19 Aug 2020
The Insurance Authority launched a six-week public consultation on the draft Insurance (Group Capital) Rules (the “Group Capital Rules”) to tie with the implementation of the new supervisory framework for multinational insurance groups tentatively in the first quarter of 2020.
The main objective of the proposed Group Capital Rules is to set out the requirements in relation to capital, regulatory reporting and public disclosure that apply to an insurance holding company in relation to its insurance group. The Group Capital Rules will apply to insurance holding companies which are designated by the IA as being subject to the GWS framework. Members of the public are welcome to submit their comments to the IA on or before 30 September 2020 by email to comment_gwsgroupcapitalrules@ia.org.hk.
The consultation paper is now available at: https://www.ia.org.hk/en/infocenter/consultation_insurancegroupcapital.html
Read more: https://www.ia.org.hk/en/infocenter/press_releases/20200819.html