The Insurance Authority (IA) of Hong Kong has welcomed the initiation of consultation and legislative work on Article 23 of the Basic Law by the Hong Kong Special Administrative Region (HKSAR) government.
This move aims to enhance the legal framework, uphold national security, and ensure social stability, providing a sturdy groundwork for Hong Kong's financial and economic advancement.
IA Chair Stephen Yiu said the government's move will contribute to establishing a secure and well-organised business environment.
“The legislative work is an important step in fulfilling our constitutional duty. It helps create a safe and orderly business environment, strengthen investor confidence, and reinforce Hong Kong’s position as an international financial centre and global risk management centre,” he said. “We support the HKSAR government's efforts in explaining its legislative work to all stakeholders.”
IA will collaborate with the insurance industry to assist in getting a clear understanding of the legislative proposals.
In other news, the IA recently issued a warning regarding a fake website posing as an insurance broker.
