Hong Kong

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The People’s Bank of China (PBC) announced on 17 August 2010 a pilot scheme to permit Hong Kong and Macau insurers, banks and certain other financial institutions, with the approval of the PBC, to invest in the Chinese mainland’s 48.8 trillion renminbi (US$7.2 trillion) interbank bond market. Each institution will receive a quota for Chinese mainland interbank bonds according to its individual situation. The move has been welcomed by the Hong Kong Monetary Authority (HKMA). …
Read More Hong Kong: Pilot Scheme to Permit Insurers to Tap China’s Mainland Interbank Bond Market

The Government of the Hong Kong Special Administrative Region (the Hong Kong Government) is considering subsidising a separate insurance pool to cover Hong Kong residents at high risk of medical complications (defined as those with medical costs expected to be more than 200% of those of healthy individuals) or those with pre-existing medical conditions (high-risk individuals) who sign up to a proposed voluntary medical scheme (the Scheme) that will be generally open to all Hong Kong residents. …
Read More Hong Kong: “High-Risk Pool” to Take Heat off Health Insurers

On 11 July 2010 the China Regulatory Commission (the CIRC) stated that it proposed to remove restrictions on insurance companies in China in deciding the assumed (or guaranteed) interest rates for “conventional” (non-participating) life insurance policies in order to protect consumers’ interests and encourage innovation in the sector. …
Read More China: The China Insurance Regulatory Commission Proposes to Lift Interest Rate Cap

On 12 July 2010 the Secretary for Financial Services and the Treasury, Professor K C Chan, released a consultation paper entitled “Proposed Establishment of an Independent Insurance Authority”. The insurance sector and the public have a 3 month consultation period (which ends on 11 October 2010) in which to provide their views. …
Read More Hong Kong: Government Proposes to Establish Independent Insurance Authority

On 25 June 2010, the Securities and Futures Commission of Hong Kong (the SFC) published the new SFC handbook (the Handbook), which came into immediate effect. The Handbook was one of the introductions suggested in the Consultation Conclusions on Proposals to Enhance Protection for the Investing Public, published on 28 May 2010. The Handbook includes revised product codes for unit trusts and mutual funds and for investment-linked assurance schemes in addition to a new product code for unlisted structured investment products. …
Read More Hong Kong: Securities and Futures Commission Publishes New Handbook

The People’s Bank of China (the POBC) announced on 19 June 2010 that the renminbi (RMB) was to exit the peg to the US dollar. China will now determine its exchange rate with reference to a basket of other currencies. …
Read More China: The People’s Bank of China Announce the Renminbi will no Longer be Pegged to the US Dollar

Domestic insurers in China are being encouraged by the China Insurance Regulatory Commission (the CIRC) to grow new business through electronic commerce in order to optimize the structure of sales channels and foster the growth of new business. …
Read More China: China Insurance Regulatory Commission in Call for Insurers to Develop E-Insurance

The Office of the Commissioner of Insurance in Hong Kong has announced that in Q1 of 2010, gross premiums for general (non-life) insurance business grew 16.2% to HK$9.2 billion and net premiums grew 14.4% to HK$6.5 billion compared to Q1 of 2009. However, overall underwriting profits declined from HK$694 million to HK$559 million. …
Read More Hong Kong: General (Non-Life) Insurance Industry’s Q1 Gross Premiums Grow 16.2%