The Hong Kong Federation of Insurers has welcomed the second-round consultation on the proposed establishment of an independent insurance authority (IIA).
The second round follows the launch of a three-month public consultation on the key legislative amendments to the Insurance Companies Ordinance (Cap 41) for the establishment of an independent insurance authority.
Professor K C Chan, secretary for Hong Kong financial services and the Treasury, said: "The establishment of an IIA to replace the Office of the Commissioner of Insurance, a government department, is in line with the international practice for financial regulators to be independent of the government operationally and financially.
"The consultation marks another milestone towards the modernisation of the insurance industry regulatory infrastructure and the introduction of a statutory licensing regime for insurance intermediaries to facilitate the stable development of the industry and provide better protection for policyholders.
"We look forward to receiving views on the legislative amendments. Subject to the views of the Legislative Council and the public, we aim to introduce an Insurance Companies (Amendment) Bill into the Legislative Council in 2013, with a view to establishing the IIA in 2015."
Agnes Choi, chairman of the HKFI, said: "We support the proposal in principle and are pleased to learn that the administration has responded positively to our suggestion and will conduct a second round consultation with the industry".
The HKFI has set up a special taskforce under its governing committee to formulate an industry response. The HKFI will now consult its member companies and, where necessary, gather views from other industry bodies.
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