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

Sign in

Register

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

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

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.

Briefings from DLA Piper

View more briefings from DLA Piper

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

3 Noble Street
London
EC2V 7EE
UK
http://www.dlapiper.com

Turnover (£m): 1,566.29
No. of lawyers: 3,961 (UK 200)
Jurisdiction: global
No. of offices: more than 75
No. of qualified lawyers: 625 (International 50)

Jobs