HK Insurance Authority backs legislative developments on Article 23 of Basic Law

HK Insurance Authority backs legislative developments on Article 23 of Basic Law | Insurance Business Asia

Insurance News

HK Insurance Authority backs legislative developments on Article 23 of Basic Law

Move aims to uphold national security and ensure social stability

Insurance News

By
Roxanne Libatique

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.

Industry backs government’s move

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.