Author: Carl Fernandes

Key changes introduced by the Insurance (Amendment) Ordinance 2023

A risk based capital regime for authorised insurers is among the changes to be introduced by the Insurance (Amendment) Ordinance in 2024 . Additional changes include aligning the supervisory regime of foreign-incorporated insurers which do the majority of their business from Hong Kong with the regime for Hong Kong incorporated insurers and a separate regulatory approval from the Insurance Authority for minority shareholder controllers who propose to become majority shareholder controllers.