Environmental, Social and Governance (ESG), Regulatory Investigations and Financial Crime, Subscribe for Regulatory Investigations and Financial Crime Insights alerts, Advising on the issues that are critical to our clients, a provision of IO may have been contravened; or, a person may have been involved in defalcation, fraud, misfeasance or other misconduct; or. The Insurance Authority has issued two new guidelines for licensed insurance intermediaries (the Guidelines ): the Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. InsuranceAsia News (IAN) spoke with Clement Cheung, chief executive of the Insurance Authority, to find out more about the regulatory road ahead for Hong Kong. Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. supervisors around the world, including the Insurance Authority. The Hong Kong Insurance Authority (HKIA) recently issued a Guideline on Anti-Money Laundering and Counter-Terrorist Financing (GN3) and a Guideline on Exercising Power to Impose Pecuniary Penalty (GN3A).The GN3 consists of 10 chapters and is an updated version of the relevant guideline issued by the HKIA in July 2005. Bowtie raises $30M to bring the digital insurance model to Hong Kong. The Hong Kong Insurance Authority has extended the second phase of temporary facilitative measures (TFM) for non-face-to-face meetings to 31 December. AIs are expected to comply with the guidelines starting from 1 July 2019. The IA was established on 7 December 2015 as part of the enhancement of Hong Kong’s insurance regulatory regime, by putting in place a regulator which is financially and operationally independent of the government and the industry in compliance with international standards. a person has carried on insurance business in a manner that is not in the interests of policy holders or the public interest. Ordinance 2015 (Commencement) Notice 2015 on 7 Authority, appointment The Explanatory Note further clarifies the non-disclosure requirement in relation to information obtained in the course of inspection, investigation or disciplinary action by the IA. 155 Insurance Authority of Hong Kong Jobs, Employment March 2021 | Indeed.com 1 ("IA") in Hong Kong, are obliged to observe the new Principles. Examples of statutory exemptions include disclosure for seeking legal advice, or if the IA consents to the disclosure. The IA is a regulatory body that is independent of the government. of industry advisory committees to independent Regulatory Functions of the Insurance Authority in Chinese courier firm to take controlling stake in Kerry Logistics Network February 10, 2021. 41) (IO) on the secrecy provisions. Media. Strategic Investor of Bowtie, established in Hong Kong for. licensed insurance intermediaries and certain officers (including responsible officers (RO) and persons in their management), succeeding from three self-regulatory organisations. The Insurance Authority •A new independent insurance regulator to comply with the requirement of the International Association of Insurance Supervisors (IAIS) •New regulatory initiatives and new role in facilitating market and industry development 41). Cheung gave insight into the IA’s progress in rolling out the new regulatory regime — and developments on the implementation of RBC and IFRS 17. I n June 2017, the Insurance Authority (IA) took over the reg- Hong Kong’s Insurance Authority (IA) has published its annual report for 2019-2020, which outlined its major activities and initiatives in a year marked by the massive disruption caused by the COVID-19 pandemic. The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. Pacific Prime | 35th Floor, Units 7-11, 1 Hung To Rd, Kwun Tong, Hong Kong Licensed by the Insurance Authority Insurance Authority of the Hong Kong Special Administrative Region of the People's Republic of China on the other hand, recognising the increasing international activity in insurance markets and the corresponding need for But Hong Kong’s insurance regulator is yet to give licences to any of the 40 plus companies that have made enquiries so far. As noted in our previous updates in this series, the Insurance Authority will take over the direct regulation of insurance intermediaries from the Insurance Agents Registration Board, Professional Insurance Brokers Association and the Hong Kong Confederation of Insurance Brokers (the self-regulatory organisations (SROs)) on 23 September 2019. The IA's disciplinary decisions are subject to review at the Insurance Appeals Tribunal. 155 Insurance Authority of Hong Kong jobs available on Indeed.com. Chief Operating Officer, Asia Starr International Insurance Asia Limited Mar 2015 - May 2017 2 years 3 months. 13 January 2021 41 of the Laws of Hong Kong) (the “Insurance Ordinance”). Recent Posts. InsuranceAsia News (IAN) spoke with Clement Cheung, chief executive of the Insurance Authority, to find out more about the regulatory road ahead for Hong Kong. Insurance Authority | 2,007 followers on LinkedIn. The Government conducted a public consultationon the conceptual framework Displayed here are Job Ads that match your query. (Levy) Regulation, Last revision date: The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. The non-disclosure obligation under sections 121(2) and 121(3) of the IO prohibits disclosure of information obtained in the course of an inspection, investigation or disciplinary action by the IA, subject to statutory exemptions. 