An Independent Insurance Authority for Hong Kong

Abstract

This article has four main parts. Firstly, it reviews the current regulatory framework for the insurance industry in Hong Kong. It then looks at the IMF’s and others’ criticisms of the regulatory system in the territory. Thirdly, it examines the Government's proposals and, finally, considers their consequences in the event that they are implemented. In course of doing so, the outcome of similar reforms in other jurisdictions will be reflected upon. The object of this exercise is to establish whether there is a basis for the rationale behind the creation of the Independent Insurance Authority and whether its creation will fulfill that rationale.