On 26 June 2013 the Government published the consultation conclusions on its key legislative proposals for the establishment of an independent Insurance Authority (IIA). The establishment of the IIA and the provision for a new statutory licensing regime for insurance intermediaries are described by the Government as “the most significant reform initiative for the insurance industry since the passage of the Insurance Companies Ordinance in 1983″.
The proposals aim to modernise the regulatory infrastructure of the insurance industry and to bring it into line with other financial regulatory regimes in Hong Kong and with international practice. The key proposals cover amongst other areas the functions, governance and regulatory powers of the IIA, a new licensing regime for insurance intermediaries and regulatory arrangements for banks’ insurance activities. The Government plans to finalise and introduce a Bill amending the Insurance Companies Ordinance (ICO) into the Legislative Council by the end of 2013 with a view to introducing the new regime in 2015. Please click here to read the full post (which includes a summary of the key proposals as they stand after the consultation), including the salient take away points.
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