The Hong Kong Government is proposing a new system to facilitate company relocations.
Selina Lau, Chief Executive of the Hong Kong Federation of Insurers (HKFI), noted a significant exodus of property and casualty insurers from Hong Kong in recent years, largely attributed to the pandemic. Lau revealed that the HKFI has been in discussions with the Government to devise strategies aimed at enticing insurers, particularly those in property insurance, to return their headquarters to Hong Kong.
Lau further disclosed that the HKFI established a dedicated project working group two years ago to provide legal and technical counsel to the Government. The insurance industry has been advocating for the implementation of a streamlined legal framework to facilitate the relocation of insurance companies to Hong Kong. Lau emphasized that once the legislative framework for the relocation system is finalized, the insurance sector is poised to lead the way in responding to these initiatives.
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