FSTB welcomes two new captive insurers as market remains vibrant
The Financial Services and the Treasury Bureau (FSTB) today (July 8) welcomed the authorisation by the Insurance Authority (IA) of two new captive insurers established by The Hongkong and Shanghai Hotels, Limited and SF Holding Co Ltd, respectively, bringing the total number of captives in Hong Kong to nine.
Hong Kong's captive insurance market has remained vibrant over the past two years. Two new captive insurers were authorised last year, and including the abovementioned companies, three in total have already been authorised by the IA in the first half of 2026 alone. Large corporations can manage their risks more flexibly and cost-effectively through these dedicated insurance subsidiaries. The recent strong pipeline reflects enterprises' growing preference for Hong Kong's regulatory environment and strategic location.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The decisions by The Hongkong and Shanghai Hotels, Limited and SF Holding Co Ltd to establish their captive insurers in Hong Kong once again demonstrate the strong confidence of various local and overseas enterprises in Hong Kong's robust regulatory regime and favourable business environment. The gradual expansion of the captive insurance market in Hong Kong will further strengthen the city's position as a leading insurance and risk management hub in Asia, enabling enterprises to manage their risks more effectively while supporting the sustainable growth of the economy."
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, Photo source: reference image
He stated that to continue attracting multinational insurance groups and captive insurance institutions to establish their presence in Hong Kong and consolidate Hong Kong's position as an international risk management centre, the Government and the IA have long been making dedicated efforts to provide comprehensive insurance solutions for large international corporations to enhance their global risk management strategies.
In recent years, the Government has proactively introduced a series of incentives, including the reduction of the profits tax rate by 50 per cent for captive insurance business, making Hong Kong more competitive than other Asian markets in terms of tax concessions. The IA has also provided captive insurers with various regulatory facilitation measures, including simplified capital requirements, exemption from the appointment of a certifying actuary, and exemption from the requirement to maintain assets in Hong Kong.
Mr Hui added, "These initiatives uphold international regulatory standards while creating highly favourable conditions for captive insurers. Hong Kong has a pool of professionals in areas such as insurance, law, actuarial science and risk management alongside a mature financial ecosystem. All these enable Hong Kong-based captive insurers to effectively manage their groups' risks worldwide. The Government and the IA will continue to reach out to Hong Kong, Mainland and international enterprises with the potential to establish captive insurers, with a view to further expanding the local captive ecosystem."
Photo source: reference image
Online auction of vehicle registration marks to be held from July 23 to 27
The Transport Department (TD) today (July 8) said that the next online auction of vehicle registration marks (VRMs) will be held from noon on July 23 (Thursday) to noon on July 27 (Monday) through the auction platform E-Auction (e-auction.td.gov.hk). Interested bidders can participate in the online auction only after they have successfully registered as E-Auction users.
A spokesman for the TD said, "A total of 220 Ordinary VRMs will be available at this online public auction. The list of VRMs (see Annex) has been uploaded to the E-Auction website. Applicants who have paid a $1,000 deposit to reserve an Ordinary VRM for auction should also register as an E-Auction user in advance in order to participate in the online bidding, including placing the first bid at the opening price of $1,000. Otherwise, the VRMs reserved by them may be bid on by other interested bidders at or above the opening price. Auctions for VRMs with 'HK' or 'XX' as a prefix, special VRMs and personalised VRMs will continue to be carried out through physical auctions by bidding paddles and their announcement arrangements remain unchanged."
Members of the public participating in the online bidding should take note of the following important points:
(1) Bidders should register in advance as an E-Auction user by "iAM Smart+" equipped with the digital signing function; or by using a valid digital certificate and an email address upon completion of identity verification. Registered "iAM Smart" users should provide their Hong Kong identity card number, while non-Hong Kong residents who are not "iAM Smart" users should provide the number of their passport or other identification documents when registering as E-Auction users.
(2) Bidders are required to provide a digital signature to confirm the submission and amount of the bid by using "iAM Smart+" or a valid digital certificate at the time of the first bid of each online bidding session (including setting automatic bids before the auction begins) to comply with the requirements of the Electronic Transactions Ordinance.
(3) If a bid is made in respect of a VRM within the last 10 minutes before the end of the auction, the auction end time for that particular VRM will be automatically extended by another 10 minutes, up to a maximum of 24 hours.
(4) Successful bidders must follow the instructions in the notification email issued by the TD to log in to the E-Auction within 48 hours from the issuance of email and complete the follow-up procedures, including:
- completing the Purchaser Information for the issuance of the Memorandum of Sale of Registration Mark (Memorandum of Sale); and
- making the auction payment online by credit card, Faster Payment System (FPS) or Payment by Phone Service (PPS). Cheque or cash payment is not accepted in the E-Auction.
(5) A VRM can only be assigned to a motor vehicle registered in the name of the purchaser. Relevant information on the Certificate of Incorporation must be provided by the successful bidder in the Purchaser Information of the Memorandum of Sale if the VRM purchased is to be registered under the name of a body corporate.
(6) Successful bidders will receive a notification email around seven working days after payment has been confirmed and can download the Memorandum of Sale from the E-Auction. The purchaser must apply for the VRM to be assigned to a motor vehicle registered in the name of the purchaser within 12 months from the date of issue of the Memorandum of Sale. If the purchaser fails to do so within the 12-month period, in accordance with the statutory provision, the allocation of the VRM will be cancelled and a new allocation will be arranged by the TD without prior notice to the purchaser.
The TD has informed all applicants who have reserved Ordinary VRMs for this round of auction of the E-Auction arrangements in detail by post. Members of the public may refer to the E-Auction website or watch the tutorial videos for more information. Please call the E-Auction hotline (3583 3980) or email (e-auction-enquiry@td.gov.hk) for enquiries.
Source: AI-found images
