Stan, over to you to discuss the transition to a risk-based capital regime.

Thanks, James.

The implementation of a risk-based Prudential regime was instigated in twenty fourteen by the IA's predecessor.

Similar to Solvency II, Hong Kong's risk-based framework is organized around three pillars.

Pillar one covers quantitative requirements, including the calculation of technical provisions and capital requirements.

Pillar two addresses qualitative requirements including governance systems, risk management framework, and forward-looking self-assessment.

And pillar three with supervisory reporting and public disclosure, ensuring that the IA and public market have access to the information needed to assess an insurance financial health.

Stan, please would you take us through group supervision under the new regime?