Marketing Strategy for American International Research Proposal

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Two approved bodies of insurance brokers exist in Hong Kong: (1) the Hong Kong Confederation of Insurance Brokers and (2) Professional Insurance Brokers Association Limited. There are a stated 2,558 insurance agencies, 29,937 individual agents and 2.58 responsible officers as well as 14,064 registered technical representatives.

The OCI Annual Report of September 30, 2001 states in regards to reinsurers that "the gross premium of the pure reinsurers' business is HK$1,530 million, a modest 3.2% increase, reversing the downward trend since 1996. The pure reinsurers attained an underwriting profit of HK$72 million in 2000 after having suffered loss for the last 3 years. The top three active foreign reinsurers in Hong Kong are Munich Re, Swiss Re, and General & Cologne Re." (Source: The OCI Annual Report 2001) In regards to 'captive insurers' it is related that the government "provides a suitable and favorable business environment for captive insurers.

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The regulatory concessions offered by government include reduced minimum capital and solvency margin requirements, exemption from the requirement for maintaining assets in Hong Kong to match local liabilities, and exemption from the requirement for valuing assets and liabilities in accordance with the statutory basis. A captive insurer is restricted to accepting insurance business from its own group of companies only. It is also not allowed to carry on statutory business (i.e., motor.....

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