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Hong Kong has potential to develop into reinsurance hub, says expert

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Lawrence Lau Juen-yee, chairman of CIC International (Hong Kong) Co. Ltd., said Hong Kong's "advantages in legal system and market liquidity can help the city to become a reinsurance center after Zurich and London," The Standard reported.

Au King-chi, Permanent Secretary for Financial Services and the Treasury Bureau, said that in order to attract business the government will halve the profit tax rate on captive insurers for 2013-2014 assessment year.

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