The Hong Kong Insurance Authority (IA) has released its annual report for the fiscal year 2022-23.
Titled “Strive for Success in the New Chapter,” the report highlighted the IA's efforts to position Hong Kong as a premier global risk management centre and a sophisticated insurance hub.
The IA's effort to make Hong Kong a global risk management centre and sophisticated insurance hub aligns with the Hong Kong government's Development Roadmap for the Insurance Sector, unveiled in December 2022, which aims to reinforce the city's status as a prudent and dynamic regulator.
The roadmap emphasised market stability, protection for policyholders, and the promotion of the insurance industry's sustainability and competitiveness.
“The Development Roadmap for the Insurance Sector in Hong Kong released by the government in December 2022 is in full alignment with our corporate goal of becoming a prudent and dynamic regulator that maintains market stability and protect policyholders, without losing sight of promoting sustainability and competitiveness of the insurance industry,” IA chairman Stephen Yiu said in a statement.
Key achievements detailed in the report included the enactment of the Insurance (Amendment) Bill 2023, which sets the stage for the adoption of a risk-based capital regime.
The report also outlined other significant regulatory initiatives, such as enhancing compliance with Continuing Professional Development requirements, advancing preparations for investigative and enforcement operations, and launching public education campaigns. These campaigns aim to boost public understanding and knowledge of insurance products and the industry at large.
IA CEO Clement Cheung shared the regulator's plans for the forthcoming year.
“Upon completion of the renewal exercise for deemed licensees in September 2022, our supervisory focus has pivoted to the conduct of insurers to ensure that customers are treated fairly. More work on this topic will be done in the coming year,” he said.
For broader public access and engagement, the Annual Report 2022-23 has been made available on the IA's website. Additionally, an animated summary of the report's key points has been created to facilitate easier consumption by the general public.
In other news, the IA recently alerted the public about a fraudulent social media account claiming to be associated with a licensed insurance agency in Hong Kong.
