Reinsurers Are not Subject to Any Authorization for Operating in Hong Kong

Date: 2015-09-07

“• The Office of the Commissioner of Insurance (OCI) is the regulatory body supervising and regulating the insurance industry of Hong Kong.

• The government of Hong Kong proposed to establish Independent Insurance Authority (IIA), replacing the existing OCI as the country’s insurance regulator.

• 100% foreign direct investment (FDI) is permitted in the Hong Kong insurance industry.

• Reinsurers are not subject to any authorization for operating in Hong Kong.

• Non-admitted insurance is not permitted in the Chinese insurance industry.

• New risk-based capital (RBC) regime to be implemented by 2016 or 2017.”

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