Leveraging more than twenty years of experience serving clients in the financial sector, our firm has carved out a strong standing as a preferred organisation for clients in the insurance sector.
Our lawyers have extensive experience advising insurance companies regulated by the Insurance Authority (“IA”). Our experience covers both the corporate side and the regulatory side. We routinely act for insurers in respect of insurance products, including investment linked assurance schemes ("ILAS") and funds regulated by the Mandatory Provident Funds Authority ("MPFA"), and have advised on legal terms and conditions to govern insurance agency and brokerage arrangements.
We have acted in numerous mergers & acquisitions involving insurers and insurance intermediaries and have deep working knowledge of prior approval and notification requirements under the Insurance Ordinance ("IO") upon a change of control, a change in key personnel or a change in business support functions.
We have extensive experience advising on the new licensing regime under the IO and, leveraging years of experience advising under the former Insurance Companies Ordinance and dealing with the former Professional Insurance Brokers Association ("PIBA"), the Hong Kong Confederation of Insurance Brokers ("CIB"), and the Insurance Agents Registration Board ("IARB"), we have developed broad and deep experience with the regulatory framework established by the IA to directly regulate insurance intermediaries.
We provide guidance on registration of insurance intermediaries with the MPFA and advise on ongoing compliance with conduct requirements established by the MPFA.
WHAT WE CAN DO FOR YOU
Armed with deep insights into the insurance industry, Timothy Loh LLP is ready to navigate you through the legal complexities with the following:
Authorized Insurers
Our lawyers have extensive experience advising insurance companies on ongoing authorization requirements under the Insurance Ordinance ("IO"), including guidelines issued by the Insurance Authority ("IA"). We have assisted clients in navigating restructurings with particular focus on changes in business outsourcing, asset management activities, risk management frameworks, corporate governance and reinsurance arrangements.
We routinely advise on the regulation of insurance products, including investment linked assurance schemes ("ILAS") regulated by the Securities and Futures Commission ("SFC") and funds regulated by the Mandatory Provident Fund Authority ("MPFA") under the Mandatory Provident Fund Schemes Ordinance ("MPFSO"). We have extensive experience with the requirements of the Code on Investment Linked Assurance Schemes ("ILAS Code").
We assist clients with legal documentation with their arrangements with insurance agents and insurance brokers.
Licensed Intermediaries
Our lawyers have extensive experience advising insurance intermediaries, including in respect of the licensing of insurance agents and insurance brokers and compliance with client money and other statutory requirements under the Insurance Ordinance ("IO") and codes of conduct and guidelines issued by the Insurance Authority ("IA") governing their activities.
We advise on compliance with the Anti-Money Laundering Ordinance (“AMLO”), as well as related anti-money laundering guidelines issued by the IA and economic sanctions legislation.
We provide guidance on registration and conduct issues in respect of insurance intermediaries registered with the Mandatory Provident Funds Authority ("MPFA").
Mergers & Acquisitions
We have extensive experience advising on mergers & acquisitions involving authorized insurers and licensed insurance agents and brokers. We guide clients on change of control requirements under the Insurance Ordinance ("IO") including in respect of approval requirements for "controllers" and "key persons". We handle both approval applications and notification requirements with the Insurance Authority ("IA") consequent to changes in control.
In this latter regard, we assist clients with concerns which may arise in respect of the financial standing and other fitness and properness standards of proposed new controllers as well as in respect of compliance with IA requirements in respect of asset management, risk management, business outsourcing, reinsurance and corporate governance which may arise from changes in group support as a result of the change in control.
Capital Raising
We advise insurance companies on the raising of capital, including the issuance of debt instruments and insurance linked securities ("ILS").
In this latter regard, we have advised on authorization requirements as a special purpose insurer ("SPI") under the Insurance Ordinance ("IO") and the structuring of SPIs and catastrophe bonds.
Investments
We represent insurance companies in their asset management activities, advising not only on deal structure and terms and conditions but also in respect of compliance with regulatory requirements to meet liabilities and regulatory capital standards.
We provide the full range of legal services to assist with investments, including due diligence, document review and negotiation and deal structuring.
