Clifford Chance
OCI issues Guidance Note on Outsourcing
14 November 2012
Hong Kong's financial regulators have regulated "outsourcing" for many years: the Hong Kong Monetary Authority has a dedicated guidance note on the topic, and both the Securities and Futures Commission and the Mandatory Provident Fund Schemes Authority have covered the topic (on a piecemeal basis) under various codes, guidelines and/or standards.
On 28 September 2012, the Office of the Commissioner of Insurance ("OCI") have added to this regulatory framework by publishing its Guidance Note on Outsourcing (GN14) (the "Outsourcing GN"). This is the OCI's first published guidance on outsourcing arrangements and contains requirements which will impact not only authorised insurers, but also their existing and future
