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The insurance authority is committed to further enhancing insurance regulation to meet the current challenges, Commissioner of Insurance of Hong Kong SAR government Benjamin Tang said Thursday.
Tang said the Office of the Commissioner of Insurance (OCI) is reviewing Hong Kong's self-regulatory system of insurance intermediaries, making further improvements on the prudential supervision of life insurers, and exploring the feasibility of establishing policy holders' protection funds.
Against the backdrop of terrorist attacks in 2001/02, the OCI is fully committed to the global efforts in protecting insurers and fighting against money laundering and terrorist financing, Tang said
To instill public confidence in the corporate governance standards of authorized insurers, the OCI also promulgated a guidance note, effective on Sept. 1, to set out the minimum standard of corporate governance, Tang told reporters.
He said the OCI will continue to keep close track of the dynamic and challenging market developments.
"Amidst the wave of globalization, IT revolution and market convergence, we shall strengthen our dialogue and cooperation with other financial services regulators, both local and overseas," he said.
"Strategically located at the gateway to the mainland, Hong Kong continues to be an attractive place for multinational insurers to set up their businesses," Tang said.
(Xinhua News Agency February 20, 2003)
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