IA welcomes initiatives from 2023 Policy Address

IA welcomes initiatives from 2023 Policy Address | Insurance Business Asia

Insurance News

IA welcomes initiatives from 2023 Policy Address

It called for the elevation of the city state’s status as an international financial centre

Insurance News

By
Kenneth Araullo

The Hong Kong Insurance Authority (IA) has expressed its support for the measures outlined in the 2023 Policy Address delivered by the chief executive, with a particular focus on advancing the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and enhancing Hong Kong’s stature as an international financial hub.

IA chairman Stephen Yiu said that the organisation remains committed to fostering connectivity within the GBA. He cited the successful coordination efforts of the insurance industry to introduce cross-boundary insurance products which facilitate northbound travel for Hong Kong vehicles, aligning with the Unilateral Recognition Policy introduced in July this year.

“On the establishment of after-sales service centres, a quadripartite platform has been forged among the regulatory authorities in Guangdong, Hong Kong, Macau and Shenzhen to iron out standards and requirements so that all holders of Hong Kong policies residing in Mainland cities of the GBA could enjoy resulting benefits soonest,” Yiu said in a news release.

The chairman also said that the IA is exploring ways to make optimal use of extended care facilities available in the mainland as a means of satisfying retirement support demand for the Hong Kong people.

The regulator also announced its commitment to align with the objectives of the National 14th Five-Year Plan and the strategy of domestic and international dual circulation, as well as give full play to Hong Kong’s pivotal role as a super-connector.

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