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Insurance Authority publishes first annual report
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The following is issued on behalf of the Insurance Authority:

     The Insurance Authority today (November 30) published its Annual Report 2015-16, summarising its work from its founding in December 2015 to the end of March 2016.
 
     "The establishment of the Insurance Authority is a big step forward for the insurance industry of Hong Kong. We look forward to collaborating with all stakeholders, including industry practitioners, to build the Authority and grow the insurance industry in Hong Kong. At this stage, our priority is to engineer a smooth transition from the current regulatory regime to the new one, and get ready to meet the regulatory challenges and rising public expectations," the Chairman of the Insurance Authority, Dr Moses Cheng, said.

     The independent Insurance Authority was established on December 7, 2015 with the commencement of the relevant provisions added by the Insurance Companies (Amendment) Ordinance 2015. It is tasked to build a new, independent, more holistic and effective regulatory regime to facilitate the sustainable development of the industry and to better protect the interests of policyholders. It will take over the statutory functions of the existing Office of the Commissioner of Insurance, which is a government department, and eventually the regulation of insurance intermediaries from the three Self-Regulatory Organisations (see Note) and implement the statutory licensing regime.
 
     The Annual Report 2015-16 of the Insurance Authority can be downloaded from the following link: www.fstb.gov.hk/fsb/iia/eng/pubpress/doc/iia_ar2015-16_ce.pdf.
 
Note: The three Self-Regulatory Organisations are the Insurance Agents Registration Board established under the Hong Kong Federation of Insurers, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association.
 
Ends/Wednesday, November 30, 2016
Issued at HKT 15:00
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