... Guideline on Cybersecurity earlier this year. Drawing reference from the Group of Seven’s Fundamental Elements on Cybersecurity for the Financial Sector, the guideline provides insurers with guiding principles for developing their cybersecurity framework. Conclusion Looking ahead, despite the challenges and...

... Ordinance (Cap.41) (“IO”) Pursuant to section 73(1) of the IO, a licensed insurance broker company must, within 6 months after the end of each financial year (“the 6-month statutory submission deadline”), provide the IA with its audited financial statements, an auditor’s report on its financial statements...

... Ordinance (Cap.41) (“IO”) Pursuant to section 73(1) of the IO, a licensed insurance broker company must, within 6 months after the end of each financial year (“the 6-month statutory submission deadline”), provide the IA with its audited financial statements, an auditor’s report on its financial statements...

... Economic Partnership Arrangement (CEPA) encourages Mainland insurers to cede some of their business to reinsurers in Hong Kong. In addition, the Office of the Commissioner of Insurance, IA’s predecessor, signed the “Equivalence Assessment Framework Agreement on Solvency Regulatory Regime” with the China...

... Economic Partnership Arrangement (CEPA) encourages Mainland insurers to cede some of their business to reinsurers in Hong Kong. In addition, the Office of the Commissioner of Insurance, IA’s predecessor, signed the “Equivalence Assessment Framework Agreement on Solvency Regulatory Regime” with the China...

... Economic Partnership Arrangement (CEPA) encourages Mainland insurers to cede some of their business to reinsurers in Hong Kong. In addition, the Office of the Commissioner of Insurance, IA’s predecessor, signed the “Equivalence Assessment Framework Agreement on Solvency Regulatory Regime” with the China...

... to seek access to the sandbox it considers most relevant. The regulator will act as the primary point of contact and assist in liaising with the other regulators for the firm to access the sandboxes concurrently. Please click on the links to learn more about sandboxes operated by the HKMA and the...

... authorized insurer, licensed insurance broker companies or licensed insurance agencies, to assist with this assessment. Only if the IA, based on its assessment of the information, considers that it has reasonable cause to believe or reason to enquire whether a Regulated Person may be guilty of misconduct or...

... intermediaries on 23 September 2019. The IA therefore had to handle the matters in accordance with the transitional arrangements in Schedule 11 of the Insurance Ordinance (Cap. 41) (the “Ordinance”), applying the relevant requirements in place at the time and following the disciplinary approach of...

... up to receive or administer the collection of premium and who must avoid mixing premium with his or her own personal funds. Paying premium to an individual insurance agent risks the money not being passed onto the insurer on time (or sometimes at all). This can result in the insurance being cancelled...