On 23 September 2019, the independent Insurance Authority (“IA”) was established, which has significantly transformed the insurance industry regulatory infrastructure in Hong Kong. Financially and operationally independent, the IA is vested with licensing, supervision and disciplinary powers over insurers and insurance intermediaries, and its formation can be considered the most considerable reform initiative in the insurance industry. With these developments in mind, this Handbook reproduces the text of the Insurance Ordinance (Cap 41) and all relevant subsidiary legislation as currently in force, together with a concise and straightforward introduction to the principles and current developments of insurance law in Hong Kong. Section-by-section annotations encompass significant judicial decisions, as well as notes ranging from definitions of words and phrases to discussion on practical aspects and contentious issues. In addition, cross-references are made to subsidiary legislation and to tables and forms where necessary. This Handbook will be an essential companion for lawyers, businesspersons, in-house counsel, academics and all those who are engaged with or interested in insurance law in Hong Kong.
Sabrina SY Ho
Sabrina joined Des Voeux Chambers in 2009 upon completion of her pupillage. She practises in all areas of civil work, with emphasis in commercial, company and insurance law. Within a broad commercial remit, she offers particularly focused expertise in the areas of company law and insurance and contributed to the successful outcome for the defendant in Elite Dragon Limited v BEL Global Resources Holdings Limited, a High Court case which largely concerned the application of the law governing the extent of directors’ fiduciary duties. She was a former member of the Companies Law Committee of the Hong Kong Bar Association. Fluent in Mandarin and written Chinese, Sabrina has been involved in various Court cases and arbitrations (both HKIAC and CIETAC arbitrations) concerning Mainland corporate and individuals. She is currently a member of the Greater China Affairs Committee and the China Practice Development Committee of the Hong Kong Bar Association. She is a committee member of the Hong Kong and Mainland Legal Profession Association. She is the legal consultant of Jiangsu Sunfair Law Firm, Nanjing (江蘇南京三法律師事務所)
Serina KS Chan
Serina KS Chan has served financial regulators in Hong Kong for 10 years in roles including legal adviser and senior executive, and was briefly seconded to a PRC financial regulator in early 2014. She is experienced in advising and monitoring the compliance of legal and regulatory requirements of market participants of the insurance and asset management industries in Hong Kong. Prior to that, she practiced as a corporate lawyer in major Hong Kong and international firms in Hong Kong, advising financial institutions and multi-national corporations on mergers and acquisitions, initial public offerings and other corporate transactions. Serina was admitted as a solicitor in Hong Kong in 2001 and in England and Wales in 2002.
Table of Content
Introduction to Insurance Ordinance
Insurance Ordinance (Cap. 41)
Insurance (Actuaries’ Qualifications) Regulation (Cap. 41A)
Insurance (Prescribed Fees) Regulation (Cap. 41B)
Insurance (Authorization and Annual Fees) Regulation (Cap. 41C)
Insurance Companies (Miscellaneous Fees) Regulation (Cap. 41D)
Insurance (Determination of Long Term Liabilities) Rules (Cap. 41E)
Insurance (Margin of Solvency) Rules (Cap. 41F)
Insurance (General Business) (Valuation) Rules (Cap. 41G)
Insurance (Actuaries’ Standards) Rules (Cap. 41H)
Insurance (Levy) Regulation (Cap. 41I)
Insurance (Levy) Order (Cap. 41J)
Insurance (Maximum Number of Authorized Insurers) Rules (Cap. 41K)
Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L)
