... million from the Government. The IA is a financial regulator deriving its income from premium levies, authorization and annual fees, and specific user fees. We strive to achieve financial independence and are committed to deploying our resources optimally in performing our statutory functions. 4 total...

... million from the Government. The IA is a financial regulator deriving its income from premium levies, authorization and annual fees, and specific user fees. We strive to achieve financial independence and are committed to deploying our resources optimally in performing our statutory functions. 4 total...

... Consultation Paper on the Draft Insurance (Group Capital) Rules Consultation Paper on Draft Insurance (Group Capital) Rules 1 FOREWORD 1. This paper is published by the Insurance Authority to consult the public on the draft rules to be made under section 129 of the Insurance Ordinance (Cap. 41), na...

... Draft Guideline on Enterprise Risk Management ANNEX DRAFT FOR CONSULTATION PURPOSES ONLY GUIDELINE ON ENTERPRISE RISK MANAGEMENT Insurance Authority Table of Contents Page 1. Introduction 1 2. Application 3 3. Overview of Enterprise Risk Management (ERM) Framework and General Requirements 4 4. Gove...

... Solvency requirements for long-term business are calculated with reference to the sum insured and policy reserves. Solvency requirements for general business are calculated with reference to the premium levels and claims outstanding. Substantial actuarial input is required in such calculations. The risk...

... pro-cyclicality. o 8 respondents comment that the discount rate to be adopted should be market risk free rate plus adjustments (e.g. illiquidity premium), rather than making reference to historical yields. o 2 respondents consider that the proposed use of market-referenced rate might lead to inconsistency between...