Consultation Paper on Draft Insurance (Special Purpose Business) Rules

In September, the Insurance Authority published a Consultation Paper on Draft Insurance (Special Purpose Business) Rules (“SPB Rules”) for public views.

The proposed SPB Rules seek to tie in with the expected implementation of the new regulatory regime for the issuance of insurance-linked securities (“ILS”) in Hong Kong in 2021.

The Council has reviewed the consultation paper with the assistance of the Insurance Law Committee, the Investment Products and Financial Services Committee and the Retirement Schemes Committee. The Law Society has made a submission on the consultation questions posed. The full submission can be found on the Law Society’s website:

http://www.hklawsoc.org.hk/pub_e/news/submissions/20201027a.pdf

Jurisdictions: