... you set up any dedicated team for the HKFRS 17 development and implementation? 8) What is the estimated cost (in HKD ‘000) of HKFRS 17 Implementation of your company in Hong Kong? a) One-off implementation cost b) On-going maintenance cost (per annum) c) As compared with your current maintenance cost...

... The law stipulates that premiums paid for deferred annuity products satisfying a set of criteria set out in the guideline issued by the Insurance Authority (IA) are eligible for tax deduction under the salaries tax and personal assessment. Please visit the List of Qualifying Deferred Annuity Policies...

... Preparatory Works To prepare for the new regime, we are drafting new rules, codes and guidelines and developing a new computer system and online portal.  We have also set up a Working Group on Direct Licensing Regime for Insurance Intermediaries and two...

... Business Ethics = A set of principles which determines what is the right behavior when conducting insurance business or carrying on regulated activity • Honesty and Integrity • Acting in the client’s best interests and treating clients fairly • Due care and diligence • Professional competence and...

... Ordinance (Cap. 622), or one formed and registered under the former Companies Ordinance, including a non-Hong Kong company to which Part 16 of the Companies Ordinance (Cap. 622) applies. Authorization requirements and procedures are set out in the Authorization Guideline (GL1) and Guideline on...

... Scheme) promulgated in the 2021-22 Budget. The Grant Scheme provides an incentive for insurance companies and organisations to issue insurance-linked securities (ILS) in Hong Kong, while efforts are being made in parallel to map out a new regulatory scheme for Special Purpose Insurers set up in...

...;. All fees and levies that the IA collects are set out in the IA website. If members of the public receive any suspicious payment requests claiming to be made by the IA, they should verify the documents by contacting the IA via its general enquiry hotline at 3899-9983 (select language, then...

... writing to inform you that a set of Frequently Asked Questions (“FAQs”) on the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (“Rules”) has been issued today and is available on our website www.ia.org.hk. The FAQs aim to provide clarifications on the...

... capture business opportunities, and more importantly, extend the capacity of the insurance industry; thus enhancing its sustainable development.” The bill also seeks to expand the scope of insurable risks of captive insurers set up in Hong Kong, helping the industry capitalise on business...