The government of Hong Kong is proposing a two year extension to its Pilot ILS Grant Scheme, which it hopes will help to continue the development of its insurance‑linked securities (ILS) offering and attract more issuers to locate catastrophe bond and ILS arrangements there.
This was announced by Hong Kong’s Financial Secretary the Hon Paul MP Chan during his budget speech this week and welcomed by the Insurance Authority (IA).
The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China published details of its insurance-linked securities (ILS) grant scheme back in May 2021.
The ILS Grant Scheme can provide for as much as HK $12 million of potential ILS or catastrophe bond issuance cost savings, for sponsors choosing to use Hong Kong as a domicile.
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