Regulatory Defence
We help insurance companies and insurance intermediaries to address client complaints and represent them in enquiries and investigations by the Insurance Authority ("IA") raising concerns as to compliance with regulatory requirements.
We can help you with the following:
Responding to enquiries and investigations
Defending enforcement action by the IA and appealing disciplinary decisions to the Insurance Appeals Tribunal
Responding to client complaints and proceedings initiated alleging mis-selling
grounded regulatory
COMPLIANCE
Regulatory Framework
Our insurance lawyers have extensive experience advising insurance companies on Hong Kong insurance regulations.
Including in respect of:
Authorization as an insurance company or a special purpose insurer under the Insurance Ordinance (“IO”) and compliance with guidelines issued by the Insurance Authority (“IA”) governing the activities of authorized insurers
Licensing of insurance agents and insurance brokers and compliance with statutory requirements and codes of conduct as well as guidelines issued by the IA governing their activities
Compliance with regulatory requirements in respect of the authorization of insurance products, including those administered by the Securities and Futures Commission (“SFC”) and the Mandatory Provident Fund Authority (“MPFA”)
Compliance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”) as well as related anti-money laundering and economic sanctions legislation
You can expect comprehensive support in understanding and meeting your regulatory obligations.
creative financial
SOLUTIONS
We advise on major financial transactions in the insurance industry
Our services include:
M&A advisory for insurance companies involving authorized insurers or licensed insurance agents and licensed insurance brokers
Compliance with regulatory obligations arising from changes in controllers, directors, and key persons in control functions
The structuring and preparation of documentation for catastrophe bonds under Hong Kong's special purpose insurer (“SPI”) framework
The issuance of bonds to provide prudential capital for insurance operations
You can expect sound legal guidance in structuring and executing deals and creative solutions to deal challenges.
pragmatic
DISPUTE RESOLUTION
Regulatory Defence
Our approach combines a client-first mentality with clear communication to help you with client complaints and white collar crime and regulatory defence.
We can help you with the following:
Responding to enquiries and investigations
Defending enforcement action by the IA and appealing disciplinary decisions to the Insurance Appeals Tribunal
Responding to client complaints and proceedings initiated alleging mis-selling
We stand by you in times of scrutiny with dedicated support in handling disputes.
Let us arrange an appointment with our award-winning lawyers for your case
Contact UsHOW WE OPERATE
Our pursuit of excellence anchors the firm’s sophisticated approach.
We blend steadfast professionalism with our relentless dedication, enabling us to provide exceptional legal services.
Our practices are encapsulated within these domains:
Compliance
Compliance
Building on a foundation of integrity, we guide insurance companies and insurance agents and brokers through the complex terrain of licensing and authorization requirements under the Insurance Ordinance (“IO”). We help to ensure compliance with the regulatory framework established by the Insurance Authority (“IA”.We ensure you are compliant with anti-money laundering AML obligations.
Insurance Products
Insurance Products
Our client-first approach prioritizes the successful launch of insurance products, including catastrophe bonds, MPF products and investment linked insurance policies. We liaise with regulatory bodies, including the IA in respect of special purpose insurer (“SPI”) authorization applications and the SFC in respect of investment linked assurance schemes (“ILAS”). We prepare product documentation, including terms and conditions.
Transactions
Transactions
We bring our commitment to getting the deal done and meticulous attention to detail in advising on arrangements between insurance companies and insurance intermediaries, the raising of capital for insurance companies, mergers and acquisitions involving authorized insurers, licensed insurance agents and licensed insurance brokers and investment management activities of insurers. We advise on transaction related regulatory requirements, whether arising from changes in controllers, directors, key persons or the appointed actuary, from changes in business support functions which may affect risk management or from the characterization of investment products for reglatory capital purposes.
Defence
Defence
We are by your side in times of difficulty, responding to client complaints and legal proceedings, defending against enquiries, investigations and enforcement action by regulatory bodies and handling appeals.
In Insurance Companies, our practice has been recognised by:
“Global Leader”
“Elite Practitioner”
“Leading Practice”
“Recommended Practice”
“Leading Lawyer”