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“AI and sustainability - cure or curse?”
While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
Global | Publication | October 2015
The Hong Kong Legislative Council passed the Insurance Companies (Amendment) Bill 2014 on July 10, 2015. We consider the main changes being introduced in order to modernise the regulation of Insurance in Hong Kong.
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. Public consultations are expected.
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).
The three-stage process is expected to take two to three years.
Highlights of the Ordinance include:
The Insurance Companies (Amendment) Ordinance 2015 was gazetted on 17 July 2015 and certain provisions will be effective on 7 December 2015
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While AI can help resolve data issues in sustainable investing, it can create problems such as information breaches and inherent bias in data.
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