The Hong Kong Federation of Insurers (HKFI) yesterday announced its statistics on long term insurance in-force business for the territitory's 15 major life insurers, representing more than 86% of total market share.
For new pension business from occupational retirement schemes exempted under the Mandatory Provident Fund Schemes (MPF) Ordinance, annualised first year contributions recorded a substantial negative growth of 56% compared with the corresponding period last year, due largely to the fact that no new occupational retirement scheme was permissible after the Ordinance came into effect on December 1, 2000.
New business derived from group life business, apart from a few exceptions, enjoyed a significant growth rate in the first two quarters of this year, according to the HKFI.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers