IA announces authorization of two new captive insurers in HK

The Insurance Authority announced the authorizations of two new captive insurers established by The Hongkong and Shanghai Hotels (0045) and SF Holding (6936) respectively on Wednesday, bringing the total number of captive insurance companies in Hong Kong to nine.
Insurance Authority chief executive Clement Cheung pointed out that the addition of the two companies confirms its successful implementation of the development strategy of focusing on local multinational enterprises, mainland Chinese state-owned enterprises and private enterprises, and building Hong Kong into a leading risk management center. 
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said that the decision once again proves the firm confidence of domestic and overseas companies in Hong Kong's robust regulatory system and superior business environment.
He believes the gradual expansion of the captive insurance market in Hong Kong will further strengthen the city's position as a leading insurance and risk management hub in Asia. 
The government has proactively introduced incentives in recent years, including reducing profits tax rate by 50 percent for captive insurance business, making Hong Kong more competitive than other Asian markets in terms of tax concessions.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