The Insurance Authority today launched a three-month consultation on the proposed risk-based capital framework for Hong Kong’s insurance industry and invites comments from interested parties, particularly the insurance industry and professional bodies.
Explaining the consultation proposals, Commissioner of Insurance Annie Choi said the framework seeks to align Hong Kong's regime with international requirements and make capital requirements more sensitive to the levels of risk that insurance companies are bearing.
Based on the overarching principles and the responses received, the authority will develop detailed proposals and conduct further consultation.
It will take at least two to three years to complete all the preparatory tasks, and the new framework will be rolled out in phases so that insurers will be able to achieve full compliance incrementally.
Interested parties can forward views by December 15 by email.
Click here for the consultation paper.
