Sun Life HK receives regulatory approval for early RBC regime adoption
Sun Life HK receives regulatory approval for early RBC regime adoption | Insurance Business Asia
Life & Health
Sun Life HK receives regulatory approval for early RBC regime adoption
The company is one of few that transitioned to the regime earlier than scheduled
Life & Health
By
Kenneth Araullo
Sun Life Hong Kong has announced its receipt of approval from the Hong Kong Insurance Authority (IA) for the early adoption of the risk-based capital (RBC) regime.
This places Sun Life HK among the few insurers in Hong Kong to have transitioned to the RBC regime ahead of schedule, a feat which the insurer touted as underscoring its robust risk management capabilities and financial stability.
The RBC regime offers a significant advantage by unlocking surplus capital through effective risk management and a diversified insurance product portfolio. This liberated capital serves as a sturdy foundation, enabling insurers who have adopted the regime to seize future growth opportunities.
Taking effect at the end of June this year, the new solvency capital basis introduced by the RBC regime provides a more transparent and precise reflection of Sun Life HK’s genuine financial position and economic value.
“The implementation of the new RBC regime has further enhanced Hong Kong’s capital regime, representing a significant step towards fostering the long-term development of the insurance industry and deepening Hong Kong’s position as an international financial centre. We take great pride in receiving regulatory approval for early adoption of RBC and are grateful for the tremendous efforts of our teams over the past year,” Sun Life HK CEO Clement Lam (pictured) said.
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