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 MoreHSBC 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 MoreAnglo 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 MoreThe 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 MoreMergers 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 MoreInsurance 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 MoreLitigators in Hong Kong are getting to grips with the shake up of its High Court Rules as a result of the recent Civil Justice Reform initiative (“CJR”). The changes came into force in Hong Kong on 2 April 2009.
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