Hong Kong’s Insurance Authority (IA) on Thursday opened a public consultation on four draft rules relevant to the SAR’s upcoming risk-based capital (RBC) regime, which is set to be implemented in 2024.
A consultation paper has been released on the IA website which includes proposals that will shape the future regulatory landscape for general, marine, captive, and Lloyd’s market participants.
The consultation focuses on exemption criteria for appointing general insurance actuaries, asset maintenance requirements in Hong Kong for general business, and the valuation and capital standards for marine, captive, and Lloyd’s insurers.
The IA is encouraging stakeholders to review and comment on the proposals and is accepting feedback until 9 Feb 2024.
Specifically, the drafts under review are the Insurance (Exemption to Appointment of Actuary) Rules (Cap. 41Q), Insurance (Maintenance of Assets in Hong Kong) Rules (Cap. 41T), Insurance (Marine Insurers and Captive Insurers) Rules (Cap. 41U), and Insurance (Lloyd’s) Rules (Cap. 41V).
The current consultation follows an earlier round, which commenced on 5 Dec 2023, covering the Insurance (Valuation and Capital) Rules (Cap. 41R) and Insurance (Submission of Statements, Reports and Information) Rules (Cap. 41S), and is set to conclude on 16 Jan 2024.
The IA said in a statement that it would consider all feedback collection from the two rounds of consultation and publish consultation conclusions in due course.
