Survey on the Retirement Pension Schemes’ Market in China
A survey was carried out by Ping An Annuity Insurance Company of China on the retirement pension scheme market recently.
Read MoreJurisdiction: Hong Kong
Market Performance of Hong Kong Insurance Industry in the First Half of 2013
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 MoreConsultation Conclusions of Key Legislative Proposals on Establishment of an Independent Insurance Authority
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.
Read MoreSearch for Innovative Distribution Channels
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.
Read MoreSouth Korea’s Financial Regulator Encourages Insurers to Protect Consumers
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 MoreChinese Government Will Soon Allow Insurers to Set Their Own Interest Rates
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 MoreChina Insurance Regulatory Commission (CIRC) to Issue Rules for Using Reinsurance as Capital Optimisation Tool
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 MoreChina’s Pressure to Care for Its Elderly
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 MoreHong Kong: Government urged to help develop and promote the maritime industry
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 MoreChina Increases Domestic Investors’ Ownership Ceiling in Insurers to 51% from 20%
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 MoreInsurTech
