Key legislative proposals on establishment of the Independent Insurance Authority in Hong Kong
The Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region (HKSAR) has, on 26 October 2012, published legislative proposals on establishment of the Independent Insurance Authority (IIA).
Under these proposals:
- The IIA will be established as a body corporate independent of the Government of HKSAR; the IIA will replace the existing government department (Office of the Commissioner of Insurance) that currently serves as lead regulator;
- a new statutory licensing regime will be set up for insurance intermediaries to replace the current self-regulatory scheme; transitional arrangements will be in place during the first three years of the new statutory regime;
- the existing functions of the Insurance Authority will be expanded such that the IIA will assume additional functions of regulating conduct of intermediaries, promoting insurance literacy of the public, facilitating the development of the insurance industry, conducting thematic studies on insurance industry and assisting the financial Secretary of the Government of HKSAR in maintaining financial stability of Hong Kong…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
DLA Piper’s ‘Life sciences: patent extension strategies and antitrust global update’ video covers global antitrust and competition issues including product hopping and reverse payment patents.
Analysis from The Lawyer
Cross-border work and political tensions are dominating this year’s entries for Finance Team of the Year at The Lawyer Awards.
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work