John Leung Chi-yan, the Insurance Authority’s chief executive, is complaining of lack of sleep.
In his budget statement on February 28, Financial Secretary Paul Chan handed the Insurance Authority, or IA, two new assignments, piling on the pressure for the newly constituted regulatory body.
When Chan delivered his speech he asked the watchdog to draw up guidelines for tax concessions on deferred annuity products, in order to improve retirement planning for Hong Kong’s aging population.
He also wanted the IA to make Hong Kong more attractive for insurance companies.
“I will ask the Insurance Authority to explore ways...