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. On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Section 13AE(12)(f) of the Insurance Ordinance provides for a regulatory regime relating to the intermediary management function, being one of the control functions of an authorised insurer. Besides insurance, the Hong Kong Monetary Authority has granted eight virtual bank licences for lenders with no physical branches to operate … The Guideline introduces baseline cybersecurity requirements for authorised insurers (AIs). On 23 September 2019, the Insurance Authority in Hong Kong will take over regulation of insurance agents and brokers from the self-regulatory bodies (SROs), which are the Hong Kong Federation of Insurers, Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. The policy objectives of setting up the IIA are to modernize the regulatory infrastructure to facilitate the stable development of the insurance industry, provide better protection for policyholders, and align with international practice that financial regulators should be financially and operationally independent of the Government. Q6 of the FAQs sets out the disciplinary actions that the IA may take, including: revoking or suspending the license of an insurance intermediary or the approval of a person as a RO; prohibiting a person from applying for a license or from being appointed as a RO; public or private reprimand, and/or a pecuniary penalty of not exceeding the greater of HK$10 million or three times the profit gained or loss avoided. The obligation under Section 121 of the IO applies equally to persons under investigation and persons assisting in the investigation. The Hong Kong Insurance Authority, which took over the regulatory and oversight role from the Commission of Insurance, just 11 months ago, has embarked on a major recruitment drive. 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. 41 of the Laws of Hong Kong) (the “Ordinance”) is the principal legislation regulating the insurance industry in Hong Kong. Hong Kong Insurance Authority issues two new Guidelines for Licensed Insurance Intermediaries. The IA is a regulatory body that is independent of the government. the person is subject to a requirement imposed by an investigator appointed by the IA to produce information or attend an interview); the means by which he/she or it became bound by the non-disclosure obligation (e.g., the person has received a statutory notice from the IA); and. Insurance Authority jobs in Hong Kong. Insurance Authority of Hong Kong Jun 2017 - Present 3 years 10 months. Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. Hong Kong:Insurance Authority establishes disciplinary panel pool. Other News. The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. Brief on the Insurance (Levy) Order and Insurance October 2015, inaugural appointments to the independent Insurance Hong Kong has a new insurance regulator – the independent Insurance Authority (iIA). Hong Kong Insurance Authority changes guidance on governance – what you and your board need to know. Besides insurance, the Hong Kong Monetary Authority has granted eight virtual bank licences for lenders with no physical branches to operate … The Government conducted a public consultationon the conceptual framework during 2014. Between 2012 – 2016, Hong Kong’s insurance penetration changed from 12.4% of the population to a 17.6% of the population—a significant increase considering, but definitely well below ideal insured rates. Asia is traditionally a region with low insurance penetration, and Hong Kong was no exception to that rule. On 23 September 2019, the Insurance Authority in Hong Kong will take over regulation of insurance agents and brokers from the self-regulatory bodies (SROs), which are the Hong Kong Federation of Insurers, Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. Insurance contracts are classified by reference to the classes of insurance business set out in Schedule 1 to the IO. Q1 - Q8 of the FAQs focus on the disciplinary process and Q9 - Q17 clarify the application of the secrecy provisions. The Insurance Authority (IA) replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator in June 2017. The levy is a percentage of the premium payable, with a cap applied per policy per policy year. Charltons advises insurers, reinsurers and intermediaries such as brokers and agencies on regulatory compliance and investigations. The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. Visit our resource centre giving you access to our toolkits, publications, alerters and crossborder guides all in one place. Hong Kong: Hong Kong Monetary Authority (HKMA) Hong Kong Securities and Futures Commission (SFC) Hong Kong Insurance Authority (IA) Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Hungary - Hungarian National Bank (Hungarian: Magyar Nemzeti Bank (MNB)) Iceland - Central Bank of Iceland; India: Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) … … Q16 and Q17 of the FAQs set out the procedures for obtaining consent from