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Sep 2019

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Hong Kong: Insurance regulator's delegation of powers to HKMA starts on 23 September

Source: Asia Insurance Review | Sep 2019

The Hong Kong Insurance Authority (IA) has delegated its inspection and investigation powers over insurance-related businesses of banks and other financial institutions to the Hong Kong Monetary Authority (HKMA).
 
The agreement will take effect on 23 September, the two regulatory bodies said in a joint statement.
 
The delegation of powers is being made to improve efficiency and to minimise possible regulatory overlap with regard to insurance-related businesses of authorised institutions (AIs).
 
According to the statement, the HKMA is responsible for supervising AIs in accordance with the Banking Ordinance. The IA, under the statutory regime, regulates insurance companies and intermediaries, and is in charge of granting licences, setting regulatory requirements and standards, conducting inspections and investigations, and imposing disciplinary sanctions. 
 
“At present, insurance intermediary businesses are carried on by over 40 AIs,” said IA CEO Clement Cheung. “Close collaboration between the IA and the Hong Kong Monetary Authority helps enhance efficiency and efficacy in regulating these institutions.” A 
 
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