Bill published to enhance Hong Kong’s role as a leading life insurance hub
FWD Group (“FWD”) today gave its full support to the Insurance (Amendment) (No.2) Bill 2020 (The Bill), which was published on 20 March 2020. The Bill seeks to amend the Insurance Ordinance (Cap. 41) (IO) to enhance the regulatory framework for the regulation and supervision of insurance groups where a holding company for the group is incorporated in Hong Kong. The Bill will be introduced into the Legislative Council for first reading on March 25.
Huynh Thanh Phong,FWD Group Chief Executive Officer, commented, “As a pan-Asian insurer headquartered in Hong Kong, FWD fully supports the passage of the bill which will further cement Hong Kong’s position as a leading life insurance hub with international practices and a number of other advantageous factors such as its maturity, development, dynamism and geographic proximity to China. The genesis of FWD in Hong Kong serves as a pertinent example of the city’s wider pan-Asian opportunity to be a leading regional insurance hub.”.
Ken Lau, Managing Director for Greater China and Chief Executive Officer of FWD Hong Kong, said, “Hong Kong has been a leader in supporting regulatory simplicity in order to enable greater ease of understanding of insurance products to customers. The Insurance Authority has already made substantial efforts to introduce regulatory and industry advancement through both technological and financial innovations. We welcome such enhancements to the regulatory framework of our industry, which plays such an important role in people's lives and the local economy.”.
FWD Group has rapidly established itself as an innovative and dynamic insurer first in Hong Kong and Macau, then in Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia. It currently serves more than 7.4 million customers and has more than 6,400 employees across Asia.
The Government published the Insurance (Amendment) (No. 2) Bill 2020 (the Bill) in the Gazette, which can be accessed here.
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