the IA. Yesterday, on 26 June 2017 the Provisional Insurance Authority PIA was renamed ‘Insurance Authority’ and has taken over the regulation of insurers and two years later also the regulation of intermediaries. Hong Kong: General HIH Insurance (Asia) Limited (in provisional liquidation) Hong Kong: … The Insurance Authority (IA) is an insurance regulator established under the Insurance Ordinance (Cap. 1.2 To align with the international standards, Hong Kong has planned to move towards the RBC from theregime current rules-based regime. From 1 January 2018 a premium levy on Hong Kong insurance policies will be payable to the Insurance Authority by policyholders in line with new regulations. By AIR team | 11 Nov 2020. Indeed may be compensated by these employers, helping keep Indeed free for jobseekers. The IA is looking to boost . the fact that he/she/it (in the case of a corporation) is bound by a non-disclosure obligation; the general nature of the matter (without revealing anything specific) giving rise to the non-disclosure obligation (e.g. Hong Kong’s Insurance Authority has released an industry consultation draft of the Guideline on Cybersecurity (“the Guideline”) on 21 November 2018 to address cybersecurity risk, generally considered one of the top operational risks that insurers are facing. The Insurance Authority has provided further information on their website https://www.ia.org.hk and in their leaflet. Civil Aviation Department Homepage, HKCAD, CAD, Airport Standards, Air Traffic Management, Flight Standards and Airworthiness, Air Traffic Engineering and Standards, Aeronautical Information, Aircraft ‍ Insurance Authority of Hong Kong. Insurance Authority of Hong Kong Jun 2017 - Present 3 years 10 months. Tag: Insurance Authority. Brief on the Insurance Companies (Amendment) The Hong Kong Insurance Authority, which took over the regulatory and oversight role from the Commission of Insurance, just 11 months ago, has embarked on a major recruitment drive. Some key milestones for the establishment of the IIA include: consultation conclusions and detailed proposals, Legislative Council Panel on Financial Affairs See our briefing on the September 2019 developments. The Insurance Authority of Hong Kong (IA) has issued Frequently Asked Questions (FAQs) on enforcement and an Explanatory Note (Explanatory Note) to clarify Section 121 of the Insurance Ordinance (Cap. The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to The IO and its subsidiary legislation regulate insurance business in Hong Kong. Tag: Insurance Authority. TechCrunch. Bowtie Life Insurance opened the doors to Bow Coffee in Wan Chai on Thursday. Whilst the guidance from the FAQs and Explanatory Note are similar to that given by the Securities and Futures Commission in Hong Kong for investigations they conduct, the fact that the IA has issued the same shows that it is now prepared to step up their enforcement activity and conduct more investigations. Apply to Hong Kong Graduate Program, Company Secretary Head Governance, Trade Finance Risk Management and more! On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Knowledge of the local regulatory requirements, insurance… But Hong Kong’s insurance regulator is yet to give licences to any of the 40 plus companies that have made enquiries so far . The principal function of IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. 1 ("IA") in Hong Kong, are obliged to observe the new Principles. AIs are expected to comply with the guidelines starting from 1 July 2019. companies from June 26, 2017, appointment of senior executives of Insurance Lauritzen Bulkers to open office in Hong Kong February 15, 2021 . Hong Kong’s Insurance Authority has released an industry consultation draft of the Guideline on Cybersecurity (“the Guideline”) on 21 November 2018 to address cybersecurity risk, generally considered one of the top operational risks that insurers are facing. Other contracts may be construed as contracts of insurance (for example, extended warranties) but this will depend on their nature and specific terms. Page 1 of 239 jobs. 41). On the other hand, unless the IA consents or a statutory exemption applies, the notice or information contained may not be disclosed to anyone outside the company, including the parent company. The principal function of IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. Tesla Motors HK Limited is appointed and registered under the Insurance Agents Registration Board of Hong Kong as an insurance agent for LIBERTY. 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. 2007-11-26 Source: "Register of Authorized Insurers".Insurance Authority. Key persons in control functions must be approved by the Insurance Authority (the “IA”) under section 13AE of the Insurance Ordinance Cap. supervisors around the world, including the Insurance Authority. No. Insurance on consultation conclusions and detailed proposals, key legislative proposals on establishing the IIA, consultation conclusions and the revised proposals, working group to ensure a smooth transition to the statutory licensing regime under the IIA, Insurance Companies (Amendment) Ordinance 2015, LegCo

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