Deloitte China welcomes the new step towards the legislation that will introduce Group-wide insurance supervision in Hong Kong

Published: 24 March 2020

Deloitte China welcomes the news that the official publication of the Insurance (Amendment) Bill 2020 and the Insurance (Amendment) (No.2) Bill 2020 on Friday 20 March 2020.

This proposed legislation brings substantial modernization to the insurance supervision in the Hong Kong market and, among other matters, proposes to introduce a Group-wide Insurance supervisory regime that will provide the appropriate legal basis for the Hong Kong Insurance Authority to supervise multinational insurance groups with their headquarters in Hong Kong.

 “Deloitte China has been supportive of this regulatory development since the start of the consultation process in 2014. The adoption of this legislation will cement the role of Hong Kong as a global insurance hub for all forms of insurance and introduce a set of standards that modernize Hong Kong insurance regulators in line with global best practices. Deloitte China insurance professionals are ready to support the regulator and the industry in the implementation of the new regime,” says Tony Wood, southern region financial services industry leader of Deloitte China.

Deloitte China will continue its dialogue with the Hong Kong Insurance Authority and all of the other stakeholders as new proposals to complete the implementation of the new regime will be published for consultation in the near future.