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Hong Kong's new risk-based capital (RBC) regime, implemented in July 2024, marks a significant shift for insurers. This framework aligns capital requirements with risk profiles, enhancing market stability through better asset and liability matching. The Insurance Authority's CEO, Clement Cheung, emphasized the regime's potential to usher in a new era for the insurance industry.
The RBC regime was developed through extensive quantitative impact studies, reflecting the industry's adaptability amid market volatility. Future reviews of the framework are anticipated to ensure its effectiveness, while the introduction of innovative technologies aims to enhance financial inclusion and customer experience. The ongoing collaboration between the Insurance Authority and stakeholders is crucial for the timely implementation of new regulations.
South China Morning Post 7month
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