The authority was formed on 1 December 1995 (initially as the Provisional Airport Authority in 1990) through Airport Authority Ordinance and is independent of the government financially. Back to Top. The second phase of changes (which are more substantive) will take effect from January 1, 2018, allowing more time for transition. Last revision date : 01 February 2021. Regulation of Insurance Intermediaries and Authorised Insurers by the Hong Kong Insurance Authority - Increased Focus on Responsible Officers and Senior Management 8 October 2019. Unless otherwise stated, all copyright and other intellectual property rights in the materials contained in the IIC belong to the IA. His other past public duties include director of The Hong Kong Mortgage Corporation Limited, the Mandatory Provident Fund Schemes Authority and the Exchange Fund Investment Limited, a member of The Hong Kong Housing Authority and the Greater Pearl River Delta Business Council, and a council member of The Hong Kong Academy for Performing Arts. It is reprinted here with permission. Whatsapp. A statutory body established on 1 December 1990 under the Hospital Authority Ordinance to manage all public hospitals in Hong Kong. Organization Charts. Founded in 1959 by our late Chairman, Mr. Chin Sophonpanich, Asia Insurance is now one of the leading general insurers in Hong Kong. Text Size. The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. Share. By continuing your navigation, you consent to their use. James Parker and Marina Sherer from our Hong Kong office set out a summary of the key changes. Financial Reporting Council Financial Services and Treasury Bureau, the Government of the HKSAR Other Languages. There are plans to corporatise the AA and to list it on the Hong Kong Stock Exchange and to partially sell it to the public. Hong Kong risk-based capital development GN15 Guidance note on underwriting Investment-Linked Assurance Schemes (“ILAS”) business GN16 Guidance note on underwriting l ong term insurance business 01 02 Agenda … He is also an independent senior advisor to Credit Suisse, Greater China and a non-official member of the Chief Executive’s Council of Advisers on Innovation and Strategic Development. Hong Kong Monetary Authority. HSBC Life is authorised and regulated by the Insurance Authority of the Hong Kong SAR to carry on long-term insurance business in the Hong Kong SAR. Organization chart . The Hong Kong Insurance Authority (IA) published the Guideline on Enterprise Risk Management (GL21) in July 2019, presenting new challenges for Boards and risk managers to address. Ms Chung has 30 years of experience in general and human resources management and has held senior positions in sizeable commercial companies and public utilities in Hong Kong, including Hutchison Port Holdings Limited and CLP Group. From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. A new era of Hong Kong’s insurance industry Speaker Mr Tony Chan Associate Director, Policy and Development Division Insurance Authority Date & Time Tuesday, 15 October 2019 12:30 – 2:00 p.m. Venue HKICPA, 27th Floor, Wu Chung House, 213 Queen’s Road East, Wan Chai, Hong Kong Language English Fee $150 (HKICPA member) $330 (non-HKICPA member) (Sandwiches and drinks will be … Your submission has been received! The Ordinance regulates the carrying on of insurance business in Hong Kong. The HKMA has set up a dedicated webpage to facilitate public understanding of measures by the HKMA and the banking sector to support SMEs and individuals amid the COVID-19 outbreak. Address. The authority was formed on 1 December 1995 (initially as the Provisional Airport Authority in 1990) through Airport Authority Ordinance and is independent of the government financially. MPFA is governed by its Management Board, which is assisted by supporting committees and advised by two statutory advisory committees. N/A N/A An annual return as required by the Inland Revenue Department. Graphic Version ; Text Version . Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. 简. The organizational chart of Hong Kong International Airport displays its 15 main executives including Tin-fuk Lam × We use cookies to provide a better service. When the de3icision was made that IA would become the ‘one-stop-shop’ regulator for the insurance industry, one of its objectives was to modernise the insurance industry. Government Fleet - design, procurement, operation, crewing and maintenance of government vessels. Hotlines of Banks & Stored Value Facility Licensees, Half-Yearly Monetary & Financial Stability Report, Guide to Hong Kong Monetary, Banking and Financial Terms, Hong Kong Institute for Monetary and Financial Research, HKMA's Open Application Programming Interface (API), Authorization, Licensing, Designation and Approval, Exchange Fund's Statutory Purposes and Investment Objectives, Exchange Fund Statistics and Publications, Banking Regulatory and Supervisory Regime, Banking