Insurance Industries
Hong Kong is home to the largest global centre for personal, commercial and speciality insurance risks. Provided by the Insurance Authority in Hong Kong. as at 30 June 2022, there were 164 authorized insurers in Hong Kong, of which 90 were pure general insurers, 53 were pure long term insurers, 19 were composite insurers and 2 were special purpose insurers. As at 30 June 2022, there were 1,981 licensed insurance agencies, 83,410 licensed individual insurance agents and 24,830 licensed technical representatives (agent).
In addition, there were 819 licensed insurance broker companies and 11,068 licensed technical representatives (broker) on the same date. In 2021, the total gross premiums of the Hong Kong insurance industry increased by 0.06% to HKD$581.7 billion.
GCC Capital provides an intergraded approach in dealing with regulatory & compliance, and sustainability communications under one roof to ensure all communications to stakeholders are in one voice.
- License application and authorisation for insurance licenses & and insurance intermediaries under the Insurance Ordinance (“IO”)
- Ongoing regulatory compliance, including compliance with applicable insurance laws, regulations and requirements issued by Insurance Authority (“IA”) and other codes, guidelines and other regulatory guidance issued by the Securities and Futures Commission (“SFC”), such as investment-linked assurance schemes regulated by the Code of Investment Linked Assurance Schemes (“ILAS Code”) and mandatory provident fund (“MPF”) products regulated jointly by the IA, the SFC and the Mandatory Provident Fund Schemes Authority (“MPFA”)
- Advisory on Anti-money laundering and counter terrorist financing matters, including account opening procedures, customer due diligence, and other policies and procedures in respect of Know-your-client for the purpose of compliance with AML/CTF requirements under Hong Kong law and regulatory guidance provided by IA.