New requirements associated with the impending roll-out of the Risk-Based Capital framework in Hong Kong, combined with the recent regulatory measures targeting the sales of ILAS products, run the risk of undermining the image of the city as an open market said Mr Jonathan Zhao, Asia Pacific Insurance Leader and Head of Actuarial Services at EY, during a panel discussion held during the 2nd Asia Conference on Risk-Based Capital organised by Asia Insurance Review in Hong Kong yesterday.