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HSBC Approved to Set up Captive Insurer in HK; Christopher Hui: Govt To Continue to Review Policies to Attract More Firms to Set up Bases in HK
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The Insurance Authority (IA) has granted new authorization to Wayfoong (Asia) Limited, a wholly-owned subsidiary of the HSBC Group and the first captive insurer formed by a multinational enterprise based in Hong Kong. Secretary for Financial Services and the Treasury, Christopher Hui, welcomed the move, and said Hong Kong has strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as establish captive insurers. The decision of HSBC to set up a captive insurer here underscores its solid confidence and firm commitment in Hong Kong. Given the current global situation where risks take on new dimensions, the Hong Kong government will continuously revisit its policy tools with a view to attracting more multinational enterprises from various regions and of multiple scales to choose Hong Kong as the base of their captive insurers. AAStocks Financial News |
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