IA of Hong Kong Announces Exemption for Insurers Due to COVID-19
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.
Related Link: Circular on Submission of Audited Financial Statements (PDF)
Keywords: Asia Pacific, Hong Kong, Insurance, Insurance Ordinance, COVID 19, Audit Report, Submission Timeline, IA
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