HK's new legislation welcomed by insurance industry

The legislation advocates for international insurers to re-domicile in Hong Kong.

The Hong Kong Federation of Insurers (HKFI) and the Insurance Authority (IA) have welcomed the Government's consultation conclusion and legislative proposals for introducing a company re-domiciliation regime, announced today (3 July).

The insurance industry has been advocating for a legal mechanism to facilitate international insurers re-domiciling to Hong Kong. 

HKFI has established a Special Project Team to support this initiative by providing legal and technical advice.

“This legislation marks a positive step for Hong Kong in bolstering its role as an international financial centre and a global insurance hub. It paves a clear path for companies, whose main business lies in Hong Kong but are domiciled elsewhere, to seamlessly re-domicile to Hong Kong,” said Patrick Graham, chairman of Special Project Team on Re-domiciliation to Hong Kong.

The IA echoed this sentiment. “The insurance sector has been calling for a regime that enables offshore companies with significant local presence to relocate their headquarters back to Hong Kong in a seamless manner. This is indeed a strong vote of confidence in our competitiveness as an international financial centre,” said Clement Cheung, chief executive officer of the IA.