On 11 February 2026, the Insurance Authority (the “IA“) published the consultation paper on proposed amendments to the Insurance (Valuation and Capital) Rules (Cap. 41R) (the “Consultation Paper“).  These proposals were made following the IA’s review of the current Risk-based Capital Regime (the “RBC Regime“), which was first introduced in July 2024 to replace the previous solvency margin approach with a modular approach for an assessment more sensitive to each insurer’s risk profile.

The proposed amendments are intended to promote infrastructure financing and strengthen Hong Kong’s role as a global risk‑management hub, while maintaining prudent safeguards.

They cover three areas, namely:

1. preferential capital treatment for eligible infrastructure investments;
2. revision to required capital amounts for general business; and
3. technical adjustments related to indexed universal life business, specified stablecoins and crypto

The full Consultation Paper is available at the IA’s website.  The deadline for submitting feedback is 10 March 2026.