The Insurance Companies (Amendment) Ordinance 2015 was enacted on 10 July 2015.

Main contents:

1. It establishes an independent Insurance Authority (IA) as a statutory body, replacing the Office of the Commissioner of Insurance (OCI), which was a government department.

2. The IA was established under the Ordinance on 7 December 2015 and formally took over all the regulatory functions of the OCI in respect of insurance companies on 26 June 2017 (the OCI was dissolved on the same day), and the Insurance Companies Ordinance was renamed the Insurance Ordinance at the same time.

3. Since then, the supervision of all Hong Kong insurance companies, including captive insurers, has been the responsibility of the independent statutory body, the IA, further enhancing the independence, professionalism and transparency of supervision.

History of the IA: https://www.ia.org.hk/tc/aboutus/role/history.html