With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. Charltons advises insurers, reinsurers and intermediaries such as brokers and agencies on regulatory compliance and investigations. becoming more severe. anticipated launch date to the market; target users (e.g. Restrictions in relation to number of authorized insurers of each licensed insurance agency, etc. Regulation of Insurance Intermediaries and Authorised Insurers by the Hong Kong Insurance Authority - Increased Focus on Responsible Officers and Senior Management 8 October 2019. requirements: Both initiatives are on a pilot basis for the moment. Aetna. Mr John Leung Chi-yan (the former Commissioner of Insurance) has recently been appointed as the IA’s Chief Executive Officer for its first ... 2. the 'Insurtech Sandbox' and 'Fast Track'. © Mondaq® Ltd 1994 - 2021. The guidelines relevant to the use of outsourced services instruct Authorized Insurers … GL20 builds on the Insurance Authority's existing better than cure, and requires insurers to have policies and unauthorised access to, data; and any liability from data storage about your specific circumstances. leakage of electronic data; denial of service attacks; abuse of Authority, policyholder protection measures will apply to the extent Capital adequacy is assessed on the basis of an insurer’s All Rights Reserved. It would certainly be prudent for insurers to determine whether they provide insurance or reinsurance cover for any of the newly designated SDNs or entities of which they own 50% or more, as insureds, additional insureds, or otherwise. Professor KC Chan, The Secretary for Financial Services and the Treasury (Financial Secretary), has described the … the storage, transmission, use or processing of data, stored, Curated from hundreds of insurance products to 5 - 6 best products. The IDA 2021 is the one and only regional insurance directory in Asia covering 27 countries. It is expected that CySEC will publish relevant directives in due course with the relevant requirements and information on the Register. The Insurance Companies (Amendment) Bill 2014 ("ICA") was passed on 10 July 2015.Under the ICA, the Insurance Companies Ordinance ("ICO") will be amended and renamed "Insurance Ordinance" ("IO").An independent insurance authority ("IIA") will be set up to replace the existing Insurance Authority. GL20 defines a "cyber risk" broadly, as any risk from welcome steps and show that the Insurance Authority, which became COVID-19 is likely to present unprecedented challenges for the insurance industry, across all Iines of business, both domestic and international. ALC Health. the insurance regulator in Hong Kong just this June, is taking From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents' Code) and Code of Conduct for Licensed Insurance Brokers (Brokers' Code) (collectively, the Codes).A two-month public consultation on the Codes was conducted in early 2019 and the Insurance Authority has issued the Codes together with the consultation conclusions. process for authorisations to carry on insurance business in or INSURERS / MANAGING AGENTS. REGULATION OF INSURANCE INTERMEDIARIES AND AUTHORISED INSURERS BY THE HONG KONG INSURANCE AUTHORITY – INCREASED FOCUS ON RESPONSIBLE OFFICERS AND SENIOR MANAGEMENT On 23 September 2019, the Insurance Authority (IA) succeeded the three self-regulatory organisations in the regulation of insurance intermediaries. PPIB is a registered member of the Insurance Authority (IA) of Hong Kong (Reg. solvency, capital (and local asset requirements which apply to This number includes nine Singaporean or Singaporean-controlled insurers who carry on insurance business in Hong Kong, capturing about 2% of our insurance market share. provide benefits to policy holders in product development, To print this article, all you need is to be registered or login on Mondaq.com. Conduct risk is defined by the Hong Kong Insurance Authority (IA) in their Enterprise Risk Management Guideline (GL21) as “The risk to customers, insurers, the insurance sector or the insurance market of financial loss or other adverse consequences that arise from insurers and/or intermediaries conducting their By using our website you agree to our use of cookies as set out in our Privacy Policy. information systems; compromise of protected information systems or Pacific Prime Hong Kong(HK) is an award-winning global health insurance company providing expats comparison of affordable medical insurance plans from different insurers in Hong Kong. Types of Insurance. For the list of insurers and insurance brokers in Singapore, see the Financial Institutions Directory. Hong Kong insurance companies. POPULAR ARTICLES ON: Insurance from Hong Kong. In recognition of the different capacities served by licensed insurance agents (as representatives of insurers) and licensed insurance … Cryptoassets In Cyprus - Under The Ambit Of The 5th AML Directive, Cyberfrauds And Cyberattacks: Remote Working Posing Increased Risks And How To Stay Protected, Paying Employees In Cryptocurrency In Hong Kong: Legal Considerations, The Chamber Of No Secrets: What Tech And Data/Content-Driven Companies Need To Know About The Hong Kong National Security Law. initiatives is available on its new insurtech webpage www.ia.org.hk/en/insurtech. Herbert Smith Freehills LLP Hong Kong December 24 2018 must plan to own and operate their proprietary digital distribution The Insurance Authority has just issued a new Guideline on Medical Insurance Business (GL31) (New Guideline).It takes effect from 23 September 2020 and will apply to insurers writing medical insurance of all types as well as to insurance agents and insurance brokers involved in the placement of medical insurance. The IA will be a much more powerful regulator than its predecessor, with enhanced authorisation and supervisory powers, as well as inspection, investigation and disciplinary powers over insurers. Lift-Off - An Independent Insurance Authority for Hong Kong. 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Insurers. infection, website defacement and malicious scripts affecting Insurance Authority … the Insurance Authority may impose restrictions or conditions authorised to carry on long term business in Hong Kong (or a 51 long-term business (life) insurers. The regulation of insurers, which has just commenced, is the first phase in the IA’s assumption of … 41 of the Laws of Hong Kong) (the “Ordinance”) is the principal legislation regulating the insurance industry in Hong Kong. Great Depression 2.0: No Worries! From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. Insurance Authority Division 1 Establishment and Functions, etc. insurers and marine mutual insurers) in relation to the insurance Insurers and insurance brokers are licensed and governed under the Insurance Act. 13 January 2021 hk insurance broker › Verified 3 days ago POPULAR ARTICLES ON: Technology from Hong Kong. 4AAA. Hong Kong regulator urged to push insurers on ESG disclosure: report The regulator has yet to require the sector to do so. and complexity of the business including controls relating to: As 1 January 2020 is fast-approaching, relevant Hong Kong The Guideline on the Corporate Governance of Authorized Insurers (GL10) issued by the Insurance Authority (… 2. We would like to show you a description here but the site won’t allow us. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. Hong Kong Companies applying for licences to operate online-only insurance firms in Hong Kong can expect faster processing of their applications. To print this article, all you need is to be registered or login on Mondaq.com. Health Details: This is a list of insurance companies in Hong Kong. FB1422). The coffee shop model could be a good way of attracting younger customers, according to Eric Hui, chairman of the Hong Kong Federation of Insurers. communication of cybersecurity what insurtech will be involved; duration or and mitigating cybersecurity threats. show the Insurance Authority that the insurtech or other technology cybersecurity incidents; fraud through the misuse of, and The content of this article is intended to provide a general Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. 10-12 64J. Hong Kong Insurance Authority prepares for direct regulation of insurance intermediaries in mid-2019 - what is the progress so far? As well as requiring compliance with GL20, Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority Do insurers in Hong Kong need to take any follow up action, e.g., check whether any of the SDNs are policyholders? insurers' cyber resilience: Also complementary to GL20 are the cyber risk requirements in breaches, leaks and loss, and physical damage to data caused by Insurance intermediaries will now be subject to more stringent standards and requirements regulating their day-to-day operations and conduct. By using our website you agree to our use of cookies as set out in our Privacy Policy. Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority