Articles by Practice Area
- New international collaboration expands our offering in the Insurance sector
- Legal Update: Is an insurer vicariously liable for an agent’s fraud?
- GL4: Guideline on 'Fit and Proper' Criteria
- D-DAY: Commencement of a New Era of Insurance Regulation in Hong Kong
- Hong Kong Insurance Industry Braces for New Corporate Governance Measures
Items filtered by date: June 2017
OLN is delighted to have been ranked across all categories in Hong Kong and China in the 2017 Asian Legal Business (ALB) Intellectual Property rankings.
Improving on last year's rankings, OLN is ranked in Tier 2 in Hong Kong for both Patents and Trademark/ Copyright, and maintains its ranking in Tier 3 for both categories for China.
OLN's Intellectual Property team continues to build on its excellent reputation in providing specialist contentious and non-contentious IP advice to its local and international clients. The team has also been bolstered by Stephen Chan rejoining OLN late in 2016.
About ALB and their Rankings
Thomson Reuters Asian Legal Business magazine provides current analysis and information on law-related issues throughout the Asia region. For its rankings, the ALB conducts research based on the individual firm submissions, interviews, editorial resources and market recommendations and then rank the top firms based on the following: -
- The volume, complexity and size of work undertaken
- Presence across Asia and in individual jurisdictions
- Key personnel hired and growth of the practice group
- Key clients and new client wins
- Firm's viability and profile in the region
- Year-on-Year development and momentum
On 14th June 2017 the Hong Kong Legislative Council passed the third reading of the Arbitration and Mediation Legislation (Third Party Funding) (Amendment) Ordinance. Whilst the Ordinance has not yet come into effect, it is expected to be gazetted and become effective later this year.
This legislation will permit the legalization of the third party funding in relation to arbitration and mediation proceedings in Hong Kong and is expected to provide a considerable boost to Hong Kong's position as an international arbitration centre.
Hong Kong has been careful to ensure that the legislative change is accompanied by relevant safeguards to protect the system from potential abuse and we believe it is a welcome development and will help Hong Kong to maintain its status as one of the world's leading dispute resolution centres.
Clients should now be considering the use of dispute resolution clauses adopting Hong Kong arbitration in commercial contracts, given the prospect of litigation funding being available for the resolution of such disputes by arbitration as opposed to proceeding through the court system.
If you would like further information regarding this legislation or any of the issues referred to in this article, please feel free to contact our Richard Healy.
The Provisional Insurance Authority ( the ‘PIA’) is already in action and has just written to the Chief Executives of all authorized insurers (‘Insurers’). The communication covers two Guidance Notes ( previously ‘GN’ and now ‘GL’). Here we will focus only on one in summarizing what the PIA had to say in their letter.
GL4: Guideline on 'Fit and Proper' Criteria
New section 14A of the Insurance Ordinance will be effective on 26 June 2017. Section 14A sets out a list of matters that the Insurance Authority (the "IA") must have regard to when determining whether a person is 'fit and proper'. This is a new section which is applicable to controllers, directors, key persons in control functions and appointed actuaries of all Insurers. GL4 sets out the minimum standard of suitability requirements for these persons.
Transitional Arrangements for Key Persons in Control Functions:
Some Insurers may currently maintain one or more control functions and certain individuals may have been responsible for one or more of these control functions prior to 26 June 2017.
The IA shall introduce the following transitional arrangements effective 26 June 2017:
- For individuals who are responsible for any of the control functions of an Insurer before 26 June 2017 and within the definition of 'key persons in control functions' (the "Appointed Individuals"), relevant Insurers are required to submit applications for the IA's approval of their proposed appointments on 26 June 2017. Such applications must be submitted to the IA during the period from 26 June 2017 to 30 September 2017.
- They should be provided in the prescribed Form A1
- Application fees: HK$18,000 will be waived in respect of applications of the Appointed Individuals.
- The IA will consider and will notify the insurers of the application results as soon as practicable.
Transitional arrangements apply to the Appointed Individuals only. If an Insurer wishes to appoint an individual as a key person in any control function(s) on or after 26 June 2017, it must obtain the IA's prior approval.
For controllers, directors and appointed actuaries of Insurers who have already been duly appointed prior to 26 June 2017 in accordance with the relevant requirements, they are not required to seek the IA's re-approval. However, if an Appointed Individual assumes a dual role of both an appointed actuary and a key person in the actuarial function, approval will still be required.
OLN staff supported the Child Welfare Scheme’s ‘Shake & Bake’ fundraising event on June 1st.
Several members of staff baked a variety of delicious sweet and savoury treats for the charity lunch held at our offices. Everyone paid HK$100 donation for the buffet and all monies raised will support children in Nepal to receive a safe and effective education; thereby remaining in school longer, protected longer and with improved prospects of future employment.