Hong Kong

Insurance Authority (IA) is the independent regulator of the insurance industry in Hong Kong that enjoys independence from the government in both finance and administration. The establishment of the IA came into effect on 7 December 2015 under the provisions of the Insurance Ordinance (Cap. 41). The IA was established to take the place of the former Office of the Commissioner of Insurance, and the shift in regulation of the industry aims to improve public confidence in the system. Headed by Stephen Yiu, SBS, JP, the authority serves as an important institution of protection of the financial system by ensuring the stability of insurers.

The Insurance Authority is involved in regulating and overseeing Hong Kong's insurance industry in order to maintain stability in the market and provide good protection for policyholders. The IA uses strict prudential requirements such as the current RBC system in order to keep track of the solvency levels of the insurance firms and to reduce systemic risks in the industry. In its role as the only statutory licensor of insurance intermediaries, the IA takes care of the conduct of all insurance agents and brokers in Hong Kong by issuing codes of conduct and handling complaints about market misconduct and cross-border mis-selling of insurance products.