Financial Secretary said in his blog that the Development (Town Planning, Land and Engineering) (Miscellaneous Amendments) Bill 2022, passed by the Legislative Council two weeks ago, will take effect on 1 September this year. The time for releasing the first batch of prepared land for large-scale projects can be compressed from over a decade to about seven years, while the conversion of public housing raw land into prepared land can be shortened from at least six years to about four years. The government has identified future land supply sources of 7,300 hectares.
Why read this: The article sets out specific time targets after streamlining procedures, such as the first batch of prepared land for large-scale projects being compressed from over a decade to about seven years, allowing readers to verify the effectiveness.
Jul 7Fri
Fri
Translation is not available yet. Showing the Traditional Chinese version.
The Insurance Authority welcomes the formal implementation of the Guangdong-Hong Kong cross-boundary motor insurance "mutual recognition" policy. From July 1, Hong Kong private car owners entering Guangdong Province through the "Hong Kong vehicles travelling north" scheme who purchase a Hong Kong policy complying with the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) may have their coverage extended to the mainland compulsory traffic accident liability insurance, without the need to purchase separate policies in both places. Currently, 16 Hong Kong insurers are ready to launch "mutual recognition" products.
Why read this: The announcement specifies the effective date, the change in coverage under a single policy, and the number of insurers ready, allowing the actual arrangements to be verified.
The Insurance Authority alerts the public to the unauthorised "Hong Kong Prudential Insurance Company Limited", whose insurance-related registered name has not been approved by the Insurance Authority. It is neither an authorised insurer nor a licensed intermediary and cannot carry on insurance business in Hong Kong. Prudential General Insurance Company Limited and Prudential Insurance Company Limited have confirmed they have no association with it. Those who have provided personal information to it or transacted with it should consider reporting the matter to the police.
Why read this: The press release names the unauthorised company and states that contravening section 120 of the Insurance Ordinance carries a fine of HK$200,000 and imprisonment for 2 years, allowing readers to verify against the register.
The Insurance (Amendment) Bill 2023 was gazetted on 6 April 2023, providing the legal framework for implementing a risk-based capital regime for Hong Kong's insurance industry, which the Insurance Authority welcomed. The regime requires insurers to maintain capital levels commensurate with the risks they assume, comprising three pillars: quantitative assessment, corporate governance and risk management, and disclosure requirements. The Bill provides the legal basis for the first and third pillars.
Why read this: The Bill still requires scrutiny by the Legislative Council after gazettal. The article sets out the division of roles among the three pillars and notes that the second pillar is already covered by guidelines effective since 2020, allowing readers to understand the progression of capital requirements for insurers.
Feb 5Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.
The Insurance Authority alerted the public to fraudsters impersonating insurance intermediaries of Sun Life Hong Kong to send WhatsApp loan messages, and luring them into downloading malware or logging into the scam website http://sun-lifegroup.com. Sun Life confirmed it was not involved in the incident and has referred the matter to the Hong Kong Police Force for investigation; anyone who has provided information or made transactions should call 2103-8928 and report to the police.
Why read this: The Insurance Authority lists the impersonated companies, scam websites and customer service hotlines, allowing affected members of the public to check them one by one and report to police in accordance with the guidelines.
The Government began distributing the second phase of consumption vouchers in instalments to about 6.36 million eligible citizens today, totalling over $30 billion. About 6.21 million people received the first instalment of $2,000 today, while about 150,000 new registrants received a first instalment of $3,000, injecting nearly $13 billion of spending power into the local retail and catering markets. The number of optional electronic payment tools increased from four to six, and the blog also discussed the popularisation of electronic payments and the development of the digital economy.
Why read this: The blog lists the number of eligible people for the second phase of consumption vouchers, the amount of the first instalment and how to collect them, and explains the progress of the review, allowing readers to check the amount they can receive.
Jul 17Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.
The manager appointed by the Insurance Authority has filed a winding-up petition against Tai Ka Insurance Company Limited, alleging that Tai Ka is insolvent and has breached statutory regulatory requirements. About 30,000 policies are affected, mainly motor policies (about 96%), which will remain in force until their expiry dates; motor third-party and employees' compensation claims will be handled by MIB and ECIIB, which are estimated to account for about 94% of Tai Ka Insurance's liabilities. The HK$250 million statutory deposit held by Tai Ka and held in custody in the name of the Insurance Authority, together with assets expected to be realised, should be sufficient to pay all valid claims.
Why read this: The announcement sets out the handling arrangements for about 30,000 affected policies and various claims, and states that the HK$250 million statutory deposit and two compensation funds are sufficient to meet insurance liabilities.
Jul 10Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.
The Insurance Authority and the Hong Kong Monetary Authority each issued a circular on 1 April 2022, clarifying regulatory standards for the use of premium financing to take out life insurance policies, and introduced the Important Facts Statement — Premium Financing, requiring customers to complete and sign it for each new policy application using premium financing. The circulars also cover affordability assessment, additional measures for customers whose borrowing may be excessively leveraged, sales practices and training, with all regulatory standards and requirements taking effect on 1 January 2023.
Why read this: The circulars state an effective date of 1 January 2023 and set out areas including affordability assessment, allowing compliance timelines for insurers and intermediaries to be checked.
Mar 20Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.
The Insurance Authority has issued a circular to all authorised life insurance companies, opening up the distribution of all life insurance products, including investment-linked life insurance, through online channels to reduce the risk of infection during the sales process. The temporary facilitation measures for non-face-to-face sales of specified protection products will be extended to 30 September 2022, the cooling-off period for policies sold through the remote underwriting sandbox must be extended to no less than 30 days, and the Insurance Authority has set up a fast track to process sandbox applications.
Why read this: The circular sets out three specific arrangements, including the extension of the facilitation measures to 30 September 2022 and a cooling-off period of no less than 30 days, allowing readers to check the terms applicable when they took out their policies.
Feb 27Sun
Sun
Translation is not available yet. Showing the Traditional Chinese version.