Part 5: Structure of the HK Insurance Industry
Paper I — Principles and Practice of Insurance · Part 5: Structure of the HK Insurance Industry
Further reading: Structure of the HK Insurance Industry study notes →
Which of the following statements about the Classes of Insurance Business under the Insurance Ordinance are correct? I. The Insurance Ordinance statutorily divides insurance business into Long Term Business and General Business. II. The Insurance Ordinance statutorily divides insurance business into Personal Business and Commercial Business. III. The Insurance Ordinance statutorily divides insurance business into Compulsory Business and Voluntary Business.
Why: The Insurance Ordinance divides business into Long Term (Classes A–H) and General Business. Long Term includes life, annuities, linked long-term and permanent health. General covers all other classes such as motor, fire, marine, liability and accident.
Which of the following statements about Insurance Regulatory Authority are correct? I. Insurance Authority (IA) II. Hong Kong Federation of Insurers (HKFI) III. Hong Kong Monetary Authority (HKMA)
Why: The Insurance Authority (IA) became the statutory regulator in 2019. It replaced the three previous self-regulatory organisations (SROs). HKFI is the representative body of insurers, not a regulator.
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