- CNTV English - CCTV News

HK government proposes to establish independent insurance authority

07-12-2010 18:17 BJT

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.

Editor:Jin Lin |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program