
IA approves SAIC Motor Insurance for captive operations in Hong Kong
This is the second captive authorisation in Hong Kong this year.
The Hong Kong Insurance Authority (HKIA) has authorised SAIC Motor Insurance Limited, a captive insurance company set up by SAIC Motor Corporation Limited.
This is the second captive authorisation in Hong Kong this year.
HKIA Chief Executive Officer Clement Cheung said the regulator is focusing on meeting the risk management needs of state-owned and private enterprises in Mainland China and local multinational conglomerates.
The HKIA is also studying options to allow more captive structures and expand risk coverage to strengthen Hong Kong’s competitiveness as a captive insurance hub.