The Office of the Commissioner of Insurance (OCI) today (July 20) published its Annual Report for 2015, highlighting its work in institutional development and consumer protection reform.

     The Commissioner of Insurance, Mr John Leung, said, "We constantly review and strengthen the regulatory regime to cope with international standards and market developments.

     "The establishment of the Provisional Insurance Authority in December 2015 marked the beginning of a new era in the regulatory regime. We are working closely together with the independent Insurance Authority to ensure the smooth transition of the work."

     Mr Leung added, "With the consultation conclusions on the Risk-based Capital Framework published last September, we are now aligning efforts on developing detailed rules and conducting quantitative impact studies.

     "Our priority is to maintain market stability while staying competitive to meet evolving challenges, and to ensure consumer protection. The insurance industry is pressing ahead to maintain a high level of consumer protection. We are overseeing the implementation of the Guidance Note on Underwriting Long Term Insurance Business (other than Class C Business) (GN16), as well as working on the enabling legislation for establishing the proposed Policyholders' Protection Fund, with an aim to introduce it into the Legislative Council in 2017."

     On the international front, the OCI maintains close and proactive communication with its international counterparts on meetings and supervisory colleges, to ensure the harmonisation of international regulatory standards and oversight of international insurers operating in multi-jurisdictions.

     Mr Leung said, "We are mindful of the development and application of financial technology, which opens up more business opportunities and enhances service delivery by the industry. To resolve the talent shortage in the industry, the Government has provided funding of $100 million to launch a public education and training programme for the insurance sector as well as the asset and wealth management sector."

     Mr Leung said he believes that the above measures will facilitate the sustainable development of the insurance industry and uphold Hong Kong’s status as an insurance hub.

     As at December 31, 2015, there were 157 authorised insurers, 84,065 appointed insurance agents (including their responsible officers and technical representatives) and 10,130 authorised insurance brokers (including their chief executives and technical representatives) operating in Hong Kong.

     The OCI Annual Report 2015 provides a summary analysis of insurance statistics and an overview of key activities undertaken by the OCI. The annual report has been uploaded to the OCI website at www.oci.gov.hk.

Ends/Wednesday, July 20, 2016
Issued at HKT 17:15

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