Legislation, Policies and Standards Implementation, Anti-Money Laundering and Counter-Financing of Terrorism, Hong Kong as an International Financial Centre, Stored Value Facilities and Retail Payment Systems, International & Regional Financial Co-operation, Opportunities for Students and Graduates to Join the HKMA, One-page print version (PDF File, 142.8 KB), Organisation Chart of Exchange Fund Investment Office. With effect from yesterday (26 June 2017), the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance … The organizational chart of Cigna displays its 306 main executives including David Cordani, Brian Evanko and Steve Miller × We use cookies to provide a better service. The Hong Kong Insurance Authority (HKIA) is making great efforts to reinforce Hong Kong’s role as a global risk management centre and insurance hub under the two national development strategies (BRI and the policies of the Greater Bay Area). View the website. Quick Links. Temporary Accommodation in Transit Centre, Marking Scheme for Estate Management Enforcement, Comprehensive Structural Investigation Programme, Green Form Subsidised Home Ownership Scheme, Approved Tenders for Medical and Dental Clinics, Enhanced Marking Scheme for Commercial Properties, HA Play / Fitness Equipment Agents Reference List, HA's Reference Lists for Goods and General Services, Building Information Modelling and Geographic Information System, Information Platform on Recyclable Non-inert Construction and Demolition Waste, General Conditions of Contract for Capital Works, Use of Hydraulic Concrete Crusher in Demolition Works, Quality Public Housing Construction and Maintenance Awards, Estate Management Services Contractors Awards, Number of Applications and Average Waiting Time for Public Rental Housing, The Housing Authority’s Housing Construction Programme, Asbestos Containing Materials in Public Housing Estates. Offering general and life Insurance to corporates and individuals for over 90 years in Hong Kong,ITTESTING. AXA Group Simplified Organization charts 2/61. Areas of expertise … I n June 2017, the Insurance Authority (IA) took over the reg- Please find hereafter the 2019 AXA Group simplified organization charts of ... Insurance, Bank and Financial companies (page 21) Belgium (page 22) Germany ... 25% of the company are held by AXA IM Hong-Kong (Holding) Ltd, which is itself almost wholly-owned by AXA Investment Managers Chorus Ltd’s managers. About HKICL ... Organisation Chart . the Hong Kong Society of Accountants as instructed by the Hong Kong Insurance Authority and a separate return in accordance with the Insurance Companies Ordinance. Legal News & Analysis - Asia Pacific - Hong Kong - Tax - Regulatory & Compliance . Contact Us Subscribe to Email Alert. Email Alert. Mr Chen holds a Bachelor degree in Economics from The Wharton School, University of Pennsylvania and a Master degree in Business Administration from J.L. The ICB accepts written complaints only. 1 This paper is published by the Insurance Authority (IA) to consult interested parties on the proposed Risk-based Capital framework for Hong Kong’s insurance industry. Before joining Airport Authority Hong Kong, Ms Chung was the General Manager of Group Human Resources at HKR International Limited. One of the primary purposes of the Ordinance is the protection of policy holders and potential policy holders. Any improper use of usernames and passwords for the IIC may affect the fitness and properness of the person concerned under the Insurance Ordinance and may bring serious consequences. Caroline Thomas, Senior Associate, Holman Fenwick Willan, offers her thoughts on what this might mean for Hong Kong. Hong Kong Monetary Authority ... Organisation Chart. On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Mr. Thank you! Follow Us. Kellogg Graduate School of Management, Northwestern University. All rights reserved. The Hong Kong government has launched a reform of the insurance sector which will lead to the creation of an independent Insurance Authority. 繁. the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), the Mandatory Provident Fund Schemes Authority (MPFA)and the Securities and Futures Commission (SFC). Accessible version (PDF File, 284.2 KB) One-page print version (PDF File, 142.8 KB) Organisation Chart of Exchange Fund Investment Office; View All Topics. The Insurance Authority has issued its Guideline on Cybersecurity (GL20) for authorised insurers, which will take effect on 1 January 2020. Public services resume normal from 18 Feb onwards,HOS,WSM,Together We Fight the Virus. Full set of policy document together with the application form; It is noted for its financial strength (strong capitalization, high liquidity and a Standard & Poor's “A” rating for its insurer financial strength rating and counterparty credit rating), distribution network and quality client base. Offering general and life Insurance to corporates and individuals for