Insurance Authority press releases on disciplinary action, conduct and regulatory updates for insurers and intermediaries.
Translation is not available yet. Showing the Traditional Chinese version.
保監局公布2018年香港保險業務統計數字，年內毛保費總額達$5,145億，較2017年上升5.2%。長期業務保單保費為$4,614億（上升4.7%），個人人壽業務佔市場總額92.4%。一般保險毛保費為$531億（上升10%），承保由2017年虧損$8.27億轉為錄得利潤$5.83億。
Why read this: 數據覆蓋長期與一般業務並列出按年比較，可核對毛保費總額及各主要險種的增幅。
Translation is not available yet. Showing the Traditional Chinese version.
保監局自2019年9月23日起接替三個自律規管機構，直接規管全港約11萬名保險中介人，並舉行交接儀式。新制度下保監局修訂基本學歷、持續專業培訓、操守守則及經紀公司最低股本等要求，並處理中介人操守投訴及違規調查；銀行作為持牌保險代理機構的投訴由金管局負責。
Why read this: 新聞稿交代由哪三個自律規管機構交接、涉及全港約11萬名中介人，讀者可核對新規管制度的覆蓋範圍。
Translation is not available yet. Showing the Traditional Chinese version.
保監局公布2019年上半年香港保險業毛保費總額達$2,958億，較去年同期上升16.6%。長期有效業務保費收入$2,653億，上升17.5%，一般保險業務毛保費$305億，上升9.4%。內地訪客新造保單保費$263億，上升17.9%，佔個人業務總新造保單保費的26.4%。
Why read this: 這份臨時統計分項列出長期與一般業務的保費收入和承保表現，並附內地訪客新造保單佔比，可用來核對各項與去年同期的變化。
Translation is not available yet. Showing the Traditional Chinese version.
保監局就持牌保險中介人「適當人選」準則及持續專業培訓指引發表諮詢總結，新持牌人士須於香港中學文憑試五科達到2級或以上（包括中文或英文及數學）。持續專業培訓時數由每年10小時增至15小時，兩份指引於2019年9月23日生效，新增時數要求於2021年8月1日生效。
Why read this: 諮詢總結列出新持牌人士的最低學歷門檻、每年培訓時數及兩項生效日期，可據此判斷新要求何時適用。
Translation is not available yet. Showing the Traditional Chinese version.
保監局就《保險業條例》（第41章）下《有關向受規管人士行使施加罰款權力的指引》發表諮詢總結，指引將在憲報刊登，並於新保險中介人法定規管制度在2019年9月23日實施時生效。指引建議罰款應有效、相稱而公平，公眾諮詢於2018年10月26日至12月27日進行，回應者普遍歡迎引入統一罰款標準。
Why read this: 諮詢期與生效日期都寫明，可核對新罰款制度何時落地、回應者主要反應為何。
The Insurance Authority released provisional statistics for Hong Kong's insurance industry in the first quarter of 2019, with gross premiums totalling $148.8 billion during the period, up 12.3% from the same period last year. Premium income from long-term in-force business was $132.2 billion, up 13%, while gross premiums for general insurance were $16.6 billion, up 7%, and overall underwriting swung from a loss of $166 million to a profit of $44 million. Premiums from new policies taken out by mainland visitors were $12.8 billion, up 7.9%, accounting for 26.4% of total new policy premiums for individual business.
Why read this: Gross premiums totalled $148.8 billion in the first quarter, up 12.3% year on year, with breakdown figures for long-term, general insurance and new policies from mainland visitors listed for readers to check item by item.
The Insurance Authority will replace three self-regulatory organisations from 23 September 2019 and comprehensively regulate insurance intermediaries in Hong Kong, including licensing approval, inspections and investigations, and disciplinary sanctions. Two sets of rules are planned to take effect on the same day, subject to the progress of scrutiny by the Legislative Council. Intermediaries with valid registrations immediately before the effective date will be treated as licensed persons for three years; unresolved cases will be handled under the pre-handover rules, and new requirements will not apply retrospectively.
