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New appointment of Commissioner of Insurance

Edwards Wildman Palmer LLP
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Hong Kong
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October 16 2009

On 14 September 2009, Ms. Annie Choi assumed the post of Commissioner of Insurance, succeeding Mr. Clement Cheung who became Postmaster General on the same day

Insurance market performance in 2008 and 2009 to date

Edwards Wildman Palmer LLP
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Hong Kong
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October 16 2009

According to the Provisional Statistics on Hong Kong Insurance Business for 2008 recently published by the Hong Kong Insurance Authority (IA), gross premiums for general insurance business increased by 11.3 to HK$27 billion and net premiums were up 12.3 to HK$19.2 billion, compared with 2007

Rising demand for yuan policies

Edwards Wildman Palmer LLP
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Hong Kong
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March 12 2010

Chan Kin-por, legislator representing the insurance sector in Hong Kong's Legislative Council, recently told the South China Morning Post that many customers and insurance agents have urged him to seek a regulatory change to help the launch of yuan-denominated policies as many people believe that the yuan will appreciate in value over the next few decades and yuan life insurance policies may bring policyholders 20 to 50 growth in terms of investment returns and valuation gains

Hong Kong and Guangdong sign cooperation agreement

Edwards Wildman Palmer LLP
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China, Hong Kong
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April 16 2010

The Governor of Guangdong Province, representing the Guangdong Provincial Government, and the Chief Executive of the Hong Kong Special Administrative Region (the SAR) signed a Framework Agreement on Hong KongGuangdong Co-operation (the Framework Agreement) at a signing ceremony in Beijing on 7 April 2010

Hong Kong Life Insurance Council elected a new chairman

Edwards Wildman Palmer LLP
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Hong Kong
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January 29 2010

The Hong Kong Federation of Insurers (HKFI) announced on 6 January 2010 that Mr Alex W Y Chu, Chief Executive of HSBC Life (International) Limited, has been unanimously elected Chairman of the Life Insurance Council to fill the vacancy arising from the death of Mr K.Y. To

Tightened requirements on the sale of ILAS products

Edwards Wildman Palmer LLP
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Hong Kong
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February 1 2010

In September 2009, the Hong Kong Life Insurance Council (HKLIC) introduced a set of new requirements in relation to the sale of Investment-linked Assurance Scheme (ILAS) products

Enforceability of Hong Kong arbitral awards in mainland China

Edwards Wildman Palmer LLP
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China, Hong Kong
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February 2 2010

The Supreme People's Court of the People's Republic of China recently issued a letter on 30 December 2009 to all Higher People's Courts in mainland China confirming that ad hoc arbitral awards made in Hong Kong and those arbitral awards made in Hong Kong by the International Court of Arbitration of the International Chamber of Commerce and other foreign arbitration institutions are enforceable in mainland China in accordance with the Arrangement concerning Mutual Enforcement of Arbitral Awards between mainland China and the Hong Kong Special Administrative Region signed in 1999 (the "Arrangement"

Hong Kong: launch of yuan-denominated policies in Hong Kong

Edwards Wildman Palmer LLP
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Hong Kong
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June 21 2010

In order to tap investor expectations of a rising yuan (RMB), insurers are preparing to launch yuan-denominated policies as a new product offering for insurers in the Hong Kong market

General (non-life) insurance industry's Q1 gross premiums grow 16.2

Edwards Wildman Palmer LLP
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Hong Kong
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June 22 2010

The Office of the Commissioner of Insurance in Hong Kong has announced that in Q1 of 2010, gross premiums for general (non-life) insurance business grew 16.2 to HK$9.2 billion and net premiums grew 14.4 to HK$6.5 billion compared to Q1 of 2009

Insurers win at Court of First Instance in Severe Acute Respiratory Syndrome claim dispute

Edwards Wildman Palmer LLP
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Hong Kong
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May 12 2010

In World Harbourview Hotel Co. Ltd & Others v ACE Insurance & Others 2010 HKCFI 327, the High Court of the Hong Kong Special Administrative Region Court of First Instance considered a claim filed under insurance policies in respect of business interruption suffered as a result of the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003

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