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Hong Kong Authorities Seek To Enhance Insurance Regulation

by Mary Swire, Tax-News.com, Hong Kong

23 December 2005


The Hong Kong Securities & Futures Commission and the Insurance Authority have concluded a memorandum of understanding to boost regulation of the insurance sector by enhancing co-operation, exchange of information and mutual assistance.

Under the deal, which took effect from December 20, both parties agree to foster closer co-operation in regulating insurance-related investment products and sharing information regarding the people who are regulated under their respective supervisory regimes.

Both parties also want to promote mutual assistance and the exchange of information so as to fulfil their respective responsibilities more effectively.

Principal points of contact will be established to ensure the smooth operation of arrangements set out in the agreement.

The two regulators agreed to consult each other in the preparation and the issue of further guidelines in relation to the regulation of insurance-related investment products and their operators.


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