The newly established Independent Insurance Authority is aiming to secure funding from the Legislative Council by the middle of this year, chairman Moses Cheng Mo-chi said.
The authority is seeking HK$650 million for its operations in the coming four years, which will be repaid to the government, the Hong Kong Economic Journal reported on Tuesday.
The watchdog will operate on a self-sustaining basis by gaining revenue from licensing fees and a 0.1 percent levy on insurance premiums.
The levy will be capped at HK$100 for each life insurance policy and HK$5,000 for non-life insurance policy.
The authority should recruit a total of 299 personnel, according to a consultancy report on the creation of the watchdog.
Cheng said he expects to have a team of about 20 people by the end of June, with the management team ready by the second half of this year.
The watchdog will hire its chief executive via a global recruitment process that is expected to take nine to 12 months.
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