Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Regulatory liability

Legal area

Court

6 Sept 2023

李智慧對泰加保險有限公司及另一人

Citation

[2023] HKDC 1239
Court

District Court
Case number

DCCJ288/2023

The claim against the insurance regulator was struck out because the regulator has no statutory power or duty to compensate policyholders under the Insurance Ordinance; consequently the proposed appeal was without merit and, coupled with procedural non‑compliance, the application was dismissed.
7 Mar 1986

YUEN KUN YEU AND OTHERS v. ATTORNEY GENERAL

Citation

YUEN KUN YEU AND OTHERS v. ATTORNEY GENERAL
Court

Court of Appeal
Case number

CACV119/1985

Assuming the facts pleaded, although foreseeability and some proximity existed, the court held as a matter of law that the Commissioner was not liable for the type of pure economic loss claimed; public policy and the regulatory statutory context require that losses from ordinary commercial misjudgment and failures of third parties in financial transactions are not compensable against a statutory regulator, so the Statement of Claim disclosed no reasonable cause of action.