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Legal Update

New Corporate Governance Standards for Authorised Insurers to Ring in the New Year

6 January 2017
Mayer Brown JSM Legal Update

2017 brings a new and modernised set of corporate governance standards to authorised insurers in Hong Kong. The revised edition of the Office of the Commissioner of Insurance (OCI)’s Guidance Note on the Corporate Governance of Authorised Insurers (“Revised GN10”), which sets out the minimum standards of corporate governance expected of authorised insurers, came into effect on 1 January 2017, retiring the original Guidance Note.

Modelled upon the Insurance Core Principles of the International Association of Insurance Supervisors, the Revised GN10 seeks to raise corporate governance standards of insurers in Hong Kong. It requires insurers to more clearly define responsibilities within senior management and control functions as well as the implementation effective risk management and internal controls ensuring stronger checks and balances.

Authors

  • Tow Lu Lim
    Partner
    T +852 2843 4490
  • Sara S. M. Or
    T +852 2843 2268
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