21 February 2024
The Annual Report 2022-23 of the Insurance Authority (IA) titled “Strive for Success in the New Chapter” was published today (21 February 2024), outlining some key activities carried out with the aim of promoting Hong Kong as a global risk management centre and sophisticated insurance hub.
“The Development Roadmap for the Insurance Sector in Hong Kong released by the Government in December 2022 is in full alignment with our corporate goal of becoming a prudent and dynamic regulator that maintains market stability and protect policy holders, without losing sight of promoting sustainability and competitiveness of the insurance industry,” said Mr Stephen Yiu, Chairman of the IA.
Apart from the passage of the Insurance (Amendment) Bill 2023 into law which paves way for implementation of the risk-based capital regime, the Annual Report 2022-23 also covers other notable initiatives on the regulatory front including efforts to scale up compliance with the Continuing Professional Development requirements, preparations for investigative and enforcement operations, as well as public education campaigns designed to increase general awareness and knowledge of insurance products and the insurance industry.
“Upon completion of the renewal exercise for deemed licensees in September 2022, our supervisory focus has pivoted to the conduct of insurers to ensure that customers are treated fairly. More work on this topic will be done in the coming year,” said Mr Clement Cheung, Chief Executive Officer of the IA.
The Annual Report 2022-23 has been uploaded onto the IA website , and an animated version of the core contents is also available for ease of public consumption.
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