IA of Hong Kong has announced that entities can request an exemption from submission of certain required documents under the Insurance Ordinance, keeping in mind the disruption resulting from COVID-19.
Pursuant to section 73(1) of the Insurance Ordinance, a licensed insurance broker company must, within six months after the end of each financial year, provide IA with its audited financial statements, an auditor’s report on its financial statements, and an auditor’s report stating whether the auditor is of the opinion that the broker company has continued to comply with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules. Due to the impact of coronavirus situation, IA has notified that if a broker company anticipates the need for an extension to submit the required documents, it may apply to the IA for an exemption under section 79 of the Insurance Ordinance from submitting the required documents within the six-month statutory submission deadline. Such application shall be made to the IA as soon as practicable in writing together with the supporting information/documents as set out in the Annex.
Keywords: Asia Pacific, Hong Kong, Insurance, Insurance Ordinance, COVID 19, Audit Report, Submission Timeline, IA
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleAPRA Publishes the First Edition of APRA Insight for 2020
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.