HONG KONG INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Membership Details for the Year 2025
Insurance Regulatory Advisory Panel
| Objective |
| The Insurance Regulatory Advisory Panel (“Advisory Panel”) is grouped under the auspices of the Auditing and Assurance Standards Committee (“AASC”) to develop and update practice notes and other guidance to members on the insurance industry related matters. |
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| Composition |
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The Advisory Panel reports to the AASC. Members include representatives from the industry and subject experts from firms. The Advisory Panel consists of six to eight members who collectively possess the following skillsets:
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| (a) |
have practical experience and direct knowledge of financial and regulatory reporting in the insurance industry; and |
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| (b) |
be knowledgeable on the latest development of relevant legislation and regulations. |
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Terms of Reference
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| 1. |
To advise if the following affect the interests of members and the profession:
| (a) |
matters related to the Insurance Ordinance; and |
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| (b) |
rules and regulations issued by the insurance industry regulator, namely, the Insurance Authority. |
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| 2. |
To review and comment on consultative papers, existing and proposed insurance legislation and regulations which affect the interests of members and the profession. |
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| 3. |
To provide support to the Financial Reporting Standards Committee, AASC and the Ethics Committee in developing and updating accounting, assurance and ethics standards and guidance/ practice notes to members on insurance related matters including: |
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| (a) |
reviewing and commenting on related exposure drafts issued by the Institute or other professional bodies (e.g. International Accounting Standards Board (IASB) or International Federation of Accountants (IFAC) etc); and |
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| (b) |
updating the local practice notes, where appropriate, based on the latest development of the standards and industry practice. |
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| 4. |
To attend meetings with the Institute, the Insurance Authority, the Actuarial Society of Hong Kong and other professional bodies on ad hoc accounting and assurance matters specific to the insurance industry. |
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| 5. |
To act as the liaison between the Institute and the Insurance Authority on insurance matters. |
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| 6. |
To contribute to the activities of the Institute by taking up the role of leader, forum chair and/ or article writer for designated insurance related matters or projects. |
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| 7. |
To assist in Mandatory Provident Fund related matters or projects, if necessary. |
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