Thomson Reuters - New independent Insurance Authority for Hong Kong will mean greater regulatory scrutiny for sector, say lawyers
26 October 2011
Hong Kong dispute resolution Of Counsel Marie Kwok was quoted in relation to the formation of Hong Kong's new independent Insurance Authority (IA) late next year.
According to Marie, the IA's proposed new powers for licensing, routine supervision and disciplinary actions would likely result in greater scrutiny of insurers, reinsurers and insurance intermediaries. She says, "This would translate to greater compliance obligations on the industry players. Compliance officers and in-house lawyers would probably be put in charge of putting in place proper and adequate systems and procedures to ensure compliance with the new regulations [and] codes of conduct of the IA."