Captive insurance requirements to be examined by Hong Kong regulator
Hong Kong’s Insurance Authority (IA) has launched a public consultation on four draft rules to tie in with the implementation of the new capital regime on Hong Kong.
The consultation covers the exemption criteria for the appointment of general insurance actuary, requirements for maintenance of assets in Hong Kong in respect of general business, and the valuation basis and capital requirements for marine insurers, captive insurers and Lloyd’s.
The four draft rules covered in this round of consultation are:
• Draft Insurance (Exemption to Appointment of Actuary) Rules (Cap. 41Q);
• Draft Insurance (Maintenance of Assets in Hong Kong) Rules (Cap. 41T);
• Draft Insurance (Marine Insurers and Captive Insurers) Rules (Cap. 41U); and
• Draft Insurance (Lloyd’s) Rules (Cap. 41V).
The consultation paper is now available on the IA website. Members of the public are welcome to submit their comments to the IA on or before 9 February 2024 by email to rbc@ia.org.hk or by post to the IA office on 19/F, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong.
The public consultation on two draft Rules, namely the draft Insurance (Valuation and Capital) Rules (Cap. 41R) and draft Insurance (Submission of Statements, Reports and Information) Rules (Cap. 41S), which was launched on 5 December 2023, will end on 16 January 2024. The IA will consider the feedback collected from the two rounds of consultation and publish relevant consultation conclusions in due course.
Hong Kong is moving to boost its status as a re/insurance centre in Asia, including for captives.
