HONG KONG, Sept 25 (Bernama-BUSINESS WIRE) — Hong Kong’s new risk-based capital regulatory framework is expected to strengthen enterprise risk management (ERM) practices among the (re)insurers doing business there, according to a new AM Best report.
The Best’s Special Report includes details and analysis on the risk-based framework that was implemented on 1 July 2024, replacing the legacy Hong Kong insurance ordinance-based regime. The new regulatory framework comprises three individual pillars that address quantitative requirements, qualitative requirements and disclosure requirements.