Why read this: The announcement sets out transitional arrangements: insurance intermediaries registered with the three self-regulatory organisations will be treated as licensed persons for three years, allowing readers to check whether they are affected.
The Insurance Authority published consultation conclusions on two sets of rules required for the new statutory regulatory regime for insurance intermediaries, deciding that the cap on authorised insurers that an insurance agent may represent will remain at four, rather than being raised to five. The Insurance Authority also extended the transition period for licensed insurance broker companies by one year to slightly more than four years, and shelved the proposal to raise the minimum indemnity limit for professional indemnity insurance; the two sets of rules will be submitted to the Legislative Council for scrutiny and will take effect on the day the new regime is implemented.
Why read this: The conclusions state that the cap on insurers an agent may represent remains at four, and that the transition period for insurance brokers will be extended by one year, allowing the two final decisions to be checked against the original proposals.
Translation is not available yet. Showing the Traditional Chinese version.
保監局公布2019年4月1日起保費徵費率調整至每保單年度保費的0.06%，人壽保險保單上限$60、一般保險保單$3,000。除法例豁免的保單外，徵費適用於所有新造或現行保單。徵費率由2018年1月1日的0.04%逐步上調，2021年4月1日達到0.1%目標水平。
Why read this: 公布列出新費率、兩類保單的徵費上限，以及由0.04%逐步上調至0.1%的時間表，方便對照自己的保單開支。
The Insurance Authority welcomes the proposed measures concerning the insurance sector in the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, announced by the State Council on 18 February 2019, including promoting cross-boundary renminbi reinsurance business, supporting the joint development of cross-boundary motor and healthcare insurance products, exploring the establishment of an international marine insurance product trading platform, and facilitating cross-boundary underwriting, survey and claims handling. Chairman Dr Joseph Chan said the measures could deepen cooperation among the insurance sectors of Guangdong, Hong Kong and Macao, and that the Insurance Authority would communicate and discuss implementation with mainland ministries, commissions and the industry.
Why read this: This press release sets out a number of proposed measures for the insurance sector under the Outline Plan, and explains that the Insurance Authority will discuss implementation arrangements with mainland ministries and commissions, allowing readers to grasp the policy direction.
The Insurance Authority released provisional statistics for Hong Kong's insurance industry in the first three quarters of 2018, with total gross premiums reaching $388.3 billion, up 6.9% year on year. New policy premiums from mainland visitors were $34.1 billion, down 15.8%, accounting for 28.3% of total new policy premiums for individual business. Gross premiums for general insurance were $40.5 billion, up 7.1%, while underwriting swung from a loss of $193 million to a profit of $87 million.
Why read this: The article lists specific figures for gross premiums in the first three quarters, long-term business and new premiums from mainland visitors, along with year-on-year changes, allowing verification of overall growth and the performance of individual segments.
The Insurance Authority has launched a two-month public consultation on the "fit and proper" criteria and continuing professional training guidelines for licensed insurance intermediaries, closing on 30 November 2018. Individual licensees must attain grade 2 or above in five subjects in the Hong Kong Diploma of Secondary Education Examination (including Chinese or English and Mathematics), continuing training hours will rise from 10 to 15 hours per year, with at least 3 hours in ethics or regulatory disciplines.
Why read this: The consultation paper sets out minimum academic qualifications, 15 hours of training per year and three-year transitional arrangements, allowing verification of the new system's specific requirements for practitioners.
The Insurance Authority released provisional statistics for Hong Kong's insurance industry in the first half of 2018. Gross premiums totalled $253.7 billion during the period, up 7.2% from the same period last year. Premium income from long-term in-force business was $225.8 billion, up 6.9%, while gross premiums from general insurance business were $27.9 billion, up 9.6%. New policy premiums from mainland visitors were $22.3 billion, down 26.6%, accounting for 26.6% of total new policy premiums from individual business.
Why read this: New policy premiums from mainland visitors fell 26.6% year on year, with about 95% being medical or protection-type products, allowing comparison with changes in the structure of visitor demand.
