Several insurance and reinsurance companies , including Swiss Re , have closed or downsized their Hong banking offices and moved to bankruptcy . In a bid to retain ownership , Hong Kong is establishing an independent insurance authority to modernise the industry 's regulatory framework , the Hong Kong Federation of Insurers said . The government will also build a centralised claims authority to detect and prevent fraud . Additionally , Hong Kong will develop a scheme to protect policy holders ' interests by limiting their financial exposure in the event of an insurer 's bankruptcy .
Several insurance and reinsurance companies, including Swiss Re, have left or downsized their Hong Kong offices and moved to Singapore. In a bid to retain insurers, Hong Kong is establishing an independent insurance authority to modernise the industry's regulatory framework, the Hong Kong Federation of Insurers said. The government will also build a centralised claims database to detect and prevent fraud. Additionally, Hong Kong will develop a scheme to protect policy holders' interests by limiting their financial exposure in the event of an insurer's insolvency.