures, pointing out that “The two colleagues have served with dedication over the past six years, contributing significantly towards enhancing the protection of policy holders and promoting Hong Kong as a global risk management hub. I wish them good health...

... sources based on their data sets. No data is shared, just insights for machine learning are gained. Regulatory Consideration Data privacy and data protection mechanism based on consent Using technologies to preserve privacy. To be discussed in the presentation next step for insurers to get better...

... group-wide supervisory framework, setting up of special purpose vehicles for insurance-linked securities, tax concession and enlarged business scope for captives, tax concession for marine insurance and specialty insurance as well as the Policy Holders’ Protection Scheme. And do not forget the statutory...

... group-wide supervisory framework, setting up of special purpose vehicles for insurance-linked securities, tax concession and enlarged business scope for captives, tax concession for marine insurance and specialty insurance as well as the Policy Holders’ Protection Scheme. And do not forget the statutory...

... implementation details remain unchanged2. Extension of the Virtual Onboarding (“VO”) Sandbox to all long term insurance products To meet the need of the general public for affordable protection and enhance financial inclusiveness, the IA will take the opportunity to open up the distribution of Investment-Linked...

..., collectibles and jewellery, caused by accidents such as theft, typhoons, flooding and fire. Home insurance also provides third-party liability protection for policyholders and household members, and even employer’s liability for a domestic helper. Who should buy home insurance...