The Risk-based Capital (RBC) regime for the Hong Kong insurance industry has come into operation on 1 July 2024, following the commencement of Insurance (Amendment) Ordinance 2023 and the relevant subsidiary legislation, and the promulgation of new or revised guidelines by the Insurance Authority (IA) that tie in with the regime.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240701.html