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The Hong Kong Legislative Council passed the Insurance Companies (Amendment) Bill 2014 on 10 July 2015. The Ordinance was gazetted on 17 July 2015 and will come into operation on a date to be specified by the Secretary for Financial Services and the Treasury (the Financial Secretary) in the Gazette.
The Financial Secretary has indicated that the Ordinance will be brought into force in three stages. This is to facilitate the transition from the existing Office of the Commissioner of Insurance (OCI) and the self-regulatory regime for insurance intermediaries to the independent Insurance Authority (IA), which will be established under the Ordinance.
Stage 1: a Provisional Insurance Authority (PIA) is expected to be set up by the end of 2015. The PIA will be given certain administrative powers to undertake key preparatory work, such as recruitment of senior executives. The self-regulatory system for insurance brokers and insurance agents will continue.
Stage 2: The IA will take over the work of the OCI, starting approximately one year after the PIA is set up. The IA will carry out preparatory work for regulating insurance intermediaries, including subsidiary legislation, codes of conduct for insurance intermediaries, and regulatory guidelines. It is expected that there will be public consultations.
Stage 3: Introduction of the statutory licensing regime for insurance intermediaries to replace the existing self-regulatory regime (currently operated by the Insurance Agents Registration Board, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association (SROs).
It is expected that the three-stage process will take two to three years.
Highlights of the Ordinance include:
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