Pillar 3, Process and Control Framework under HKRBC

The Hong Kong Risk-Based Capital (HKRBC) regime is coming into effect on 1st July 2024. Some of the industry's leading insurers have already completed the initial phase for the implementation of HKRBC and made changes to their business and capital management practices.

Moving forward, two key remaining items for industry to focus on are complying with the new Participating Fund Management guideline and associated requirements and Pillar 3 regulatory reporting to the Insurance Authority. Thereafter the focus will shift to fully operationalizing HKRBC by seamlessly incorporating regulatory requirements into strategic business initiatives.

Deloitte presents our latest thought leadership titled “Process and Control Framework under HKRBC”, namely HKRBC Pillar 3, which provides our insights on the HKRBC regime developments. In this issue, we have set out our point of view on a critical aspect of HKRBC compliance: the reporting of the HKRBC information to regulators and the market. We believe that it is essential for insurers to appreciate the implications of HKRBC Pillar 3 for their operations and central to this is our view on how processes and controls should be designed, implemented and run effectively. Our sharing in this issue aims to help insurers navigate through the complexities of compliance with HKRBC Pillar 3.

Please connect with a member of the team if you have comments or questions.

Dhiran Dookhi
Partner, Actuarial
+852 9500 9681
ddookhi@deloitte.com.hk

Francesco Nagari
Partner, Hong Kong FSI Leader
+852 2852 1977
frnagari@deloitte.com.hk