The Development of Life Insurance and Bancassurance in the Post-Handover Decade

• Published in: Enriching Lives pp. 179 - 212
• Main Author: Feng, Bangyan
• Format: Book Chapter
• Language: English
• Published: China Hong Kong University Press, HKU 2010; Hong Kong University Press
• Subjects: Administrative law; Asian history; Business; Business administration; Commercial regulation; Disaster insurance; Economic disciplines; Economic regulation; Economics; Employee benefits; Employee compensation; Employee insurance; Financial economics; Human resources; Industrial sectors; Industry; Insurance; Insurance companies; Insurance coverage; Insurance expenses; Insurance industry; Insurance premiums; Insurance providers; Insurance regulation; Law; Life insurance; Marine insurance; Property insurance; Service industries; Terrorism insurance
• ISBN: 9789888028702; 9888028707
• DOI: 10.1515/9789888053537-012

The handover on 1 July 1997 made Hong Kong a Special Administrative Region (SAR) within China. Around that time, the provisional government set about adding seats in the Legislative Council to represent such specific industries and other ‘functions’, such as finance, insurance, real estate, and commerce; hence these members were representatives of ‘functional constituencies’. On 24 March of the same year, the HKFI’s special joint session submitted a proposal to the preparatory committee of the SAR government, pointing out that insurance has a crucial role in Hong Kong’s financial market. The proposal also stressed that the sector already satisfied the