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Photo courtesy of Sun Life Hong Kong

Sun Life Hong Kong gets green light to adopt risk-based capital regulation

Implementation of the new solvency capital basis took effect last 30 June. 

Sun Life Hong Kong received approval from the Hong Kong Insurance Authority (HKIA) for early adoption of the risk-based capital (RBC) regime, making it part of the few insurers in the market to transition to the RBC regime ahead of schedule.

“The implementation of the new RBC regime has further enhanced Hong Kong’s capital regime, representing a significant step towards fostering the long-term development of the insurance industry and deepening Hong Kong’s position as an international financial centre.”Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited, said.

One notable advantage of the RBC regime is its capacity to release a substantial amount of surplus capital through effective risk management and a diversified insurance product portfolio. This surplus capital forms a solid foundation for Sun Life Hong Kong to invest in future growth opportunities.

ALSO READ: Sun Life Hong Kong Introduces ESG-focused life plan

The implementation of the new solvency capital basis took effect on 30 June. 

The RBC regime offers a more transparent and accurate representation of Sun Life Hong Kong's actual financial position and economic value, further bolstering its strong solvency standing.

 

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