Tuesday, September 26, 2017

New HK regulator vows to work on cross-border supervision

Hong Kong’s newly created insurance regulator will formally begin operating on June 26, officials said.

The Hong Kong Insurance Authority is expected to work hand in hand with its counterpart from mainland China to ensure that players conform to regulation.

Mainlanders contribute to nearly two-fifths of life policies sold in the city annually. Moses Cheng Mo-chi, chairman of the insurance authority, said part of the body’s responsibility is to protect policyholders from malpractice and mis-selling.

In 2016, Chinese mainlanders bought HK$49 billion (US$6.28 billion) worth of life insurance products in Hong Kong.

The new insurance authority will take over the reins from the Office of the Insurance Commissioner as regulator for insurance firms and in supervising nearly 90,000 insurance workers.

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