Governance, Risk and Compliance - The Hong Kong Insurance Industry

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Employee compensation insurance
2.4.3 Building owners' corporations third-party liability insurance
2.4.4 Professional indemnity insurance for insurance brokers
2.4.5 Civil aviation liability insurance
2.4.6 Fidelity insurance for licence institutions dealing in securities and future contracts
2.4.7 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 The Insurance Authority
2.5.3 The Hong Kong Federation of Insurers (HKFI)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Hong Kong - Insurance Regulatory Framework Key Features
Table 3: Hong Kong - Life Insurance Regulatory Framework
Table 4: Hong Kong - Property Insurance Regulatory Framework
Table 5: Hong Kong - Motor Insurance Regulatory Framework
Table 6: Hong Kong - Liability Insurance Regulatory Framework
Table 7: Hong Kong - Minimum Cover for Aircraft Liability Per Accident Per Aircraft
Table 8: Hong Kong - Investment limits
Table 9: Hong Kong - Variable Fee for Insurance Companies
Table 10: Hong Kong - Premium Levy Rates and Levy Caps
Table 11: Hong Kong - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Hong Kong - Insurance Supervision and Control at Various Levels
Figure 2: Hong Kong - Insurance Regulatory Frameworks for Company Registration and Operation