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Office of the Commissioner of Insurance The Government of the Hong Kong Special Administrative Region http://www.info.gov.hk/oci/. Independent Non-Executive Directors –The Case for Hong Kong Insurers. Mr. Richard Yuen Commissioner of Insurance. Introduction.

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independent non executive directors the case for hong kong insurers

Office of the Commissioner of InsuranceThe Government of the Hong Kong Special Administrative Regionhttp://www.info.gov.hk/oci/

Independent Non-Executive Directors –The Case for Hong Kong Insurers

Mr. Richard YuenCommissioner of Insurance

introduction
Introduction
  • Corporate governance recognized internationally
  • Standards issued by insurance regulators
introduction cont d
Introduction (cont’d)
  • Guidance Note on the Corporate Governance of Authorized Insurers
    • Promulgated by theInsurance Authority (IA)in August 2002
    • Effective date: 1 September 2003
    • Requires appointment of INEDs
importance of independent non executive directors ineds
Importance of Independent Non-Executive Directors (INEDs)
  • Provide independent and objective opinions
  • Assist the Board to make sound decisions
  • Help maintain appropriate checks and balances
requirements about ineds
Requirements about INEDs
  • INEDs not less than one-fifth of the Board
  • INEDs must be fit and proper persons
  • INEDs should be individuals with sufficient calibre and breadth of experience
requirements about ineds cont d
Requirements about INEDs (cont’d)
  • INEDs should be free from any business or other relationships with the authorized insurer
  • At least one INED in the Audit Committee
requirements about ineds cont d1
Requirements about INEDs (cont’d)
  • Circumstances in which a director is unlikely to be considered an INED:
    • Employee
    • Director of a company within the same group
    • Controller
    • Associate of director or controller
    • Person having significant financial association with the insurer
compliance status
Compliance Status
  • Authorized insurers in Hong Kong generally comply with the INED requirements

Survey on Corporate Governance in Sept 2003

At least one-fifth of the Board composed of INEDs

Authorized Insurers

Non-compliance

continuous professional development
Continuous Professional Development
  • Directors and INEDs to receive training
  • INEDs to make reference to relevant guidelines
international association of insurance supervisors iais missions
International Association of Insurance Supervisors (IAIS) - Missions
  • Enhance cooperation among insurance supervisors
  • Unite their efforts to develop practical standards
  • Provide assistance to safeguard the integrity of markets
  • Exchange information
iais key activities setting global insurance standards
IAIS - Key Activities: Setting Global Insurance Standards
  • Capital adequacy and solvency
  • Accounting
  • Reinsurance
  • Transparency and disclosure
iais observer members
IAIS – Observer Members
  • Exist since 1999
  • Insurance professionals
  • > 80 Observers
  • Receive draft IAIS standards and training materials for comment
  • Take part in IAIS working parties
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