Today, Hong Kong’s insurance sector celebrates a significant stride as the government unveils its consultation conclusion and legislative proposals advocating for an international insurers’ re-domiciliation in Hong Kong.
The Hong Kong Federation of Insurers (HKFI) and the Insurance Authority (IA) have enthusiastically embraced the government’s move. The long-awaited legislative framework aims to facilitate the relocation of international insurers to Hong Kong, aligning with industry demands for a streamlined process.
HKFI has mobilized a dedicated Special Project Team to support this initiative, offering crucial legal and technical guidance.
“This legislation marks a pivotal moment for Hong Kong, reinforcing its stature as a global financial center and a leading insurance hub. It provides a clear pathway for companies, predominantly operating in Hong Kong but domiciled elsewhere, to seamlessly re-establish themselves here,” remarked Patrick Graham, Chairman of the Special Project Team on Re-domiciliation to Hong Kong.
The IA echoed these sentiments, underscoring the sector’s call for a regulatory framework enabling offshore companies with substantial local operations to relocate their headquarters to Hong Kong seamlessly.
“This move signifies a resounding vote of confidence in our competitiveness as an international financial center,” affirmed Clement Cheung, CEO of the IA.
The introduction of this legislation marks a strategic initiative aimed at enhancing Hong Kong’s attractiveness as a preferred domicile for global insurers, reinforcing its pivotal role in the global insurance landscape.
