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…
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