INSURANCE REGULATORY ADVISORY PANEL
As As a member of the Insurance Regulatory Advisory Panel you are asked to:
1. 1. Advise the management, where these affect the interests of members and the profession, on:
(a) matters related to the Insurance Ordinance; and
(b) rules and regulations issued by the insurance industry regulator, namely, the Insurance Authority.
2. 2. Review and comment on consultative papers, existing and proposed insurance legislation and regulations which affect the interests of members and the profession, before their submission to the management for approval.
3. 3. Provide support to the Financial Reporting Standards Committee, the Auditing and Assurance Standards Committee and the Ethics Committee in developing and updating accounting, assurance and ethics standards and guidance/practice notes to members on insurance related matters including:
(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
(b) updating the local practice notes, where appropriate, based on the latest development of the standards and industry practice.
4. 4. 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.
5. 5. Act as the liaison between the Institute and the Insurance Authority on insurance matters.
6. 6. 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.
7. 7. Assist in Mandatory Provident Fund related matters or projects, if necessary.