... have completed the third Quantitative Impact Study and are addressing some technical adjustments on Pillar 1 put forward by stakeholders including ASHK to pave way for industry consultation. On Pillar 2, the Guideline on Enterprise Risk Management has taken effect and the first set of Own Risk and...

... that the most potent change being rolled out by the IA is the RBC regime, which aims at dovetailing our solvency standards with contemporary international practices. After undergoing some years of development and completing three times of QIS, I am glad that the technical considerations under Pillar 1...

... as outsourcing. Q2 If a property management company is engaged to provide leasing and maintenance services for an authorized insurer’s investment properties, would such services be regarded as outsourcing? A2 Such service is regarded as portfolio management and falls under “investment management” in...

... Insurance (Maintenance of Assets in Hong Kong) Rules, Draft Insurance (Marine Insurers and Captive Insurers) Rules and Draft Insurance (Lloyd’s) Rules 5 December 2023 Consultation Paper on Draft Insurance (Valuation and Capital) Rules and Draft Insurance...

... 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...

... parameters/ thresholds Understand system limitation Transaction Monitoring - Maintenance 27 27 Changes in risk profiles of insurance institutions Changes in identified ML/TF typologies Effectiveness and efficiency of prior results Periodic review on extent/depth of monitoring Insufficient manpower...

... parameters/ thresholds Understand system limitation Transaction Monitoring - Maintenance 27 27 Changes in risk profiles of insurance institutions Changes in identified ML/TF typologies Effectiveness and efficiency of prior results Periodic review on extent/depth of monitoring Insufficient manpower...

... parameters/ thresholds Understand system limitation Transaction Monitoring - Maintenance 27 27 Changes in risk profiles of insurance institutions Changes in identified ML/TF typologies Effectiveness and efficiency of prior results Periodic review on extent/depth of monitoring Insufficient manpower...

... carrying out the functions in accordance with the Guideline; (3) We have formulated, maintained, operated policies and procedures in relation to the Guidelines, including (a) Staff screening and training; (b) Maintenance and update of database of terrorist suspects and designated parties; (c) Ongoing...

..., examination and training requirements for licensed insurance intermediaries, the maintenance of registers by the IA), and other matters, after consulting the Financial Secretary, that are necessary for the performance of any of its functions.   Rules made pursuant to section 129 of...