CBIRC extends preferential solvency measures for Hong Kong insurance industry by one year
銀保監會再次延續給予香港保險業的優惠措施
The China Banking and Insurance Regulatory Commission (CBIRC) announced that the preferential measures under China's risk-oriented solvency regime for Hong Kong will be extended by one year to 30 June 2022. Capital requirements for mainland insurers ceding business to qualifying Hong Kong professional reinsurers can continue to be reduced. The Insurance Authority said the measures help strengthen cross-border financial links and reinforce Hong Kong's advantages as a regional insurance hub. The measures are based on the framework agreement signed on 16 May 2017, with a transition period running until May 2025.
The text states that the preferential measures originated from the framework agreement signed in May 2017, and specifies the extended deadline and relevant document number, allowing readers to verify the basis.
Source: 保監局·新聞稿 · ia.org.hk