ENG-2011 — Page 130

94 | Financial and Monetary Affairs

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Regarding long-term insurance business, the total revenue premiums of in-force long-term business rose by 9.9 per cent to $191.1 billion in 2011. Individual life insurance remained the leading business, accounting for $174.7* billion or 91.4* per cent of total revenue premiums, while the corresponding number of policies. stood at 9.6* million.

At the end of 2011, there were 70 905 individual insurance intermediaries, including 8 571 Chief Executives or Technical Representatives of 591 broker firms, 27 498 Responsible Officers or Technical Representatives of 2 368 agency firms, and 34 836 individual agents.

Statistics on insurance business

2009

2010

2011

Number of authorised insurers

171

168

163

Of which: Incorporated in Hong Kong

89

88

85

Incorporated in the Mainland and

82

80

78

overseas

Premium Income ($billion)

Total gross premiums

Of which: General insurance

184.6

205

225.8*

28.6

31.1

34.7*

(Gross premiums)

Long-term in-force business

156.1^

173.9^

191.1*#

(Office / Revenue premiums)

* Provisional statistics

^ Office premiums

# Revenue premiums

Insurance Authority

The Commissioner of Insurance, appointed by the Chief Executive as the IA, has the principal function under the Insurance Companies Ordinance (ICO) of regulating and supervising the insurance industry to promote its general stability and protect policyholders9.

* Provisional statistics.

9 The ICO prescribes a regulatory framework for all classes of insurance business to ensure the financial stability of all insurers authorised in Hong Kong and the fitness and propriety of their management. The IA may take appropriate actions under the ICO against an insurer to safeguard the interests of policyholders.

The ICO also sets out the self-regulatory framework for insurance intermediaries. The self- regulatory organisations include the Insurance Agents Registration Board under the Hong Kong Federation of Insurers, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association.