..., disability, or long-term care cover). The insurance products that you can purchase online on your own are mainly protection-oriented, short term, or have a simple product structure, including the following: 1 The insurance industry is actively developing insurance technology (InsurTech) and exploring various...

... Insurance Authority (“IA”) has today issued a set of Interpretation Notes for Module C of the Guideline on Group Supervision to supplement the guidance provided to designated insurance holdings companies in Module C of the Guideline on Group Supervision (“GL32”) on the Insurance (Group Capital) Rules (Cap....

... Premium levy rate to be adjusted to 0.085% on 1 April 2020 31 March 2020 In accordance with the schedule set out in the Insurance (Levy) Order under the Insurance Ordinance (Cap. 41), starting from tomorrow (1 April 2020), the premium levy rate will...

... Premium levy rate to be adjusted on 1 April 2019 31 March 2019 In accordance with the schedule set out in the Insurance (Levy) Order under the Insurance Ordinance (Cap. 41), starting from tomorrow (1 April 2019), the premium levy rate will be...

... respect of the new supervisory framework for multinational insurance groups (GWS framework), tentatively to be implemented in the first quarter of 2021. The main objective of the proposed Group Capital Rules is to set out the requirements in relation to capital, regulatory reporting and public...

... PCR should be set at a confidence level calculated using 99.5% value-at-risk (“VaR”) over a one-year period. 3 8. There is general agreement with the total balance sheet approach for the measurement of risks, as well as the establishment of the two explicit solvency control levels. 9. In respect of...

... third party traffic accident victim (or his/her dependants) who suffers bodily injury or death but is unable to obtain compensation because the driver is uninsured or untraceable. As a result of the legislative changes in 1995 whereby insurance policies are allowed to set a limit on third party...

... Implementation of New Regulatory Regime for Insurance Intermediaries Introduction Currently, insurance intermediaries are regulated by three Self-Regulatory Organizations (“SROs”), namely the Insurance Agents Registration Board set up by The...

... Self-Regulatory Organisations (SROs)1. Under the new statutory regime, the two codes of conduct will specify fundamental conduct requirements expected of them. The draft Codes of Conduct set out eight core General Principles, under which standards and practices are elaborated. When formulating these...

... Ordinance (Cap. 41) (“the Ordinance”). Under the Ordinance, the Insurance Authority (“IA”) has the primary responsibility of ensuring that an authorized insurer is able to meet its liabilities or fulfil the reasonable expectations of policy holders. Adequacy of the technical reserves set aside by an...