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
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.