People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Insurance Core Principles-Detailed Assessment of Observance
IMF Staff Country Reports, July 16, 2014
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Bibliographic details
- Published: July 16, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498358125.002
Overview
- 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.
- Publication date listed: July 16, 2014.
Market structure and concentration
- 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.
- 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.
Regulatory and supervisory framework
- The Insurance Authority is responsible for regulating and supervising the insurance industry of the HKSAR.
- The Insurance Authority 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.
Subjects and keywords (as listed)
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Solvency, Technology, Virtual currencies
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, corporate governance, CR, Global, holding company, Insurance, insurance business, Insurance companies, insurance group, insurance intermediary, ISCR, long-term insurer, reinsurance arrangement, risk management, Solvency, Virtual currencies