over 90 years in Hong Kong,ITTESTING ... Information on the collection of premium levy for the Insurance Authority. A complaint must be made in writing with full details of the subject of complaint, using the Complaint Form, together with copies of the following documents and submitted to the ICB by post, fax or email:. You may also find the relevant enquiry hotline and email address there. Full set of policy document together with the application form; We Chat "Scan QR Code" in WeChat and tap "..." to share. Skip to main content. Please find hereafter the 2019 AXA Group simplified organization charts of the main companies in the Group (non exhaustive list). A statutory body established on 1 December 1990 under the Hospital Authority Ordinance to manage all public hospitals in Hong Kong. A statutory body established on 1 December 1990 under the Hospital Authority Ordinance to manage all public hospitals in Hong Kong. INSURERS BY THE HONG KONG INSURANCE AUTHORITY – INCREASED FOCUS ON RESPONSIBLE OFFICERS AND SENIOR MANAGEMENT On 23 September 2019, the Insurance Authority (IA) succeeded the three self-regulatory organisations in the regulation of insurance intermediaries. Download PDF. Email Email Icon Hidden. Strategic Investor of Bowtie, established in Hong Kong for. Hong Kong Insurance Authority (IA) By Simon Lam and Rachel Chu Editor’s Note: This article originally appeared in the Actuarial Society of Hong Kong’s newsletter in April 2018, and has been lightly edited for publication in International News. Shipping - the Hong Kong Shipping Register, enforcement of international convention standards, surveys of foreign-going ships. Hong Kong - Independent Insurance Authority Commences Regulation Of Insurers With Enhanced Powers. Organisation Chart. The Insurance Authority has issued its Guideline on Cybersecurity (GL20) for authorised insurers, which will take effect on 1 January 2020. Professor KC Chan, The Secretary for Financial Services and the Treasury (Financial Secretary), has described the … Unauthorized access, use, or modification of the IIC or of any data contained in the IIC, or in transit to/ from the IIC, may constitute a violation of the laws of the Hong Kong Special Administrative Region. He has extensive Asia regional experience in the insurance and reinsurance industry with wide business and operation exposure in the Hong Kong, Mainland China, Vietnam and Thailand insurance markets. Permanent Secretary for Transport and Housing (Housing)'s Office / Housing Department, Online Form for Enquiries, Comments or Complaints, Press Shift + Enter to open or close the sub-division list of Strategy Division, Press Shift + Enter to open or close the sub-division list of Development and Construction Division, Press Shift + Enter to open or close the sub-division list of Estate Management Division, Press Shift + Enter to open or close the sub-division list of Corporate Services Division, Public services resume normal from 18 Feb onwards, Information & Community Relations Sub-division, Sales of First-hand Residential Properties Authority *. Bowtie raises $30M to bring the digital insurance model to Hong Kong. The Insurance Authority (IA) continues to promote InsurTech in Hong Kong. On 23 September 2019, the Insurance Authority in Hong Kong will take over regulation of insurance agents and brokers from the self-regulatory bodies (SROs), which are the Hong Kong Federation of Insurers, Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. By continuing your navigation, you consent to their use. GL20 will apply to all authorised insurers (except for captive insurers and marine mutual insurers) in relation to the insurance business they carry on in or from Hong Kong. The Insurance Complaints Bureau (ICB) was inaugurated on 16 January 2018 to supersede The Insurance Claims Complaints Bureau (ICCB) in providing a cost-effective and efficient alternative dispute resolution mechanism to help resolve ALL insurance disputes arising from personal insurance policies. Organisation Chart,About Us,Housing Department,Hong Kong Housing Authority and Housing Department Email. Organization Charts. Hong Kong Monetary Authority ... Organisation Chart. 1 The Insurance Companies (Amendment) Ordinance 2015 is being commenced in phases. In 2018 it launched a fast-track approval system for online insurers. 金管局已經於網站設立專頁，方便公眾了解金管局與銀行界在新型冠狀病毒疫情下支援中小企和市民的措施，並附有相關查詢熱線及電郵地址。按此瀏覽。, 金管局已经于网站设立专页，方便公众了解金管局与银行界在新型冠状病毒疫情下支援中小企和市民的措施，并附有相关查询热线及电邮地址。按此浏览。