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Financial Markets in Hong Kong, 2nd Edition by Arner, Douglas W; Hsu, Berry; Goo, Say H; Johnstone, Syren; Lejot, Paul; Kwok-Sang Tse, Maurice (24th March 2016)

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

From: Financial Markets in Hong Kong (2nd Edition)

Douglas W Arner, Berry Hsu, Say H Goo, Syren Johnstone, Paul Lejot, Maurice Kwok-Sang Tse (Consulting Editor)

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 20 August 2019

Subject(s):
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.

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