Their task is to ensure that all regulated entities are complying with the provisions established in the Insurance Act of 1994 and the Insurance Regulations, 1995.
The Hong Kong Financial Trading Authority always seeks to act in the best interests of both current and prospective policyholders while facilitating the continued development of a viable, healthy, competitive and innovative insurance industry. With the risk-based supervisory process, the Hong Kong Financial Trading Authority classifies all regulated entities according to a number of specifications in each and every insurance class.
The Hong Kong Financial Trading Authority’s supervisory system also includes careful review of audited financial returns, senior management meetings and on-site visits and inspections. Actuarial certification of loss reserves is required annually for Class 3 and Class 4 companies, and thrice a year for Class 2 companies.Weighing the possible and particular early identification of areas of non-compliance and emerging problems, Hong Kong Financial Trading Authoritydevotes its full attention to these areas that need most of the attention.
The Hong Kong Financial Trading Authority is a member of the International Association of Insurance Supervisors and has closely involved with the association in the development of guidelines for the betterment of global insurance regulations.