HK's new legislation welcomed by insurance industry

The legislation advocates for international insurers to re-domicile in Hong Kong.

The Hong Kong Federation of Insurers (HKFI) and the Insurance Authority (IA) have welcomed the Government's consultation conclusion and legislative proposals for introducing a company re-domiciliation regime, announced today (3 July).

The insurance industry has been advocating for a legal mechanism to facilitate international insurers re-domiciling to Hong Kong.

HKFI has established a Special Project Team to support this initiative by providing legal and technical advice.

“This legislation marks a positive step for Hong Kong in bolstering its role as an international financial centre and a global insurance hub. It paves a clear path for companies, whose main business lies in Hong Kong but are domiciled elsewhere, to seamlessly re-domicile to Hong Kong,” said Patrick Graham, chairman of Special Project Team on Re-domiciliation to Hong Kong.

The IA echoed this sentiment. “The insurance sector has been calling for a regime that enables offshore companies with significant local presence to relocate their headquarters back to Hong Kong in a seamless manner. This is indeed a strong vote of confidence in our competitiveness as an international financial centre,” said Clement Cheung, chief executive officer of the IA.

Follow the link for more news on

Hong Kong Insurance Authority

insurance

Also Read

bolttech secures $50m venture debt from HSBC, expands market

Enhanced SME Financing Guarantee Scheme officially in effect

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit