Marina Sherer (HK)

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Summary Hong Kong has recently introduced fit and proper requirements for “key persons in control functions”. As a result, an insurer must now obtain the Insurance Authority’s prior approval before appointing a key person in a control function. Individuals who were key persons in control functions before 26 June 2017 can benefit from the Insurance Authority’s transitional arrangements which allow an application for approval to be lodged up to 30 September 2017 and for the…
What you and your board need to know Changes to GN10 From 1 January 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), will take effect. The second phase of changes (which are more substantive) will take effect from 1 January 2018, allowing more time for transition. A new requirement for persons in “control functions” to be fit and proper and for…