FWD Group supports bill to enhance Group-wide regulatory supervision in Hong Kong’s insurance industry
Bill published to enhance Hong Kong’s role as a leading life insurance hub
Hong Kong, 20 March 2020 – FWD Group (“FWD”) today gave its full support to the Insurance (Amendment) (No.2) Bill 2020 (The Bill), which was published on 20 March 2020. The Bill seeks to amend the Insurance Ordinance (Cap. 41) (IO) to enhance the regulatory framework for the regulation and supervision of insurance groups where a holding company for the group is incorporated in Hong Kong. The Bill will be introduced into the Legislative Council for first reading on March 25.
Huynh Thanh Phong, FWD Group Chief Executive Officer, commented, “As a pan-Asian insurer headquartered in Hong Kong, FWD fully supports the passage of the bill which will further cement Hong Kong’s position as a leading life insurance hub with international practices and a number of other advantageous factors such as its maturity, development, dynamism and geographic proximity to China. The genesis of FWD in Hong Kong serves as a pertinent example of the city’s wider pan-Asian opportunity to be a leading regional insurance hub.”
Ken Lau, Managing Director for Greater China and Chief Executive Officer of FWD Hong Kong, said, “Hong Kong has been a leader in supporting regulatory simplicity in order to enable greater ease of understanding of insurance products to customers. The Insurance Authority has already made substantial efforts to introduce regulatory and industry advancement through both technological and financial innovations. We welcome such enhancements to the regulatory framework of our industry, which plays such an important role in people's lives and the local economy.”
FWD Group has rapidly established itself as an innovative and dynamic insurer first in Hong Kong and Macau, then in Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia. It currently serves more than 7.4 million customers and has more than 6,400 employees across Asia.
The Government published the Insurance (Amendment) (No. 2) Bill 2020 (the Bill) in the Gazette, which can be accessed here.
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About FWD Group
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and family takaful products across several its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD is the insurance business of investment group, Pacific Century Group.
For more information please visit WWW.FWD.COM