Featured Product

    IA of Hong Kong to Regulate Insurance Intermediaries from September 23

    May 14, 2019

    IA of Hong Kong proposed to take over the regulation of insurance intermediaries from three Self-Regulatory Organizations (SROs) on September 23, 2019 (commencement date), with the Insurance Companies (Amendment) Ordinance 2015 (Commencement) Notice 2019 to be gazetted in May 2019 to complete the prerequisite. The SROs comprise the Insurance Agents Registration Board (established under the Hong Kong Federation of Insurers), the Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. The takeover will mark a major milestone and a reformatory change for the insurance industry as IA will become the sole regulator of all insurance intermediaries in Hong Kong.

    The new regulatory regime for insurance intermediaries will help enhance professional standards of insurance intermediaries, promote a fair and transparent regulatory framework, and encourage a modern and flexible approach to increase regulatory efficiency. On the commencement date, the remaining provisions of the Insurance Companies (Amendment) Ordinance 2015 will come into operation, together with an array of regulatory requirements for implementation of the new regulatory regime. Till now, IA has formulated the two set of rules, which are subsidiary legislation, and is finalizing other codes and guidelines in phases—Insurance (Maximum Number of Authorized Insurers) Rules and Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules.

    IA aims to ensure a successful and smooth transition to the new regime and is working closely with the SROs to prepare for the necessary handover arrangements. Insurance intermediaries that are "validly registered" with the SROs immediately before the commencement date will be deemed as licensees under the new regime. Those who are validly registered as responsible officers of insurance agencies or chief executives of insurance brokers will also be deemed as responsible officers of licensed insurance agencies or licensed insurance broker companies as appropriate under the new regime. Arrangements for online application for formal licences to be made by deemed licensees will be announced by IA after the commencement date. Complaints and disciplinary cases that are unresolved by the SROs before the commencement date will be handled by the IA but with reference to the relevant codes, guidance notes, and guidelines issued by the SROs.

     

    Related Links

    Keywords: Asia Pacific, Hong Kong, Insurance, Self-Regulatory Organizations, Regulatory Framework, Insurance Intermediaries, IA

    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958