Hong Kong

[Last updated: 21/07/16]
Regulatory contact:
Office of the Commissioner of Insurance
Address of regulator
21st Floor, Queensway Government Offices,
66 Queensway,
Hong Kong.
Telephone Number
(852) 2867 2565
Email Address
iamail@oci.gov.hk
Website
www.oci.gov.hk

Name of Captive Legislation
Insurance Companies Ordinance (Cap. 41 of Laws of Hong Kong, “ICO”)

Year Legislation Passed
Provisions relating to captive insurance were enacted on 1 May 1997

Recent Amendments
ICO will be replaced by Insurance Companies (Amendment) Ordinance 2015 but the provisions relating to captive insurance remain intact.

Do you allow Cell Captives?
No

Total Number of Licenced Captives  
3

Number of Risk Retention Groups or Group Captives
0

Number of Single Parent Captives
3

Number of Cell Captives
0

Number of licences granted in the past year (2015 calendar year)
0

Approximate (or Average) length of time to process a new captive  
Within 3 months, subject to the sufficiency of the information submitted

Captive tax rates  
Commencing from 1 April 2013, there is a 50% reduction in the profit tax rate for the offshore business of captives. (i.e. 8.25%)

Minimum capitalisation rate  
HK$ 2 million

Licencing fees  
HK$ 22,600

Industry sectors best represented in the domicile  
Mining

Top uses for captives in domicile
Class 6 – Ships
Class 7 – Goods In Transit
Class 8 – Fire And Natural Forces
Class 9 – Damage To Property
Class 12 – Liability For Ships
Class 13 – General Liability

Total premiums received by the Captives
HK$ 1610.82 million (provisional statistics published for the year ended 31 December 2015)

Total value of assets under management
Undisclosed

Captive Insurance Managers registered to conduct business in domicile
There is no licensed category of captive managers under the ICO.  However, some captive managers provide services as part of their service of insurance brokers.