Reinsurers and life firms face the biggest impact of an accounting change which moves the industry away from relying on Gross Written Premiums as a way of reporting revenue.
Chairman Stephen Yiu says IA is committed to enhancing prudential frameworks, focusing on RBC and group-wide supervision to attract more business and investment to Hong Kong.
The Insurance Commission’s new guidelines require insurers to undergo regular risk assessments at least every two years, to strengthen anti-money laundering and counter-terrorism efforts.
Australia’s prudential supervisor is set to reduce its frontline divisions from three to two, aiming to streamline the monitoring in the insurance sector.
In its 2024-2025 corporate plan, the regulator emphasises the need for collaboration to improve affordability and strengthen the insurance industry’s resilience.
