OCI publishes Annual Report 2016

Hong Kong (HKSAR) -      The Office of the Commissioner of Insurance (OCI) today (March 17) published its Annual Report for 2016. In the past year, concerted efforts were made to prepare for the new regulatory regime underpinned by the independent Insurance Authority.

     The Commissioner of Insurance, Mr John Leung, said, "While working in full swing to pave way for the necessary technical updates to the regulations, guidance notes and guidelines to ensure a smooth transition, we are mindful of continuously sharpening our current supervisory tools for the protection of policyholders and development of the insurance industry.

     "We revised the Guidance Note on the Corporate Governance of Authorised Insurers, issued the Guidance Note on Reinsurance, and are working closely with life insurers to facilitate their compliance with the Guidance Note on Underwriting Long Term Insurance Business (other than Class C Business). The latter can help our insurance industry to follow international best practices in fair treatment of customers, which would in turn further increase their confidence in the industry.

    "The regulatory framework is also marching towards a Risk-based Capital Regime.

With four Industry Focus Groups established to discuss the technical aspects, we aim to prepare for Quantitative Impact Studies in the next stage."

     On counterparts' co-operation, with the enactment of the Financial Institutions (Resolution) Ordinance in June 2016, the OCI together with other local financial regulators successfully set up an effective resolution regime for systemically important financial institutions. On the international front, the OCI co-operates with foreign counterparts through actively participating in international conferences and supervisory colleges.

     Mr Leung said, "In financial technology (Fintech) aspects, insurers are increasingly taking the initiative to explore business opportunities by pursuing Fintech application. A number of life insurers are reviewing and investing resources in revamping digital sales channels and online sales processes.

We hope that the Fintech developments of insurers will earn for them more business opportunities by providing their customers with an all-dimension service equivalent to that of their international competitors."

     As at December 31, 2016, there were 160 authorised insurers, 92,465 appointed insurance agents (including their responsible officers and technical representatives) and 10,208 authorised insurance brokers (including their chief executives and technical representatives) operating in Hong Kong.

     The OCI Annual Report 2016 provides a summary analysis of insurance statistics and an overview of key activities undertaken by the OCI. The annual report has been uploaded to the OCI website at http://www.oci.gov.hk" target="_blank">www.oci.gov.hk.

Published on: 2017-03-17

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