Hong Kong Gov't Mulls Insurance Authority

Hong Kong is eyeing an independent insurance authority that will work outside the structure of the government, a plan that was first raised 16 years ago but is now back in the spotlight after the collapse of US insurer AIG in 2008.

 

A report by the South China Morning Post reveals the Commission on Insurance will release a consultation paper in the first half of the year.  The office will also open consultation in the third quarter of the year regarding an insurance policyholders protection fund, adds the newspaper.

 

Chan Kin-por, legislator for the insurance sector, told the Post he supports the idea but warns the new authority should not over-regulate insurers.
 

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