The Hong Kong Federation of Insurers (HKFI) today (20 March 2020) welcomes the Financial Services and the Treasury Bureau (FSTB) in introducing two amendment bills on the Insurance Linked Securities (ILS) and Group-wide Supervision (GWS) into the Legislative Council (LegCo).

The two bills on ILS and GWS seek to amend the Insurance Ordinance (Cap. 41) with two major purposes – the former aims at facilitating the issuance of ILS in Hong Kong market in order to improve the competitiveness of insurance industry and thereby enhance the sustainable industry development while the latter can strengthen the regulatory regime and bring it in line with international standards, which is conducive to the development of insurance sector and Hong Kong’s role as an international financial hub.

“The HKFI is glad to note that the FSTB has introduced the two insurance bills to the LegCo. We are particularly grateful to the FSTB and the Insurance Authority for their readiness to listen to our views on the legislative proposals and address the legitimate concerns of the industry, “said Mr Praveen Daswani, Chairman of the Hong Kong Federation of Insurers. “In this trying time, the introduction of the bills is of paramount importance in supporting the sustainable and healthy growth as well as propelling further development of the industry.”

Looking ahead, the HKFI will continue working closely with the authorities to promote and uplift the status of Hong Kong in the international financial arena.