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.