Office Of Commissioner Of Insurance Hong Kong

Office of Commissioner of Insurance (OCI) is the regulatory body established in June 1990 in Hong Kong, for the administration of the Insurance Companies Ordinance. The OCI is headed by the commissioner of Insurance who has been appointed as the Insurance Authority.

The missions of the OCI are to protect the interests of policyholders and to promote the general stability of the insurance industry. The visions are o facilitate financial market developments, o enhance the general public's understanding of insurance, thus enhancing the status of Hong Kong as a major international insurance center with a world class supervisory regime.

The OCI has three divisions of responsibilities: General Business Division with responsibilities like processing applications of general business insurance authorization, Supervision of insurers carrying on general insurance business. Long Term Business Division with responsibilities like processing applications of long term business insurance authorization, publishing insurance statistics on the Hong Kong long term insurance market. Policy and Development Division with responsibilities like legislation and guidelines development on insurance supervision, Publication and public education.

The Insurance Authorities? main functions are ensuring protection of interests of policy holders or potential policy holders and promoting the general stability of the insurance industry. Other major functions of Insurance Authority are: Authorization, Regulation of Insurers, Regulation of Insurance Intermediaries and Liaison with the Insurance Industry.
Authorization is to carry on insurance business in or from Hong Kong. Regulation of Insurers is to ensure the financial soundness and integrity of the insurance market. Regulation of Insurance Intermediaries is to authorize insurance agents and handle complaint from public relating to insurance agents. Liaison with the Insurance Industry is to ensure keeping OCI with market developments and provide adequate protection to the insuring public. The performance pledge of the OCI covers services like search on registers at counters, photocopying services, enquiries, and handling of complaints. The OCI has eight Regulatory framework for providing efficient and quality performance.

The OCI being the prudential regulator, also is the market enabler, committed to facilitating the healthy development of the industry with regulatory controls that will better protect the insuring public, but at the same time not unduly burdensome to market players.

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This article was prepared by GuideMeHongKong.com - a Hong Kong-focused portal that provides comprehensive, accurate and current information to global business professionals and entrepreneurs about doing business, relocation, and living in Hong Kong. To learn more details about setting up a business in Hong Kong, visit our HK Incorporation website.