Featured Product

    IA of Hong Kong Delegates Inspection and Investigation Powers to HKMA

    July 19, 2019

    HKMA and IA of Hong Kong jointly issued a statement announcing the delegation of the inspection and investigation powers of IA to HKMA, pursuant to the statutory regulatory regime for insurance intermediaries under the Insurance Ordinance. This delegation of powers will take effect on September 23, 2019, which is when the statutory regime comes into operation.

    HKMA is responsible for supervising authorized institutions in accordance with the Banking Ordinance. The IA, under the statutory regime, is responsible for regulation of insurance intermediaries and its purview includes granting of licences, setting regulatory requirements and conduct standards, conducting inspections and investigations, and imposing disciplinary sanctions.  The delegation of IA’s powers of inspection and investigation to the HKMA in relation to insurance related businesses of authorized institutions aims to improve efficiency and to minimize possible regulatory overlap. To strengthen cooperation between IA and HKMA under the statutory regime and to ensure regulatory consistency, the two parties also entered into a new Memorandum of Understanding (MoU), which sets out the arrangements on supervision, complaint handling, and enforcement in relation to insurance-related activities carried on by the authorized institutions.

     

    Related Link: Press Release

     

    Keywords: Asia Pacific, Hong Kong, Insurance, Insurance Ordinance, Insurance Intermediaries, Inspection and Investigation Powers, Statutory Regulatory Regime, HKMA, IA

    Related Articles
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    FINMA Outlines Treatment of Stablecoins in Supplement to Guide on ICO

    FINMA published a supplement to its initial coin offerings (ICOs) guidelines, outlining the treatment for stablecoins under the Swiss supervisory law.

    September 11, 2019 WebPage Regulatory News
    News

    Ursula von der Leyen Presents Structure of Next European Commission

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission.

    September 10, 2019 WebPage Regulatory News
    News

    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

    September 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting

    EBA published the revised list of validation rules (version 2.9) in its implementing technical standards on supervisory reporting.

    September 10, 2019 WebPage Regulatory News
    News

    Bundesbank Publishes Supplementary Validation Rules for Reporting

    Bundesbank published the updated document containing supplementary validation rules in the context of the implementation of the reporting system at national level.

    September 10, 2019 WebPage Regulatory News
    News

    APRA Licenses Xinja Bank as Authorized Deposit-Taking Institution

    APRA granted Xinja Bank Limited a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

    September 09, 2019 WebPage Regulatory News
    News

    FDIC Proposes Revisions to Regulations on Interest Rate Restrictions

    FDIC proposed revisions to its regulations covering interest rate restrictions that apply to less than well-capitalized insured depository institutions.

    September 09, 2019 WebPage Regulatory News
    News

    EBA Intends to Clarify End-Treatment of Grandfathered Instruments

    EBA announced its intention to clarify the prudential treatment applicable to own funds instruments at the end of the grandfathering period, which expires on December 31, 2021.

    September 09, 2019 WebPage Regulatory News
    News

    IMF Releases Reports on 2019 Article IV Consultation with Saudi Arabia

    IMF published its staff report and selected issues report in context of the 2019 Article IV consultation with Saudi Arabia.

    September 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3799