Insurance Ordinance

(1)
The principal function of the Authority shall be to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders.
(Amended
12 of 2015 s. 2
)
(2)
Without limiting the generality of subsection (1), the Authority
shall—
(Amended
12 of 2015 s. 2
)
(a)
be responsible for supervising an authorized insurer’s and a licensed insurance intermediary’s compliance with the provisions of this Ordinance;
(Replaced
12 of 2015 s. 12
)
(b)
consider and propose reforms of the law relating to insurance business;
(c)
promote and encourage the adoption of proper standards of conduct and sound and prudent business practices by authorized insurers;
(Replaced
12 of 2015 s. 12
)
(d)
promote and encourage the adoption of proper standards of conduct by licensed insurance intermediaries;
(Replaced
12 of 2015 s. 12
)
(da)
review and, if necessary, propose reforms of the systems for regulating authorized insurers and licensed insurance intermediaries;
(Added
12 of 2015 s. 12
)
(e)
(Repealed
12 of 2015 s. 12
)
(ea)
regulate the conduct of insurance intermediaries through a licensing regime;
(Added
12 of 2015 s. 12
)
(eb)
promote the understanding by policy holders and potential policy holders of insurance products and the insurance industry;
(Added
12 of 2015 s. 12
)
(ec)
formulate effective regulatory strategies and facilitate the sustainable market development of the insurance industry, and promote the competitiveness of the insurance industry in the global insurance market;
(Added
12 of 2015 s. 12
)
(ed)
conduct studies into matters affecting the insurance industry;
(Added
12 of 2015 s. 12
)
(ee)
assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate measures in relation to the insurance industry;
(Added
12 of 2015 s. 12
)
(f)
co-operate with and assist financial services supervisory authorities of Hong Kong or of any place outside Hong Kong, whenever appropriate, to the extent permitted by this Ordinance; and
(g)
perform functions imposed or conferred on the Authority by this or any other Ordinance.
(Added
16 of 2012 s. 23
. Amended
12 of 2015 s. 2 & 12
)
(3)
(Repealed
12 of 2015 s. 12
)