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The Office of the Commissioner of Insurance (OCI) is glad to see further progress in institutional reform and consumer protection, the Commissioner of Insurance, Ms Annie Choi, said today (August 28).
On the release of the OCI Annual Report 2013, Ms Choi noted that significant developments had been made in a number of areas concerning insurance supervision, particularly the legislative progress for setting up the independent Insurance Authority.
"We completed a public consultation exercise on the key legislative proposals in June 2013, and the Insurance Companies (Amendment) Bill 2014 was introduced into the Legislative Council in May 2014," Ms Choi said.
Regarding Hong Kong's participation in the Financial Sector Assessment Programme Update in 2014, Ms Choi said, "Assessors from the International Monetary Fund considered that Hong Kong has had a high degree of observance of the Insurance Core Principles, and expressed full support for our current regulatory reforms."
Ms Choi also referred to the Financial Secretary's proposal to reduce the profits tax on the offshore businesses of captives in the 2013-14 Budget, which took effect on April 1, 2014. She said there is no doubt that the initiative would strengthen Hong Kong's position as a risk management centre.
"In respect of the sale of investment-linked assurance scheme products, following the introduction of new regulatory requirements for the selling process in mid-2013, we issued a Guidance Note setting out proper standards of conduct and business practices for insurers in 2014, aiming at better protection of policyholders," Ms Choi added.
On cross-sectoral and cross-boundary co-operation, Ms Choi said, "We will continue our collaborative efforts with other local and overseas financial regulators, particularly in regard to anti-money laundering work, and supervision of insurance groups and intermediaries."
Looking forward, Ms Choi said she believes that with the dedication of all stakeholders, Hong Kong would become a premier insurance hub in the region.
As at December 31, 2013, there were 155 authorised insurers, 71 212 appointed insurance agents (including their responsible officers and technical representatives) and 9 830 authorised brokers (including their chief executives and technical representatives) operating in Hong Kong.
The OCI Annual Report 2013 provides a summary analysis of insurance statistics and an overview of key activities undertaken by the OCI. Members of the public can download the annual report from the OCI website at www.oci.gov.hk.
Ends/Thursday, August 28, 2014
Issued at HKT 15:00
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