, Explanation of WCAG 2.0 Level Double-A Conformance, Corruption Prevention Advisory Service (CPAS). He was the Chairman of the Hong Kong Examinations and Assessment Authority from 2012 till 2018 and the Chairman of the Hong Kong Award for Young People from 2010 till 2016. Share Button. BOCG Insurance reserves the right to accept or decline any application for the Plan based on the information provided by the insured and applicant at the time of application. Something went wrong while submitting the form. In August, the Insurance Authority (“IA”) published the Consultation Paper on Draft Insurance (Group Capital) Rules (“Group Capital Rules”) for public consultation. Oops! IA indicated that the Group Capital Rules aim to tie in with the implementation of the new supervisory framework for multinational insurance groups (“GWS framework”) to be launched tentatively in the first quarter The IA is a regulatory body that is independent of the government. How to Lodge a Complaint? This homepage provides general information and latest news on the establishment of an Independent Insurance Authority (“IIA”). A change has occurred in Hong Kong’s insurance regulatory regime. Starting in late 2012, non-permanent residents and companies must pay a 15% Buyer’s Stamp Duty when buying properties in Hong Kong. Back to Top. Media. perform functions imposed or conferred on the Insurance Authority by this or any other Ordinance (section 4A(2)). A complaint must be made in writing with full details of the subject of complaint, using the Complaint Form, together with copies of the following documents and submitted to the ICB by post, fax or email:. Actuarial Forms L to L are required to be certified by the appointed actuary. Twitter. * The Sales of First-hand Residential Properties Authority (SRPA) is set up under the Transport and Housing Bureau to implement the Residential Properties (First-hand Sales) Ordinance (the Ordinance). They oversee the banking, the Mandatory Provident Fund (MPF), insurance as well as securities and futures industries respectively, and help maintain the financial stability of Hong Kong. 30 June, 2017 . Organisation Chart Category Private Wealth Wealth Management Enrich Banking i-Free Banking Private Banking Corporate Banking SME in One Product/Services RMB Services Cross-border Financial and Remittance Services Deposits Investment Mortgage Loan Insurance Credit Card MPF More Policyholders are subject to the credit risk of HSBC life and early surrender loss. Chief Executive: Eddie YUE (Tel: 2878 8189) Deputy Chief Executive: Art hur Y UEN (Tel: 2878 8129) Executive Director (Banking Conduct): Alan AU (Tel: 2878 8201) ♦ Head (Banking Conduct) 1: rence TOFlo (Tel: 2878 1903) ♦ Head (Banking Conduct) Tess 2: LEUNG (Tel: 2878 1693) ♦ Head (Banking Conduct) 3: Daniel LEONG (Tel: 2878 1648) Executi Technology is important to Hong Kong – The willingness of the IA to accept and implement Fast Track is indicative of IA’s and the Hong Kong government’s attitude to technology and innovation. How to Lodge a Complaint? The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to The IA was established on 7 December 2015 as part of the enhancement of Hong Kong’s insurance regulatory regime, by putting in place a regulator which is financially and operationally independent of the government and the industry in compliance with international standards. Hong Kong Interbank Clearing Limited (HKICL) is a private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB). You can access information on the SRPA and the Ordinance by clicking on the appropriate hyperlink, which will re-direct you to the SRPA Website. There are plans to corporatise the AA and to list it on the Hong Kong Stock Exchange and to partially sell it to the public. He is currently an independent non-executive director of China Resources Power Holdings Co. Ltd. (listed on the Hong Kong Stock Exchange) and the Chairman of Airport Authority Hong Kong. TechCrunch. NOTICE: You are about to access the Insurance Intermediaries Connect (the "IIC") of the Insurance Authority ("IA"). For the purpose of clarity, the shareholding structure of certain companies may have been simplified. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. Hong Kong regulatory updates RBC framework GN15 GN16 7 November 2015 Estella Chiu Partner, Actuarial Services KPMG Hong Kong Tel: +852 2847 5035 estella.chiu@kpmg.com 1. Please note that the underlined entities are regulated entities. Wei Bo. # The Independent Checking Unit (ICU) is set up under the Office of the Permanent Secretary for Transport and Housing (Housing) to implement building control on the Housing Authority's new development works and existing buildings. Unit B, 25/F, MG Tower, 133 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong. Facebook. Civil Aviation Department Homepage, HKCAD, CAD, Airport Standards, Air Traffic Management, Flight Standards and Airworthiness, Air Traffic Engineering and Standards, Aeronautical Information, Aircraft The Insurance Authority (IA) replaced the Office of the Commissioner of Insurance as Hong Kong’s insurance regulator in June 2017. Organisation Chart Category Private Wealth Wealth Management Enrich Banking i-Free Banking Private Banking Corporate Banking SME in One Product/Services RMB Services Cross-border Financial and Remittance Services Deposits Investment Mortgage Loan Insurance Credit Card MPF More