In accordance with Paragraph EN-B.4.5, overseas insurance firms must also disclose the amount of any financial penalties paid to the CBB, together with a factual description of the reason(s) given by the CBB for the penalty. Overseas insurance firms which fail to comply with this requirement will be required to make the disclosure in the annual audited financial statements of the subsequent year and will be subject to an enforcement action for non-disclosure.
Amended: October 2019
Amended: January 2007
Amended: October 2007