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Independent Insurance Authority to be set up in Hong Kong

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The Legislative Council of Hong Kong has passed the Insurance Companies (Amendment) Bill 2014, reported Asia Insurance Review.

The Bill provides for, among other things, the establishment of the Independent Insurance Authority in 2016 and a statutory licensing regime for insurance intermediaries to replace the existing self-regulatory system.

"The establishment of the IIA is the most important regulatory reform in the insurance sector since the passage of the Insurance Companies Ordinance in 1983," K C Chan, Hong Kong's secretary for financial services and the treasury said.

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