| Date
| Context
| Summary of development
| Action
|
|---|
| 3/03
| BS
| The Financial Secretary announced in the 2003-04 Budget that the Administration was studying arrangements to turn the Office of the Commissioner of Insurance (OCI) into an agency independent of the Government. Such an arrangement is in line with international regulatory trends. [2003-04 Budget Speech "paragraph 42"]
|
|
| 5/03
| - | OCI briefed the Insurance Advisory Committee on the proposal to review the institutional set up of OCI and consult the insurance industry and other relevant stakeholders on the proposal. [Press release] [Information document]
|
|
| 5/03 | FA | A letter dated 29.5.03 from the Commissioner of Insurance on the "Proposal to review the Institutional Set-up of the Office of the Commissioner of Insurance" was circulated to the Panel. [Letter]
|
|
|
6.11.03
| FA | The Panel discussed with the Administration on the idea of turning OCI into an independent regulator and the results of the recent consultation with stakeholders. [Paper]
Members had great reservations on the proposal and requested the Administration to provide information, including operating cost and governance of the Insurance Authority after independence. [Minutes "page 6"]
The Administration updated members on the current position on the subject vide a letter dated 13.12.04. [Letter]
|
|
