Hong Kong (SAR) Insurance Alert – Insurance (Amendment) Bill 2023

A Risk-based Capital (RBC) regime for Hong Kong is likely to be introduced in 2024 following the introduction of the proposed Insurance (Amendment) Bill to LegCo earlier this year. Our summary gives an overview of the key changes that the new Bill will introduce.

The changes are a milestone in the Insurance Authority’s efforts to make the sector more resilient and risk-based, and will have a significant impact on insurers in the city. The flyer also reviews the key implications for insurers and what insurance firms should be doing now to prepare as Hong Kong moves to the RBC regime in the near future.