Accessible version (PDF File, 284.2 KB) One-page print version (PDF File, 142.8 KB) Organisation Chart of Exchange Fund Investment Office; View All Topics. Hong Kong Monetary Authority. From January 1, 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), took effect. Kong or of any place outside Hong Kong, whenever appropriate, to the extent permitted by the Ordinance (section 4A(2)). Print Button Online Form for Enquiries, Comments or Complaints. BOCG Insurance is authorised and regulated by the Insurance Authority to carry on general insurance business in the Hong Kong Special Administrative Region of the People's Republic of China. The ICB accepts written complaints only. Last revision date : 01 February 2021. c. The Insurance Authority may from time to time cause to be prepared and published Share. You can access the ICU webpages by clicking the appropriate hyperlink. The Insurance Complaints Bureau (ICB) was inaugurated on 16 January 2018 to supersede The Insurance Claims Complaints Bureau (ICCB) in providing a cost-effective and efficient alternative dispute resolution mechanism to help resolve ALL insurance disputes arising from personal insurance policies. "Scan QR Code" in WeChat and tap "..." to share. By accessing the IIC, you unconditionally agree to be bound by the terms and conditions of the IIC. 128 years. The Insurance Authority of Hong Kong issues guidance on enforcement and secrecy provisions 5 August 2020 The Insurance Authority of Hong Kong (IA) has issued Frequently Asked Questions (FAQs) on enforcement and an Explanatory Note (Explanatory Note) to clarify Section 121 of the Insurance … The Insurance Authority is charged under section 4A with the functions set out below. Hong Kong has no foreign-ownership restrictions on the sale of residential, office, commercial or industrial property. The Hong Kong Insurance Authority (IA) issues guidelines to provide the Hong Kong insurance industry with practical guidance to facilitate compliance with regulatory requirements. The organizational chart of Liberty Insurance Hong Kong displays its 2 main executives including Karen Lee and Jacky Chan × We use cookies to provide a better service. On 23 September 2019, the Insurance Authority (IA) succeeded the three self-regulatory organisations in the regulation of insurance intermediaries. It is reprinted here with permission. GL20 will apply to all authorised insurers (except for captive insurers and marine mutual insurers) in relation to the insurance business they carry on in or from Hong Kong. General approach to calculation © 2021 Hong Kong Monetary Authority. The above products are products of HSBC Life but not the Bank and they are intended only for sale in the Hong Kong SAR. All rights reserved. Mr Simon Lam Sui-kong----- Mr Lam started his insurance career in Hong Kong in 1984. Amazon Web Services AWS User Guide to the Hong Kong Insurance Authority on Outsourcing and Use of Internet for Insurance Activities Guidelines 1 Overview The Hong Kong Insurance Authority (IA) issues guidelines to provide the Hong Kong insurance industry with practical guidance to facilitate compliance with regulatory requirements. ; and xii. ‍ Insurance Authority of Hong Kong. BOCG Insurance is authorised and regulated by the Insurance Authority to carry on general insurance business in the Hong Kong Special Administrative Region of the People's Republic of China. Chief Executive: Eddie YUE (Tel: 2878 8189) Deputy Chief Executive: Art hur Y UEN (Tel: 2878 8129) Executive Director (Banking Conduct): Alan AU (Tel: 2878 8201) ♦ Head (Banking Conduct) 1: rence TOFlo (Tel: 2878 1903) ♦ Head (Banking Conduct) Tess 2: LEUNG (Tel: 2878 1693) ♦ Copyright © 2013 Office of The Ombudsman, Hong Kong. Insurance intermediaries will now be subject to more stringent standards and requirements regulating their day … 2 IA welcomes written comments on or before 15 December 2014 by one of the following means: Mail: Office of the Commissioner of Insurance 21/F., Queensway Government Offices 66 Queensway Hong Kong Fax: (852) 2869 0252 … By continuing your navigation, you consent to their use. Learn more. Hong Kong Housing Authority and Housing Department. Graphic Version ; ... Representative of the Hong Kong Federation of Insurers ... Chief Executive Officer, Asia Insurance Company Limited Mr Lee Wing-man, MH (Since 30 March 2019) District Councillor (Sham Shui Po District) (2012-19) Mr Emil Yu Chen-on, BBS, JP Organisation Chart. Organization chart . RSS. Below is a list of major financial regulators and related organisations in Hong Kong and overseas: Hong Kong . Hong Kong: Hong Kong Monetary Authority (HKMA) Hong Kong Securities and Futures Commission (SFC) Hong Kong Insurance Authority (IA) Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Hungary - Hungarian National Bank (Hungarian: Magyar Nemzeti Bank (MNB)) Iceland - Central Bank of Iceland; India: Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) …