Monday, November 20, 2017

Hong Kong’s Insurance Authority takes the reins

The Insurance Authority has now officially replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator.

The latter will be disbanded as the former takes the reins. The IA was established in December 2015 as a regulatory body independent from the government and the industry.

Its main role is to regulate and oversee the insurance industry and promote the general stability of the sector and protect policyholders.

IA chairman Moses Cheng said the authority will strive to facilitate the sustainable development of the industry and to better cushion clients from possible malpractices by industry players.

IA, he said, will use a more holistic and effective regulatory system.

The IA will launch initiatives like development of a risk-based capital regime and the introduction of a policy holders’ protection scheme.

Industry practitioners will be also subjected to a code and guidelines for professional standards.

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