Part II Regulation of Banking, Securities, and Insurance, 5 Insurance Regulation, the Office of the Commissioner of Insurance, and the Insurance Authority
Douglas W Arner, Berry FC Hsu, Say H Goo, Syren Johnstone, Paul Lejot, Maurice Kwong-Sang Tse
Douglas W Arner, Berry Hsu, Say H Goo, Syren Johnstone, Paul Lejot, Maurice Kwok-Sang Tse (Consulting Editor)
- Debt — Securities — Investment business
This chapter looks in detail at the legal and regulatory framework for insurance in Hong Kong. The chapter examines the regulation of financial intermediaries, products, and services in the context of insurance. It concludes that Hong Kong’s regulatory system for insurance is comprehensive and of an international standard. The legal and regulatory framework for the insurance market in Hong Kong consists of the Insurance Companies Ordinance (ICO), a statutory body called the Office of the Commissioner of Insurance (OCI), and self-regulatory measures. These are supplemented by a large body of common law. However, at the time of writing, this is set to change, with the establishment of a new independent Insurance Authority (IA) with a much broader regulatory remit.