HKMC announces transfer of general insurance business

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Mortgage Corporation Limited (HKMC) has announced that, with effect from May 1, 2018, its general insurance business including the Mortgage Insurance Programme, Reverse Mortgage Programme, Premium Loan Insurance Scheme and SME Financing Guarantee Scheme will be transferred to "HKMC Insurance Limited", a wholly owned subsidiary of the HKMC, for operation.
     The HKMC announced last year to introduce a Life Annuity Scheme (LAS) by the middle of this year. The LAS is a long-term insurance business. According to the requirements of the regulatory authority, the HKMC cannot operate the general insurance business and long-term insurance business at the same time. The HKMC has therefore established two wholly owned subsidiaries to operate the LAS and the existing general insurance business respectively. All general insurance business will not be affected by the business transfer and will operate as usual.

Ends/Monday, April 30, 2018
Issued at HKT 16:05