What you need to know about Insurance (Amendment) Bill 2023

On 19 April 2023, the Hong Kong SAR Government introduced to the Legislative Council the much-awaited Insurance (Amendment) Bill 2023 (Bill), which provides the legal framework for the implementation of the Hong Kong Risk-Based Capital (RBC) regime for the insurance industry. 

Significance of the Amendments

Key changes to Inland Revenue Ordinance (Cap. 112)

The Inland Revenue Ordinance (IRO) amendment proposes a spreading mechanism over five years for any one-off increase in assessable profits arising from the implementation of the RBC regime. More details on this proposed tax change can be found in our recent newsflash link.

If you have any questions, please contact our professionals:

Francesco Nagari
Partner, Hong Kong FSI Leader 
+852 9763 7910
frnagari@deloitte.com.hk

Dhiran Dookhi
Partner, Actuarial
+852 9500 9681
ddookhi@deloitte.com.hk

Fei Xie 
Director, Actuarial
+852 9336 4210
feixie@deloitte.com.hk

Anthony Bentley
Director, Actuarial
+852 6379 5673
abentley@deloitte.com.hk