ACTOMATE
RBC HONG KONG
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Introduction
This document outlines the Insurance (Valuation and Capital) Rules for Hong Kong. It details regulations for insurance company valuation of assets and liabilities, and establishes rules for calculating capital requirements, including different tiers of capital.
Applicability
The guideline applies to:
authorized insurers; and
any company that makes an application under section 7 of the Ordinance for authorization.
The guideline does not apply to:
marine insurers, except to the extent provided in the Insurance (Marine Insurers and Captive Insurers) Rules;
captive insurers, except to the extent provided in the Insurance (Marine Insurers and Captive Insurers) Rules;
Lloyd’s, except to the extent provided in the Insurance (Lloyd’s) Rules; or
special purpose insurers.
Requirements
For the purpose of valuing its assets and liabilities, determining the capital resources that make up its capital base and calculating its capital requirements in accordance with these Rules, an applicable insurer which is an HK insurer or a designated insurer must consolidate its assets, liabilities and capital resources together with those of its subsidiaries, except for subsidiaries which are regulated financial entities.
Effective Date
Insurance (Valuation and Capital) Rules come into operation on 1 July 2024, which is the day on which section 11 of the Insurance (Amendment) Ordinance 2023 (20 of 2023) comes into operation.
PRACTICE LEADER
Nicholas Yeo
FIA C. Act FASM FSA FSAS CIA FASHK
Founder & Actuary
Nicholas founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of the strategic, operational, governance, and risk management aspects of the business.
Nicholas has developed various technologies and software applications, including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, PAA Robot, and Sallesillus Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence, and data analytics.
Nicholas has 20 years of experience in actuarial work, including life insurance, family takaful, general insurance, general takaful, employee benefits, pensions, social security, medical insurance, reinsurance, and Insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdictions across Asia.
Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is also a Certified Internal Auditor from The Institute of Internal Auditors.