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People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2014: Issue 206
Language:
English
Publication Date:
16 Jul 2014
DOI:
https://doi.org/10.5089/9781498358125.002
ISBN:
9781498358125
ISSN:
1934-7685
Pages:
107
Keywords:
ISCR; CR; insurance intermediary; risk management; insurance business; insurance group; holding company; corporate governance; long-term insurer; reinsurance arrangement; Insurance companies; Insurance; Virtual currencies; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Asia and Pacific
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This Insurance Core Principles Detailed Assessment Report was prepared in the context of the Financial Sector Assessment Program for the People’s Republic of China–Hong Kong Special Administrative Region (HKSAR). The report describes that the insurance penetration and density in HKSAR is among the top 10 in the world. Foreign-owned insurers are dominant in the HKSAR insurance sector, and account for about 72 percent of total assets as at end-2012. The long-term insurance industry is highly concentrated, while the market share of general insurance industry is more evenly distributed. All except one of the top-10 insurance groups are all foreign owned, with much larger consolidated operations compared to their operations in HKSAR. The Insurance Authority is responsible for regulating and supervising the insurance industry of the HKSAR. It is supported by the Office of the Commissioner of Insurance, a government department in the HKSAR. A self-regulatory system is used to supervise the conduct of business of intermediaries.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund