Insurance

Overview of Insurance and Reinsurance Regulation in Hong Kong

Overview of Insurance and Reinsurance Regulation in Hong Kong 1400 788 Hauzen LLP

Introduction Hong Kong’s insurance industry is governed by the Insurance Authority (IA), an independent statutory body responsible for overseeing insurers and intermediaries under the Insurance Ordinance (Cap. 41). This legislation…

Insurance Authority Publishes an Explanatory Note on “Regulated Activity”

Insurance Authority Publishes an Explanatory Note on “Regulated Activity” 1400 788 Hauzen LLP
An important consideration for currently unregulated entities providing insight into IA’s assessment whether activities will or won’t fall under regulatory regime of Insurance Ordinance.

New MOU Between Insurance Authority & Insurance Complaints Bureau

New MOU Between Insurance Authority & Insurance Complaints Bureau 1400 788 Kelly Ho
MOU aims to expedite handling of claim-related disputes; complaints of a monetary nature involving disputes on the decision made by an authorized insurer.

Joint Inspection by IA & HKMA on use of premium financing to take out long term insurance policies in Hong Kong

Joint Inspection by IA & HKMA on use of premium financing to take out long term insurance policies in Hong Kong 1401 788 Hauzen LLP
On 30 September 2021, the Insurance Authority and the Hong Kong Monetary Authority published a circular on the IA and the HKMA’s joint inspection exercise relating to premium financing of long term insurance policies in Hong Kong.

Guideline on Application for Authorization to Carry on Special Purpose Business

Guideline on Application for Authorization to Carry on Special Purpose Business 1402 790 Hauzen LLP
The Guideline is issued in connection with the regime administered by the IA for authorization of special purpose insurers (“SPIs”) to carry on special purpose business (“SPB”) in Hong Kong, which is defined to mean “the insurance business of effecting and carrying out contracts of insurance that are fully funded through insurance securitization”.
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