HKIA applauds Article 23 consultation for legal enhancement

This initiative hopes to improve the legal regime of the industry in Hong Kong.

The Insurance Authority (IA) of Hong Kong said it welcomed the commencement of consultation and legislative work on Article 23 of the Basic Law by the Hong Kong Special Administrative Region (HKSAR) Government. 

This initiative aims to enhance the legal regime, safeguard national security, and ensure social stability, laying a solid foundation for the financial and economic development of Hong Kong. 

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The IA said it this legislative work as an important step to create a safe and orderly business environment, strengthen investor confidence, and reinforce Hong Kong's position as an international financial and global risk management centre. 

The IA pledges its support for the HKSAR Government's efforts and will work closely with the insurance sector to assist in understanding the legislative proposals.