The policy objectives of setting up the IIA are to modernize the regulatory infrastructure to facilitate the stable development of the insurance industry, provide better protection for policyholders, and align with international practice that financial regulators should be financially and operationally independent of the Government.

Some key milestones for the establishment of the IIA include:

• Launched public consultation on the proposed establishment of the IIA in July 2010; 
  
  
• Announced the consultation conclusions and detailed proposals in June 2011;
  
  
• Consulted the Legislative Council Panel on Financial Affairs on consultation conclusions and detailed proposals in July 2011;
  
  
• Issued the key legislative proposals on establishing the IIA for a 3-month consultation from October 2012 to January 2013;
  
  
• Reported the consultation conclusions and the revised proposals to the Legislative Council (“LegCo”) Panel on Financial Affairs in July 2013;
  
  
• Established a working group to ensure a smooth transition to the statutory licensing regime under the IIA in Oct 2013;
  
  
• Issued a LegCo Brief on 16 April 2014;
  
  
• Bills Committee deliberated on the Bill (until 5 June 2015);
  
  
• The Insurance Companies (Amendment) Ordinance 2015 was enacted by LegCo on 10 July 2015;
  
  
• Issued a LegCo Brief on the Insurance Companies (Amendment) Ordinance 2015 (Commencement) Notice 2015 on 7 October 2015 ;
  
  
• Announced the inaugural appointments to the independent Insurance Authority on 28 December 2015;

• Announced the appointment of industry advisory committees to independent Insurance Authority on 1 June 2016;

• Issued a LegCo Brief on the Commencement of Regulatory Functions of the Insurance Authority in respect of Insurance Companies on 19 April 2017;

• Announced the Insurance Authority to start regulating insurance companies from June 26, 2017 on 19 April 2017;

• Announced the appointment of senior executives of Insurance Authority on 5 May 2017; and

• Issued a LegCo Brief on the Insurance (Levy) Order and Insurance (Levy) Regulation on 7 June 2017.