The Insurance Authority and the China Banking and Insurance Regulatory Commission have reached consensus that, under the "China Risk Oriented Solvency Testing System" (C-ROSS, commonly known as "C-ROSS II"), capital requirements for mainland insurance companies ceding business to qualifying professional reinsurers in Hong Kong will be reduced. The preferential measures are based on the framework agreement signed by the regulators of the two places on 16 May 2017, under which each other's solvency regulatory effectiveness is temporarily recognised as equivalent or similar during a transitional period of four years pending completion of the assessment work. For details, please refer to Notice CBIRC [2018] No. 34.
Why read this: The announcement explains that the preferential measures are based on the framework agreement signed in 2017 and the transitional period of four years for mutual recognition of equivalence, allowing readers to understand the prerequisites for the reduced capital requirements.
Translation is not available yet. Showing the Traditional Chinese version.
保監局公布2017年香港保險業臨時統計數字，全年毛保費總額$4,896億，按年上升9.1%。長期業務保費收入升9.5%至$4,415億，內地訪客新造保單保費下跌30.1%至$508億，佔個人業務總新造保單保費的32.6%。一般業務整體承保表現由$16億利潤轉為$7.92億虧損。
Why read this: 全文列出2017年毛保費按年升9.1%的分項數據，可核對內地訪客新造保單保費回落30.1%及其佔比。
Translation is not available yet. Showing the Traditional Chinese version.
保監局公布2017年首三季香港保險業臨時統計，毛保費總額$3,632億，按年上升11%。長期業務有效業務保費收入升11.6%至$3,254億，內地訪客新造保單保費由2016年第四季$237億降至2017年第三季$101億。一般業務毛保費增5.8%至$378億。
Why read this: 統計把長期與一般業務的保費和承保表現分開列出，並附內地訪客新造保單保費按季的回落數字，方便逐項核對。
The Insurance Authority will levy a premium charge on policyholders in accordance with the law from 1 January 2018, at an initial rate of 0.04% of the premium per policy year, rising gradually to 0.1%. In the first phase, the cap for life insurance is $40 per policy year and $2,000 for general insurance; failure to pay the maximum amount in accordance with the law may result in a fine of up to $5,000.
Why read this: The press release sets out the levy rates and caps in four phases from 2018, allowing policyholders to check the maximum amount payable per policy year according to policy type and premium amount.
The Insurance Authority released provisional statistics for Hong Kong's insurance industry for the first half of 2017, with gross premiums of $236.7 billion, up 14.1% year on year. Premium income from long-term business in force rose 15.1% to $211.2 billion, while gross premiums for general insurance grew 6% to $25.5 billion, and overall underwriting profit fell from $1.1 billion to $369 million.
Why read this: The article lists the 14.1% year-on-year rise in gross premiums and the changes in individual business segments, allowing verification of the performance differences between life and general insurance.
The Insurance Authority will replace the Insurance Companies Ordinance regulator, the Insurance Authority office, a government department, in regulating insurers from 26 June 2017, and the Insurance Authority office will be dissolved on the same day. The new regime will widen the scope of regulation of insurers, and the Insurance Authority plans to implement a statutory licensing regime for insurance intermediaries within two years. The Insurance Authority will charge authorisation fees to insurers from the same day, and plans to levy a premium on policyholders from 1 January 2018; the subsidiary legislation has been submitted to the Legislative Council for scrutiny.
Why read this: The press release sets out the effective date, staffing establishment and fee schedule, allowing readers to check the transition arrangements and the progress of the premium levy.
Translation is not available yet. Showing the Traditional Chinese version.
保監局將由二零一七年六月二十六日（交接日）起取代保險業監理處規管保險公司，保監處同日解散。政府將於四月二十一日在憲報刊登《2017年〈2015年保險公司（修訂）條例〉（生效日期）公告》及八項附屬法例，並於四月二十六日提交立法會先訂立後審議。保監局日後將接手三個自律規管機構規管保險中介人的職能。
Why read this: 公布列明交接日期與將同步刊憲的八項附屬法例，讀者可核對規管權責何時由保監處轉移到保監局。