HONG KONG, July 12 (Xinhua) -- Hong Kong's Secretary for Financial Services and the Treasury KC Chan said Monday the government of Hong Kong Special Administrative Region (HKSAR) proposes to establish an independent insurance authority, which is both financially and operationally independent of the government.
Chan released a consultation paper Monday on the proposed establishment of an independent insurance authority. The insurance sector and the public are invited to give their views during the three-month study period.
He said it will take over the work of the current Office of the Commissioner of Insurance in Hong Kong, which is a government department.
"We propose the independent authority should be given the required regulatory powers to issue licenses, conduct routine supervision, inspection, and imposing disciplining sanctions against breaches. Such regulatory powers apply not only to insurers, but also to insurance intermediaries, including insurance agents and insurance brokers," he said.