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The Insurance Authority (IA) today (December 19) entered into a Memorandum of Understanding (MOU) with the Financial Reporting Council (FRC).
The MOU aims to provide a mechanism for effective communication and cooperation between the two organisations.
The Financial Reporting Council Ordinance (Cap 588) provides, among other things, for certain notification and consultation requirements on the FRC where the listed entity that is the subject of investigation or enquiry is an insurer authorised under the Insurance Companies Ordinance (Cap 41).
The FRC is a body corporate established under the Financial Reporting Council Ordinance (Cap 588) which commenced operations in July 2007. Its main functions are to investigate, with respect to listed entities, auditing and reporting irregularities, enquire into non-compliance with financial reporting requirements and, where appropriate, to require listed entities to remove any non-compliance identified.
The IA is appointed pursuant to, and is responsible for administering, the Insurance Companies Ordinance (Cap 41). The principal functions of the IA are to ensure that the interests of policyholders or potential policyholders are protected and to promote the general stability of the insurance industry.
Content of the MOU is available on the websites of the Office of the Commissioner of Insurance (www.oci.gov.hk) and the FRC (www.frc.org.hk).
Ends/Wednesday, December 19, 2007
Issued at HKT 16:31
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