Jurisdiction - Hong Kong
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Hong Kong – Independent Insurance Authority Bill To Be Tabled.

23 April, 2014

 

Legal News & Analysis – Asia Pacific – Hong Kong – Insurance & Reinsurance

 

On 16 April 2014, the Government of Hong Kong announced that the Insurance Companies (Amendment) Bill 2014 (the Bill) to set up the Independent Insurance Authority (IIA) will be gazetted on 25 April 2014 and tabled at the Legislative Council for first reading on 30 April 2014.

 

The Bill’s key aspects include the IIA’s formation, functions and accountability measures. It also introduces statutory requirements to enhance corporate governance, and a statutory licensing regime and conduct requirements for intermediaries.

 

If the Bill is approved, the IIA will take up the regulatory responsibilities of the current insurance regulator the Office of the Commissioner of Insurance. It is envisaged that the IIA will be established with 240 staff and an annual budget of HKD 200m.

 

Clyde & Co

 

For further information, please contact:

 

Simon McConnell, Partner, Clyde & Co

[email protected]

 

Kevin Martin, Clyde & Co

[email protected]

 

Clyde & Co Insurance & Reinsurance Practice Profile in Hong Kong

 

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