As reported by Reuters on 17 April 2013, according to accountants and bankers with knowledge of the matter, in December 2012 the People’s Bank of China issued new anti-money laundering rules to banks and insurers.
Read MoreIn the January 2013 newsletter published by the Office of the Commissioner of Insurance (OCI), the OCI confirmed that it is reviewing the solvency and capital regime for insurance companies with a view to develop an appropriate risk-based capital framework for Hong Kong.
Read MoreOn 22 March 2013, a company and its director were acquitted by the Hong Kong’s Magistrate’s Court of four counts of issuing advertisements to promote a collective investment scheme, including posting relevant information on the company’s website, without the authorisation of the Securities and Futures Commission (SFC) in contravention of section 103 of the Securities and Futures Ordinance.
Read MoreThe Hong Kong Federation of Insurers (HKFI) released a circular on 22 April 2013 introducing new measures to enhance disclosure relating to the sale of investment-linked assurance schemes (ILAS) products.
Read MoreOn 9 April 2013, the Office of Privacy Commissioner for Personal Data (“Commissioner“) issued a report in respect of the investigation carried out by the Commissioner against a body check service company and an insurance broker concerning the unfair collection of personal data from the public by the body check service company and its transfer to the insurance broker for use in direct marketing.
Read MoreMartin Lister, a Hong Kong-based partner in Edwards Wildman’s Insurance and Reinsurance Department, discussed how Hong Kong will be establishing a new independent super regulator for the insurance industry in Global Reinsurance. In the article, “How Hong Kong is Preparing for its New Super-Regulator,” Lister said, “There will be some discomfort in the industry because these guys have got to do something. They may have 200 employees and 120 of them will be new.
Read MoreThe 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 MoreHong Kong has one of the most developed and competitive insurance markets in Asia. Commentators observe that Hong Kong is over-serviced by insurance companies and market shares are unusually diffuse: in 2011, for example, the top insurer had a market share of only 8.3%, while the top five had a market share of just 30.9%.
Read MoreThe Personal Data (Privacy) (Amendment) Ordinance 2012 came into force on 6 July 2012. The amendments will be introduced in three phases. The following is a summary of the major amendments:
Read MoreIn January 2012, we wrote about the landmark decision by the High Court in Jeremy Paul Egerton Hobbins v Royal Skandia Life Assurance Ltd & Anor., HCCL 15 of 2010. Following this case, the Hong Kong Confederation of Insurance Brokers (CIB), the Professional Insurance Brokers Association (PIBA) and the Hong Kong Federation of Insurers (HKFI) formed a Joint Task Force in late April to evaluate the present market practice in relation to the disclosure of commission received by an insurance broker (acting as the agent of the insured) from the insurer concerned.
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