A survey was carried out by Ping An Annuity Insurance Company of China on the retirement pension scheme market recently.
Read More Survey on the Retirement Pension Schemes’ Market in China
Hong Kong
Market Performance of Hong Kong Insurance Industry in the First Half of 2013
By Troutman Pepper Locke on
Posted in Hong Kong
The Office of the Commissioner of Insurance (OCI) released on 30 August 2013 the provisional statistics of the Hong Kong insurance industry for the first half of 2013. …
Read More Market Performance of Hong Kong Insurance Industry in the First Half of 2013
Consultation Conclusions of Key Legislative Proposals on Establishment of an Independent Insurance Authority
By Troutman Pepper Locke on
Posted in Hong Kong
On 26 June 2013, the Financial Services and the Treasury Bureau (FSTB) published the Consultation Conclusions of Key Legislative Proposals (Proposals) on Establishment of an Independent Insurance Authority (IIA) (Consultation Conclusions) after a 3-month public consultation completed in January 2013. …
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Search for Innovative Distribution Channels
By Troutman Pepper Locke on
Posted in Hong Kong
We previously blogged at here and here about the new requirements introduced by the Hong Kong Federation of Insurers (HKFI), the Hong Kong Monetary Authority (HKMA), the Hong Kong Confederation of Insurance Brokers (CIB) and the Professional Insurance Brokers Association (PIBA) respectively with regard to the sale of investment-linked assurance scheme (ILAS) products and disclosure of insurance intermediaries’ remuneration on the sale of ILAS products. …
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South Korea’s Financial Regulator Encourages Insurers to Protect Consumers
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
According to South Korea’s financial watchdog, the Financial Supervisory Service (FSS), consumer complaints filed against financial firms totalled 21,338 in the first quarter of this year, up 14.7% from a year earlier, with insurers being the target of most of the complaints. …
Read More South Korea’s Financial Regulator Encourages Insurers to Protect Consumers
Chinese Government Will Soon Allow Insurers to Set Their Own Interest Rates
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
The Chinese government will soon allow insurers to set interest rates on their insurance products. Initially, insurers will be allowed to set their interests rates for traditional insurance products such as health, life and pension products.
Read More Chinese Government Will Soon Allow Insurers to Set Their Own Interest Rates
China Insurance Regulatory Commission (CIRC) to Issue Rules for Using Reinsurance as Capital Optimisation Tool
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
CIRC has recently circulated a document titled “Consultation paper on the regulation of life insurers using reinsurance to improve solvency positions”, inviting feedback on how the scheme is to be carried out and indicating that it is preparing to allow insurers to use reinsurance as a tool for capital optimisation. …
Read More China Insurance Regulatory Commission (CIRC) to Issue Rules for Using Reinsurance as Capital Optimisation Tool
China’s Pressure to Care for Its Elderly
By Troutman Pepper Locke on
Posted in Hong Kong, Industry Developments
China is due to face financial pressure to preserve and increase the value of its social insurance funds and ensure the sustainability of its policies to cover its aging population, which is growing steadily. In 2010, 178 million people in China were aged 60 years or older, accounting for 13.26% of the total population. The number will likely double by 2030. …
Read More China’s Pressure to Care for Its Elderly
Hong Kong: Government urged to help develop and promote the maritime industry
By Troutman Pepper Locke on
Posted in Hong Kong, Industry Developments
The Hong Kong Federation of Insurers presented a study report on How to Position Hong Kong as a Maritime Centre for the Asia-Pacific Region to the Hong Kong Maritime Industry Council on 29 April 2013 (Report).
Read More Hong Kong: Government urged to help develop and promote the maritime industry
China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%
By Troutman Pepper Locke on
Posted in Hong Kong, Regulatory
On 9 April 2013, the CIRC promulgated the Notice on Relevant Issues regarding Article 4 (“Notice”) of the Administrative Measures on Equity Interest in Insurance Companies (“Measures”).
Read More China Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%