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The Government of Hong Kong has long planned to establish a safety net for Hong Kong policy holders in the event of an insurance company collapse. The first consultation exercise on a safety net for policy holders was held in 2003 where it was suggested two protection funds be established – one for life insurance and the other for general insurance, but the scheme was put on hold due to a lack of support from the insurance industry. …
Read More HK: HKFI Presents a Protection Fund Proposal

HSBC Insurance (Asia) Limited (“HSBC Insurance”), a member of the HSBC Group, has received regulatory approval from the China Insurance Regulatory Commission (“CIRC”) to form a joint venture with National Trust Limited (“National Trust”) in mainland China with the aim of boosting its insurance income and expanding its wealth management businesses. …
Read More HK: HSBC Embarks on Insurance Joint Venture in China

Anglo Starlite Insurance Co. Ltd. (the “Company”) was placed into provisional liquidation on 8 May 2009 following an investigation by the Hong Kong Insurance Authority (“IA”). Peter Whalley and Jan Blaauw of PricewaterhouseCoopers were appointed as joint and several provisional liquidators. …
Read More HK: Anglo Starlite Insurance Co. Ltd. in Provisional Liquidation

The United States International Trade Commission recently released its report Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets.  In preparing its report, drafted at the request of the United States Trade Representative of the Office of the President of the United States, the USITC reviewed non-tariff restrictive measures in 72 countries. …
Read More United States International Trade Commission Releases Report: Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets

Mergers and acquisitions (M&As) and joint ventures (JVs) both represent mechanisms for consolidation within the insurance market and new entry into that market. A number of issues involved in consolidation as well as issues relevant to new entrants in the insurance industry, principally in Hong Kong, are considered in this booklet. …
Read More Doing Business in Hong Kong – Issues in Insurance Mergers Acquisitions and Joint Venture

Insurance intermediaries in Hong Kong are largely self-regulated under a framework supported by legislative provisions contained in the Insurance Companies Ordinance (Ordinance). The Ordinance prohibits a person from holding himself out as an insurance agent or insurance broker unless he is appointed or authorised respectively. A person is also prohibited from holding the positions of appointed insurance agent and authorised insurance broker at the same time. …
Read More Doing Business in Hong Kong – Regulation of Insurance Intermediaries

In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry. 

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Read More Global Insurance Research Organization Offers Guidance to G20 Members on Regulating the Insurance Industry

On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator. 

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Read More New York Insurance Department Announces Cooperation Agreement with Macau