Regulatory Alerts2018-03-16
Added · Updated
Transfer of General Insurance Business of The Hong Kong Mortgage Corporation Limited
The Hong Kong Monetary Authority outlines supervisory treatments for authorized institutions regarding the transfer of The Hong Kong Mortgage Corporation Limited's general insurance business to its subsidiary, HKMC Insurance Limited. The letter specifies interim capital adequacy requirements and confirms that existing concessionary measures for the SME Financing Guarantee Scheme will continue to apply under the new insurer. Additionally, the HKMA advises on managing large exposure limits during the legislative transition period before statutory exemptions for the new entity are enacted.