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New Arrival Butterworths Hong Kong Insurance Law Handbook

Butterworths Hong Kong Insurance Law Handbook

  • Author:
  • Publisher: LexisNexis Hong Kong
  • ISBN: 9789888601745
  • Published In: June 2020
  • Format: Paperback
  • Jurisdiction: Hong Kong ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 1,800.00

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  • Description 
  • Contents 
  • Author 
  • Details

    In its first edition, this handbook will be an essential resource for anyone seeking to gain a key understanding of laws governing insurance in Hong Kong. This handbook presents the text of the Insurance Ordinance (Cap 41), together with all relevant subsidiary legislation. It contains amendment notes, carefully researched case authorities, expert commentary, key definitions, and other authoritative material presented in a concise and succinct style.

    On 23 September 2019, the independent Insurance Authority (“IA”) was established, which has significantly transformed the insurance industry regulatory infrastructure in Hong Kong. Financially and operationally independent, the IA is vested with licensing, supervision and disciplinary powers over insurers and insurance intermediaries, and its formation can be considered the most considerable reform initiative in the insurance industry. With these developments in mind, this Handbook reproduces the text of the Insurance Ordinance (Cap 41) and all relevant subsidiary legislation as currently in force, together with a concise and straightforward introduction to the principles and current developments of insurance law in Hong Kong. Section-by-section annotations encompass significant judicial decisions, as well as notes ranging from definitions of words and phrases to discussion on practical aspects and contentious issues. In addition, cross-references are made to subsidiary legislation and to tables and forms where necessary. This Handbook will be an essential companion for lawyers, businesspersons, in-house counsel, academics and all those who are engaged with or interested in insurance law in Hong Kong.

    The new edition of the Handbook includes updated commentary across a wide variety of topics including:

    • Principles stated in Swiss Reinsurance Company Limited [2019] HKCFI 2850, 17, which reiterates the legal framework governing sanction under section 24 of the Insurance Ordinance (Cap. 41)
    • The historical background and various stages of legislative development leading to the enactment of the Insurance Companies (Amendment) Ordinance 2015 on 10 July 2015, and the implementation of all parts of it on 23 September 2019
    • The amendments to Part X and the new Part XI of the Insurance Ordinance which took effect from 23 September 2019, which provide the legislative framework for the regulation of insurance intermediaries in Hong Kong
    • The amendments to Part II to Part VII of the IO which took effect from 26 June 2017 when the Insurance Authority took over the work of the Office of the Commissioner of Insurance (OCI), including the regulation of insurance companies in Hong Kong.
    • Clarification of the law of agency under Section 68 of the IO. This is to be aligned with the common law position in Thanakham Kasikorn Thai Chamakat v Akai Holdings Ltd (2010 13 HKCFAR 479), that an insurer would not have to be responsible for the acts of its appointed insurance agent if the relevant policy holder knows that the insurance agent’s acts are outside the latter’s authority
    • Functions of the Insurance Authority: Under the 2015 Amendment Ordinance, the IA is expected to work with the insurance industry and promote healthy practices among practitioners, as well as educate the public on insurance products and the nature of insurance.
    • Powers of the Insurance Authority: The IA is vested with appropriate powers of inspection, investigation and imposing disciplinary sanctions including reprimand, fines, suspension or revocation of licence of insurance intermediaries or authorization of insurers.
  • Introduction to Insurance Ordinance 
    Insurance Ordinance (Cap. 41)
    Insurance (Actuaries’ Qualifications) Regulation (Cap. 41A)
    Insurance (Prescribed Fees) Regulation (Cap. 41B)
    Insurance (Authorization and Annual Fees) Regulation (Cap. 41C)
    Insurance Companies (Miscellaneous Fees) Regulation (Cap. 41D)
    Insurance (Determination of Long Term Liabilities) Rules (Cap. 41E)
    Insurance (Margin of Solvency) Rules (Cap. 41F)
    Insurance (General Business) (Valuation) Rules (Cap. 41G)
    Insurance (Actuaries’ Standards) Rules (Cap. 41H)
    Insurance (Levy) Regulation (Cap. 41I)
    Insurance (Levy) Order (Cap. 41J)
    Insurance (Maximum Number of Authorized Insurers) Rules (Cap. 41K)
    Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L)
  • Serina KS Chan, Insurance Authority - in-house counsel
    Sabrina SY Ho, Des Voeux Chambers - barrister-at-law

    Serina KS Chan has served financial regulators in Hong Kong for 10 years in roles including legal adviser and senior executive, and was briefly seconded to a PRC financial regulator in early 2014. She is experienced in advising and monitoring the compliance of legal and regulatory requirements of market participants of the insurance and asset management industries in Hong Kong. Prior to that, she practiced as a corporate lawyer in major Hong Kong and international firms in Hong Kong, advising financial institutions and multi-national corporations on mergers and acquisitions, initial public offerings and other corporate transactions. Serina was admitted as a solicitor in Hong Kong in 2001 and in England and Wales in 2002.

    Sabrina SY Ho joined Des Voeux Chambers in 2009 upon completion of her pupillage. She practises in all areas of civil work, with emphasis in commercial, company and insurance law. Within a broad commercial remit, she offers particularly focused expertise in the areas of company law and insurance and contributed to the successful outcome for the defendant in Elite Dragon Limited v BEL Global Resources Holdings Limited, a High Court case which largely concerned the application of the law governing the extent of directors’ fiduciary duties. She was a former member of the Companies Law Committee of the Hong Kong Bar Association. Fluent in Mandarin and written Chinese, Sabrina has been involved in various Court cases and arbitrations (both HKIAC and CIETAC arbitrations) concerning Mainland corporates and individuals. She is currently a member of the Greater China Affairs Committee and the China Practice Development Committee of the Hong Kong Bar Association. She is a committee member of the Hong Kong and Mainland Legal Profession Association. She is the legal consultant of Jiangsu Sunfair Law Firm, Nanjing (江蘇南京三法律師事務所)

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