First stage of Hong Kong's Insurance Authority to be set up by year-end

Eddie Cheung Kwok-choi, deputy secretary of Hong Kong's Financial Services and the Treasury Bureau, has said that the first stage of the Insurance Authority will be established by the end of 2015, reported Asia Insurance Review citing South China Morning Post.

Mr. Kwok-choi said that the government is identifying candidates to be the chairman and directors of the watchdog.

The watchdog would be set up in three stages, Mr. Kwok-choi said.

In the first stage, the founding board of the watchdog would be formed by the end of 2015.

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