Preview

Regulation of Insurance Industry in Hong Kong

Good Essays
Open Document
Open Document
265 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Regulation of Insurance Industry in Hong Kong
Only insurers and insurance intermediaries, who are insurance agents and insurance brokers, are regulated in Hong Kong.

The law, Commissioner of Insurance (IA) and the Insurance Intermediaries Qualifying Examination are the major forms of regulation used in the insurance industry in Hong Kong.

The relevant legal framework for the regulation of insurers is provided by the Insurance Companies Ordinance (Cap.41) , and its subsidiary legislation including Insurance Companies (Determination of Long Term Liabilities) Regulation, Insurance Companies (Margin of Solvency) Regulation and Insurance Companies (General Business) (Valuation) Regulation. The same Ordinance also provides a legal backing for the self-regulatory system of insurance intermediaries.

Besides, the Commissioner of Insurance, in his role as the Insurance Authority (IA), is responsible for the regulation of the insurance industry. The principal function of the IA is to regulate the insurance industry for the protection of existing or potential policy holders and the promotion of the general stability of the insurance industry. He is however not involved with the daily operations of an insurer, including determination of the terms and conditions of insurance policies or the fixing of premium rates.

The IA has been working with the insurance industry to implement the Insurance Intermediaries Quality Assurance Scheme, which with a view to enhancing the professional standard of insurance intermediaries. Under the Scheme, insurance intermediaries, the responsible officers, chief executives and technical representatives are required to pass the Insurance Intermediaries Qualifying Examination conducted by the Vocational Training Council , unless otherwise exempted, before they can be registered or authorized as such. Thereafter, they are required to attend continuing professional development

You May Also Find These Documents Helpful

  • Satisfactory Essays

    images to use as references. You can use your mouse to roll over the images and click on the highlighted…

    • 269 Words
    • 6 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Unit 301 Workbook

    • 466 Words
    • 4 Pages

    In the table below identify key aspects of legislation and regulatory requirements relevant to the roles and…

    • 466 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    2. TOTAL NUMBER OF QUESTIONS - 8. 3. TOTAL MARKS - 100. 4. THERE ARE 2 SECTIONS. EACH SECTION SHOULD BE ANSWERED IN A SEPARATE EXAMINATION BOOK. 5. SECTION I HAS 6 QUESTIONS. USE A SEPARATE EXAMINATION BOOK AND INDICATE THE SECTION NUMBER ON THE FRONT PAGE. ANSWER EACH QUESTION STARTING ON A NEW PAGE. 6. SECTION 11 HAS 2 QUESTIONS. USE A SEPARATE EXAMINATION BOOK AND INDICATE THE SECTION NUMBER ON THE FRONT PAGE. ANSWER EACH QUESTION STARTING ON A NEW PAGE. 7. QUESTIONS ARE NOT OF EQUAL VALUE. 8. CANDIDATES MAY BRING THE "FORMULAE AND TABLES FOR ACTUARIAL EXAMINATIONS" BOOKLET INTO THE EXAMINATION. 9. CANDIDATES MAY BRING THEIR OWN CALCULATORS OR HAND HELD COMPUTERS. ALL ANSWERS MUST BE WRITTEN IN INK. EXCEPT WHERE THEY ARE EXPRESSLY REQUIRED, PENCILS MAY BE USED ONLY FOR DRAWING, SKETCHING OR GRAPHICAL WORK.…

    • 2401 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    1:1 Summarise key aspects of legislation, regulatory requirements and codes of practice relating to own area of responsibility:-…

    • 560 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    States have also enacted other NAIC model laws and regulations affecting managed care and payers including requirements for the individual and small group insurance markets, utilization review provisions, standards for health care provider networks, and consumer protections such as procedures for resolving claims appeals and grievances. (Kongstvedt 597)…

    • 1219 Words
    • 35 Pages
    Better Essays
  • Powerful Essays

    hold insurance companies accountable. The most important parts of the law are features described in the following discussion. Because of space limitation, I will highlight some elements of the law that are enacted through…

    • 3247 Words
    • 13 Pages
    Powerful Essays
  • Good Essays

    Protection administrative law is fundamentally implemented through regulations, principles and mandates by state protection divisions as approved and coordinated by statutory law authorized by the state lawmaking bodies. Be that as it may, government law, court cases and authoritative mediations likewise assume an imperative part. Earlier endorsement requires that a guarantor must record rates, rules, and so on with state controllers. Contingent upon the statute, the documenting gets to be powerful when a predefined holding up period slips by (if the state controller does not make particular move on the recording, it is regarded endorsed naturally) or the state controller formally favors the…

    • 929 Words
    • 4 Pages
    Good Essays
  • Better Essays

    These regulations have come into force at different times according to the type of service involved. They contain definitions of the services and activities that people must be registered to provide. In some cases, they contain details about the stages at which different types of provider will be brought into the registration system. They also contain details of the standards that people registered to provide…

    • 1394 Words
    • 6 Pages
    Better Essays
  • Good Essays

    Regulatory agencies play a very important role in the healthcare industry. They make sure that hospitals and healthcare practitioners follow the appropriate regulations and policies. Regulatory agencies work in federal, state and local level. Majority of the regulatory agencies are government agencies, but they are a few private regulatory agencies for example the joint commission. Regulatory agencies work and collaborate to enhance the outcome of the United States healthcare. Their number one priority is to increase safety of the healthcare system, improve quality, decrease disparities, educate healthcare providers, conduct research and gather data. There are many government and private healthcare regulatory agencies such as, center for disease…

    • 1257 Words
    • 6 Pages
    Good Essays
  • Better Essays

    Empowering Social Care Users

    • 3290 Words
    • 14 Pages

    Proper adherence to different regulations: Ensuring the duties and protecting the rights of the users by effectively following different regulations can be very effective way of promoting the management of risk.…

    • 3290 Words
    • 14 Pages
    Better Essays
  • Good Essays

    Other sources of regulation include the Privacy Act 1998, the Superannuation Industry (Supervision) Act, and the Insurance Contracts Act.…

    • 745 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Hong Kong as a Special Administrative Region (HKSAR) of China has always enjoy a high degree of autonomy ever since its reunification with the People’s Republic of China (PRC) in 1997. When compared to the remaining provinces of China, Hong Kong citizens maintain a right in freedom of speech and is…

    • 3589 Words
    • 15 Pages
    Powerful Essays
  • Good Essays

    Cup corp

    • 1115 Words
    • 4 Pages

    order to broaden the type of the insurance into health, life, casualty, property, and automotive…

    • 1115 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    A Comparative Analysis of ULIP of Bajaj Allianz Life Insurance Co. Ltd with Mutual Fund…

    • 14970 Words
    • 53 Pages
    Powerful Essays
  • Powerful Essays

    SEBI

    • 4119 Words
    • 17 Pages

    SEBI has introduced the comprehensive regulatory measures, prescribed registration norms, the eligibility criteria, the code of obligations and the code of conduct for different intermediaries like, bankers to issue, merchant bankers, brokers and sub-brokers, registrars, portfolio managers, credit rating agencies, underwriters and others. It has framed bye-laws, risk identification and risk management systems for Clearing houses of stock exchanges, surveillance system etc. which has made dealing in securities both safe and transparent to the end investor.…

    • 4119 Words
    • 17 Pages
    Powerful Essays