Hong Kong Insurance Risk-Based Capital Webinar

On 19 April 2023, the Hong Kong SAR Government introduced to the Legislative Council the much-awaited Insurance (Amendment) Bill 2023 (the Bill), which provides the legal framework for the implementation of the new Hong Kong Risk Based Capital (RBC) regime for the insurance industry.

In our next Hong Kong Insurance RBC Webinar, we would like to share our insights on the Bill enriched by our recent interaction with several players in the Hong Kong insurance market.

Impact of the proposed changes to the Insurance Ordinance (IO)

We will discuss the key changes the Bill will make to the IO and how they may impact the insurance market. While the proposed changes are in line with market expectations, there are additional considerations insurance companies may need to incorporate into their existing business and decision-making processes.

Overview of potential tax implications

We will discuss the impact of RBC transition on taxation for insurance companies in Hong Kong and explain how the newly proposed tax rules will sit within the changing framework of taxation for Hong Kong insurance companies at the same time as they all adopt HKFRS 17 for the first time and the “Global Minimum Tax” reform has made further progress towards its full implementation.