Insurance Companies

Overview

Hong Kong is a major insurance hub due to its strategic geographical location in the Greater Bay Area, the Belt and Road Region, as well as the greater Asia-Pacific region. The insurance industry in Hong Kong has not only steadily grown over the past few years, but has also witnessed major changes on the regulatory and technological side. InsurTech players are now beginning to challenge incumbent institutions to provide more technologically advanced risk management solutions. The creation of a statutorily-independent Insurance Authority is a significant milestone in regulatory reform of the industry.

We have a deep understanding of corporate and regulatory issues affecting the insurance and re-insurance industries, particularly in respect of long-term business. We have represented insurance companies navigating the newly enacted Insurance Ordinance and dealing with the new statutory Insurance Authority. We have worked with insurance brokerage firms and insurance agencies in respect of the outgoing self-regulatory system operated by the Professional Insurance Brokers Association, the Confederation of Insurance Brokers and the Insurance Agents Registration Board and are up-to-date on the evolving new statutory licensing regime and regulatory framework by which the Insurance Authority will directly regulate these intermediaries.

We have represented insurance companies navigating the regulatory regime in their day-to-day operations as well as in respect of mergers and acquisitions and other change of controller transactions. We have related experience with the Mandatory Provident Fund Schemes Ordinance as it applies to insurance companies offering mandatory provident fund scheme products as well as the Securities and Futures Ordinance as it applies to investment linked assurance schemes and mandatory provident fund schemes authorized by the Securities and Futures Commission. We have represented insurance sector clients in enforcement action and in appeals from enforcement action.

Experience

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  • Co-counsel to a private investment firm in relation to its USD500 million acquisition of a global asset management operation

  • Regulatory Counsel to a Fortune Global 500 insurance company as vendor of an acquisition worth HKD7.9 billion and HKD3.6 billion worth of shares regarding regulatory issues under the regimes of the Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority

  • Advising a listed global insurance company with annual revenues over GBP17 billion and a market capitalization over GBP16 billion in respect of regulatory requirements applicable to its family of investment-linked assurance schemes

  • Co-counsel to a private investment firm in relation to its USD500 million acquisition of a global asset management operation

  • Regulatory Counsel to a Fortune Global 500 insurance company as vendor of an acquisition worth HKD7.9 billion and HKD3.6 billion worth of shares regarding regulatory issues under the regimes of the Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority

  • Advising a listed global insurance company with annual revenues over GBP17 billion and a market capitalization over GBP16 billion in respect of regulatory requirements applicable to its family of investment-linked assurance schemes

Awards

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  • Corporate INTL Magazine

    Regulatory Law Firm of the Year in Hong Kong

    Financial Services Regulatory

  • Chambers & Partners

    Leading Practice

    Financial Services Regulatory

  • Chambers & Partners

    Leading Individual

    Financial Services Regulatory

  • Legal 500

    Leading Individual

    Financial Services Regulatory

  • Legal 500

    "Recommended Practice"

    Financial Services Regulatory

  • IFLR 1000

    Leading Practice

    Financial Services Regulatory

  • Asialaw Profiles

    Leading Practice

    Financial Services Regulatory

  • Asialaw Profiles

    Market-Leading Lawyer

    Financial Services Regulatory

  • Chambers & Partners

    Leading Lawyer

    Financial Services Regulatory

  • Asialaw Leading Lawyers

    Market-Leading Lawyer

    Financial Services Regulatory

  • Asialaw Profiles

    Outstanding Practice

    Financial Services Regulatory

  • IFLR 1000

    "Positively Ranked"

    Financial Services Regulatory

  • IFLR 1000

    Highly Regarded Lawyer

    Financial Services Regulatory

  • Chambers & Partners

    Well Regarded Lawyer

    Financial Services Regulatory

  • Corporate INTL Magazine

    Regulatory Law Firm of the Year in Hong Kong

    Financial Services Regulatory

  • Chambers & Partners

    Leading Practice

    Financial Services Regulatory

  • Chambers & Partners

    Leading Individual

    Financial Services Regulatory

  • Legal 500

    Leading Individual

    Financial Services Regulatory

  • Legal 500

    "Recommended Practice"

    Financial Services Regulatory

  • IFLR 1000

    Leading Practice

    Financial Services Regulatory

  • Asialaw Profiles

    Leading Practice

    Financial Services Regulatory

  • Asialaw Profiles

    Market-Leading Lawyer

    Financial Services Regulatory

  • Chambers & Partners

    Leading Lawyer

    Financial Services Regulatory

  • Asialaw Leading Lawyers

    Market-Leading Lawyer

    Financial Services Regulatory

  • Asialaw Profiles

    Outstanding Practice

    Financial Services Regulatory

  • IFLR 1000

    "Positively Ranked"

    Financial Services Regulatory

  • IFLR 1000

    Highly Regarded Lawyer

    Financial Services Regulatory

  • Chambers & Partners

    Well Regarded Lawyer

    Financial Services Regulatory

Insights

  • A New Era for Hong Kong's Asset Management Industry

    2017 and 2018 witnessed rapid changes, including the introduction of the new OFCs regime and measures to tighten regulation on how funds are managed and sold, as well as proposals to make tax exemptions for private equity and hedge funds more accessible.

  • Increased Transparency at Heart of Hong Kong Regulatory Changes

    Hong Kong has continued to maintain its status as a leading financial centre throughout 2016 and into 2017, and there have been a number of regulatory developments since last year's edition of the IFC Review. Consultation on Asset Management Regulation and Point-of-Sale Transparency In November 2016, the Securities and Futures Commission (SFC) published a consultation paper on proposals to enhance asset management regulation and point-of-sale transparency.

  • Hong Kong: "China's Bermuda"

    Events now rapidly evolving on the South China coast may have a comparable seismic impact on the international reinsurance industry. Based on recent announcements by the mainland China and Hong Kong authorities, Hong Kong could be transforming into “China’s Bermuda."