The Hong Kong Federation of Insurers (HKFI) today (10 July 2015) welcomes the passing of the Insurance Companies (Amendment) Bill 2014 by the Legislative Council.

“The enactment of the Insurance Companies (Amendment) Bill 2014 is a historic milestone for the insurance industry of Hong Kong,” said Mr Mike Lee, Chairman of the HKFI.  “As the representative body of the insurance industry, the HKFI is glad to play an instrumental role in this important project and help achieve a satisfactory outcome for the good of the industry and consumers.”

The consultation paper on the Proposed Establishment of the Independent Insurance Authority was published in July 2010.  Since then and over the past five years, the HKFI has been working closely with all stakeholders, including Government officials and Legislators, to try to come up with a practical legislative framework which protects consumers and help grow the insurance industry.  The HKFI is grateful to the Financial Services and the Treasury Bureau and the Insurance Authority for their readiness to listen to the views and legitimate concerns of the industry.

“We are confident that working together with the new Independent Insurance Authority, we can help build Hong Kong into a world-class insurance hub in Asia Pacific,” added Mr Lee.

Following the enactment of the Insurance Companies (Amendment) Bill, the HKFI will work with Insurance Authority on the transitional arrangements on issues like the proper transfer of Insurance Agents Registration Board to the new IIA and the drafting of the relevant codes of conducts and guidelines under the new legislative framework.