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SFC clarifies the licensing requirements for the promotion, offering or sale of ILAS to the public
- Edwards Wildman Palmer LLP
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- Hong Kong
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- October 16 2009
The Hong Kong Securities and Futures Commission ("SFC") recently issued a circular clarifying that insurers, corporate insurance brokers and individual insurance intermediaries are not required or permitted to be licensed by the SFC under the provisions of the Securities and Futures Ordinance ("SFO") (Chapter 571 of the Laws of Hong Kong) to engage in promoting, offering or selling investment linked assurance schemes ("ILAS") to the Hong Kong public (the "Circular"
The effect of an arbitration agreement in an insurance policy
- Edwards Wildman Palmer LLP
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- Hong Kong
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- March 30 2010
The recent High Court judgment in Rondabosh International Ltd v China Ping An Insurance (Hong Kong) Co Ltd 2009 HKEC 2103 demonstrates the effect of an arbitration agreement in an insurance policy
"High-risk pool" to take heat off health insurers
- Edwards Wildman Palmer LLP
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- Hong Kong
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- August 11 2010
The Government of the Hong Kong Special Administrative Region (the Hong Kong Government) is considering subsidising a separate insurance pool to cover Hong Kong residents at high risk of medical complications (defined as those with medical costs expected to be more than 200 of those of healthy individuals) or those with pre-existing medical conditions (high-risk individuals) who sign up to a proposed voluntary medical scheme (the Scheme) that will be generally open to all Hong Kong residents
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 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
- -
- 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
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
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- Firm Name - Edwards Wildman Palmer LLP
- Author - Jeanne Kohler
- Workarea - Insurance & Reinsurance
- Jurisdiction - Hong Kong
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