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Authored by: Scott Carnachan
The Insurance (Amendment) Ordinance 2023 was gazetted on 14 July 2023. It (i) provides the framework for risk based capital requirements for authorized insurers, (ii) amends the existing provisions relating to approval of “controllers” of authorized insurers, and (iii) makes other streamlining changes to the operation of the Insurance Ordinance. The changes are the same as set out in the Insurance (Amendment) Bill 2023. We summarised the changes in our previous newsletter article, available here. The changes will come into effect on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette. The target is to commence the risk based capital regime within 2024.
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