New Group Capital Rule to Boost Hong Kong Insurance Market

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New Group Capital Rule to Boost Hong Kong Insurance Market Hong Kong Insurance BEST’S COMMENTARYOur Insight, Your Advantage. September 3, 2020 New Group Capital Rule to Boost Hong Kong Insurance Market Hong Kong’s Insurance Authority (IA) launched an industry-wide consultation on a proposed New proposed Group Capital Rule (GCR) on 19 August 2020. This proposed regulation, which will enhance the IA’s supervision of insurance holding companies, is expected to be credit positive for insurance rule to groups in the Hong Kong insurance industry. AM Best considers the introduction of the GCR – which will augment the current regulatory framework to allow the IA to monitor multinational empower insurance groups on a group basis – to be beneficial to the group-wide risk and capital the regulator management culture of insurance entities. The closer collaboration between the regulators across jurisdictions will also help to reduce compliance costs for the industry. with greater supervisory The IA acts as the group supervisor to several multinational insurance organisations, including AIA Group Limited (AIA), Prudential plc (Prudential), and FWD Group. Among authority over these, AIA and Prudential have been identified as internationally active insurance groups insurance according to Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) criteria set out by the International Association of Insurance Supervisors holding (IAIS). As the regulator of a group’s main insurance operations domiciled in Hong Kong, companies the IA currently takes an indirect approach that mainly involves the continual fit and proper assessments of the insurance holding companies’ ability to manage their subsidiaries, as well as liaison and cooperation with other regulators of a group’s member operations. Proposed legislative amendments will seek to align the Insurance Ordinance and related rules with the IAIS’ supervisory principles for more effective group-wide supervision. The three-pillar GCR, which is similar to the Solvency II regime, and congruent with Hong Kong’s new risk-based capital framework, will extend powers to the IA in regulating international insurance groups, while granting it additional authority applicable at the holding company level. The first pillar specifies two levels of group capital requirements (group minimum and group prescribed capital requirements respectively), and includes eligibility and tiering requisites for group capital resources; the second pillar sets out group-based risk management and governance conditions including a group internal economic capital assessment and an own risk solvency assessment, while the third pillar details regulatory and public disclosures. Apart from the proposed GCR, supervisory cooperation and coordination remain essential to facilitate supervision on a group-wide and cross-border basis. As such, the preferential treatment Analytical Contacts: to capital solvency regimes between the China Banking and Insurance Regulatory Commission Ken Lau, Hong Kong +852 2827 3426 and the IA will foster greater mutual understanding between the two insurance supervisors. [email protected] AM Best notes that the GCR will complement recent insurance regulatory headway in Hong Christie Lee, Hong Kong +852 2827 3413 Kong – such as the implementation of risk-based capital and enterprise risk management [email protected] requirements – and serve in the development of a more holistic and robust insurance supervision framework. This will also promote the healthy growth of the insurance market Editorial Manager: given stronger risk governance, and boost the confidence of both policyholders and investors, Dawn Sit, Singapore +65 6303 5015 while proposed tax benefits for reinsurance and designated insurance lines of business are [email protected] expected to add greater incentive to companies, as well as raise Hong Kong’s competitive edge. As such, AM Best considers the recent and anticipated regulatory changes to be credit 2020-164 positive for insurance companies in Hong Kong over the intermediate to long term. Copyright © 2020 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. No portion of this content may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior SINCE 1899 written permission of AM Best. While the content was obtained from sources believed to be reliable, its accuracy is not guaranteed. For additional details, refer to our Terms of Use available at the AM Best website: www.ambest.com/terms. Commentary Hong Kong Insurance Best’s Commentary Published by AM Best Best’s Financial Strength Rating (FSR): an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance BEST’S COMMENTARY policies or contracts. A.M. Best Company, Inc. Oldwick, NJ Best’s Issuer Credit Rating (ICR): an independent opinion of an entity’s CHAIRMAN, PRESIDENT & CEO Arthur Snyder III ability to meet its ongoing financial obligations and can be issued on either a SENIOR VICE PRESIDENTS Alessandra L. Czarnecki, Thomas J. Plummer long- or short-term basis. GROUP VICE PRESIDENT Lee McDonald Best’s Issue Credit Rating (IR): an independent opinion of credit quality A.M. Best Rating Services, Inc. assigned to issues that gauges the ability to meet the terms of the obligation Oldwick, NJ and can be issued on a long- or short-term basis (obligations with original PRESIDENT & CEO Matthew C. Mosher maturities generally less than one year). EXECUTIVE VICE PRESIDENT & COO James Gillard SENIOR MANAGING DIRECTORS Edward H. Easop, Stefan W. Holzberger, Andrea Keenan Rating Disclosure: Use and Limitations SENIOR VICE PRESIDENT James F. Snee A Best’s Credit Rating (BCR) is a forward-looking independent and objective AMERICAS opinion regarding an insurer’s, issuer’s or financial obligation’s relative WORLD HEADQUARTERS creditworthiness. The opinion represents a comprehensive analysis consisting A.M. Best Company, Inc. A.M. Best Rating Services, Inc. of a quantitative and qualitative evaluation of balance sheet strength, operating 1 Ambest Road, Oldwick, NJ 08858 performance, business profile, and enterprise risk management or, where Phone: +1 908 439 2200 appropriate, the specific nature and details of a security. Because a BCR is a MEXICO CITY forward-looking opinion as of the date it is released, it cannot be considered as A.M. Best América Latina, S.A. de C.V. Paseo de la Reforma 412, Piso 23, Mexico City, Mexico a fact or guarantee of future credit quality and therefore cannot be described Phone: +52 55 1102 2720 as accurate or inaccurate. A BCR is a relative measure of risk that implies credit NEW YORK quality and is assigned using a scale with a defined population of categories and 54W. 40th Street, 8th Floor, Suite 815, New York, NY 10018 notches. Entities or obligations assigned the same BCR symbol developed using Phone: +1 212 209 6285 the same scale, should not be viewed as completely identical in terms of credit EUROPE, MIDDLE EAST & AFRICA (EMEA) quality. Alternatively, they are alike in category (or notches within a category), LONDON but given there is a prescribed progression of categories (and notches) used in A.M. Best Europe - Information Services Ltd. assigning the ratings of a much larger population of entities or obligations, the A.M. Best Europe - Rating Services Ltd. 12 Arthur Street, 6th Floor, London, UK EC4R 9AB categories (notches) cannot mirror the precise subtleties of risk that are inherent Phone: +44 20 7626 6264 within similarly rated entities or obligations. While a BCR reflects the opinion of AMSTERDAM A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an A.M. Best (EU) Rating Services B.V. indicator or predictor of defined impairment or default probability with respect to NoMA House, Gustav Mahlerlaan 1212, 1081 LA Amsterdam, Netherlands any specific insurer, issuer or financial obligation. A BCR is not investment advice, Phone: +31 20 308 5420 nor should it be construed as a consulting or advisory service, as such; it is not DUBAI* A.M. Best - MENA, South & Central Asia* intended to be utilized as a recommendation to purchase, hold or terminate any Office 102, Tower 2, Currency House, DIFC insurance policy, contract, security or any other financial obligation, nor does it P.O. Box 506617, Dubai, UAE address the suitability of any particular policy or contract for a specific purpose or Phone: +971 4375 2780 *Regulated by the DFSA as a Representative Office purchaser. Users of a BCR should not rely on it in making any investment decision; ASIA-PACIFIC however, if used, the BCR must be considered as only one factor. 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