HONG KONG, Hong Kong's new risk-based capital regulatory framework is expected to strengthen enterprise risk management (ERM) practices among the (re)insurers doing business there, according to a new AM Best report. The Best's Special Report includes details and analysis on the risk-based framework that was implemented on 1 July 2024, replacing the legacy Hong Kong insurance ordinance-based regime. The new regulatory framework comprises three individual pillars that address quantitative requirements, qualitative requirements and disclosure requirements. Source: BERNAMA News Agency
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