... equipped toolbox for our supervisory work. In 2014, we kickstarted our development of a risk- based capital regime for the insurance industry with a consultation exercise on the framework and key approaches. We would start our next phase of work soon. Meanwhile, we are preparing the legislation for the...

... equipped toolbox for our supervisory work. In 2014, we kickstarted our development of a risk- based capital regime for the insurance industry with a consultation exercise on the framework and key approaches. We would start our next phase of work soon. Meanwhile, we are preparing the legislation for the...

... activities related to the proliferation of weapons of mass destruction (“WMD”) and its financing. The FATF calls on its members and urges other jurisdictions to apply effective counter-measures and targeted financial sanctions in accordance with applicable United Nations Security Council Resolutions to...

..., and you could not have chosen a more pertinent theme than one that focuses on “dealing with the transition”. When I spoke on the first occasion, the Insurance Authority (“IA”) was a start- up, a piece of work-in-progress. The past year has been bitter-sweet for me and my team as we cope hectically...

..., and you could not have chosen a more pertinent theme than one that focuses on “dealing with the transition”. When I spoke on the first occasion, the Insurance Authority (“IA”) was a start- up, a piece of work-in-progress. The past year has been bitter-sweet for me and my team as we cope hectically...

..., and you could not have chosen a more pertinent theme than one that focuses on “dealing with the transition”. When I spoke on the first occasion, the Insurance Authority (“IA”) was a start- up, a piece of work-in-progress. The past year has been bitter-sweet for me and my team as we cope hectically...

... received a letter purportedly issued by the Australian university’s graduation office verifying that the former agent had been enrolled with the university. The letter, however, was undated, unsigned and bore an incomplete telephone number. The insurer carried out further due diligence on the letter...

... insurance industry’s awareness and understanding of the statutory obligations on anti-money laundering and counter-terrorist financing (“AML/CTF”), the Insurance Authority will host two AML/CTF seminars on 22 and 29 November 2017. The objectives of the seminars are: a) to provide the participants with an...

... transparent manner, is particularly relevant in this respect, as it is from this that the principles and standards on claims handling in the IA’s Guidelines are drawn: 1) An authorized insurer should establish documented claims handling procedures with indicative time periods for handling...

..., with a breach of some types of policy provision, or the discovery that important information was omitted or wrongly given at the proposal stage (see 3.2 below); 3 Unenforceable contracts: This means what it says, an unenforceable contract cannot be enforced (or sued on) in a court of law. However, this...