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Hong Kong insurance market: growth and change

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Matt Bower

Partner

Hong Kong

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Robins Charlotte
Charlotte Robins

Partner

Hong Kong

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08 January 2020

The Hong Kong insurance industry is going through an exciting period of growth and regulatory transition. The current regulatory framework has changed somewhat since the Insurance Authority (IA) took over responsibility for regulation and enforcement of insurers in June 2017.
Boat on a river

Since then, the IA has also taken over the regulation of insurance intermediaries (for example, insurance brokers and agents) and the introduction of a new statutory licensing regime places greater regulatory control over intermediaries. With the enhanced powers of the IA when it comes to regulation and also enforcement, for example, increased scrutiny in relation to key persons appointed by authorised insurers and the IA’s powers of inspection, investigation and disciplinary actions, insurers and intermediaries alike should take stock and ensure their businesses comply with the IA’s requirements.

Matt Bower and Charlotte Robins, partners in our Hong Kong Litigation and Regulatory practices respectively, have co-authored an article which provides a comprehensive overview of the Hong Kong insurance industry. The article was first published by Thomson Reuters Regulatory Intelligence on 3rd December 2019.  You can read the full article here.