The Government launched on 26 October 2012 a three-month public consultation on key legislative amendments to the Insurance Companies Ordinance (Cap.41) (ICO) for the establishment of an independent Insurance Authority (IIA).
Hong Kong
HK: Insurance Authority Issued Guideline on Anti-Money Laundering and Counter-Terrorist Financing
By Troutman Pepper Locke on
Posted in Hong Kong
The Hong Kong Insurance Authority (HKIA) recently issued a Guideline on Anti-Money Laundering and Counter-Terrorist Financing (GN3) and a Guideline on Exercising Power to Impose Pecuniary Penalty (GN3A). …
China: China’s Evolving Insurance Industry
By Troutman Pepper Locke on
Posted in Hong Kong
A.M. Best’s Special Report on China’s non-life and life insurance industry dated October 8, 2012 (Report) concluded that China’s “insurance market is in a state of transition: after a period of rapid expansion, the market must now adjust for sustainable and healthy growth”. …
NAIC-CIRC Dialogue Advances
By Troutman Pepper Locke on
State insurance regulators working through the National Association of Insurance Commissioners (NAIC) joined their counterparts from the China Insurance Regulatory Commission (CIRC) to further regulatory cooperation on issues impacting both countries. The U.S.-China Insurance Regulation Seminar was held in Qingdao, China on July 24th and 25th, 2012. This seminar is the eighth time that such talks have been held between the parties. …
Hong Kong: Reform of Class Action
By Troutman Pepper Locke on
Posted in Hong Kong
On 28 March 2012, the Law Reform Commission published its long-awaited report on the introduction of a class action regime in Hong Kong (the Report). …
Cross-Sales Become Popular Between Life and P&C Insurers
By Troutman Pepper Locke on
Posted in Hong Kong
The CIRC recently approved Taikang Life and Alltrust Property to cross-sell the products of each other. …
Shenzhen Proposes to Launch Insurance Exchange
By Troutman Pepper Locke on
Posted in Hong Kong
The CIRC Shenzhen Bureau and the Shenzhen Office of Finance have recently submitted a proposal to the Chinese government regarding the establishment of an insurance exchange which will trade in a variety of insurance products (the Qianhai Insurance Exchange). …
Foreign Companies Allowed Full Access to China’s Compulsory Transport Accident Insurance Market
By Troutman Pepper Locke on
Posted in Hong Kong
Effective from 1 May 2012, foreign insurers are allowed to enter China’s compulsory transport accident insurance market which was previously open only to domestic insurers. …
China to Outsource Management of the New Rural Co-operative Medical Scheme (NRCMS) to Commercial Insurers
By Troutman Pepper Locke on
Posted in Healthcare, Hong Kong
The NRCMS, overseen by the Ministry of Health, is a basic health social security system, started in 2003, that combines insurance and social assistance, and targets all farmers and rural residents in China. …
Hong Kong: Landmark Decision on Disclosure of Insurance Brokerage Commission
By Troutman Pepper Locke on
Posted in Hong Kong
Over the years, there has been much debate that the practice of the insurance market in allowing an insurance broker (acting as the agent of the assured) to receive commission from the insurer may contravene the equitable principle that an agent cannot make a profit from his office without disclosing the profit to his principal (the assured). …