... the Insurance Authority (IA), which took over the regulatory functions of the former Office of the Commissioner of Insurance (OCI) four months ago on June 26. Taking this opportunity, I must thank the CIB, not only for its long years of service under the self-regulatory system and its unfailing...

... the Insurance Authority (IA), which took over the regulatory functions of the former Office of the Commissioner of Insurance (OCI) four months ago on June 26. Taking this opportunity, I must thank the CIB, not only for its long years of service under the self-regulatory system and its unfailing...

... industry on possible involvement or interaction with activities related to virtual assets (“VAs”) and Virtual Asset Service Providers (“VASPs”). This circular provides guidance on the pertinent issues that authorized insurers should take into account on this topic. Regulatory Developments In light of the...

... Newsletter - Conduct in Focus   Conduct in Focus is a periodical publication which presents statistics and commentary on complaints received by the Insurance Authority and examines topical regulatory issues regarding the way in which insurance business is...

... regulatory framework. Section 90 of the Insurance Ordinance and the Codes of Conduct expressly require licensed insurance intermediaries to treat customers fairly. Guideline on the Corporate Governance of Authorized Insurers (Guideline 10) provides that “fair treatment of customers is an...

... that they are already subject to the FATF’s call for countermeasures. Therefore, the FATF issued a statement on 4 March 2022 2 advising its members to refer to the list of high-risk jurisdictions subject to a call for action adopted in February 2020, namely Iran and the Democratic People’s Republic of...

... internal controls, risk management systems and governance processes of the IA, as well as to address operational risks. To give directions on and oversee the progress of projects pursued by the Internal Audit Section.  To recommend the appointment of...

... opening an ISSB office in Beijing, China on 19 June 2023. The Steering Group looks forward to engaging with the ISSB in the sustainability reporting journey and collaborating on capacity building. The Steering Group will also maintain a close dialogue with market participants and stakeholders, with a view...

... Government has designated an additional name under the Executive Order issued on 23 September 2001. The latest list can be found in the website of the Office of Foreign Assets Control of the US Treasury (www.ustreas.gov/offices/enforcement/ofac/sanctions/terrorism.html) under Name of Entity Designated on 29...