The Hong Kong Export Credit Insurance Corporation (ECIC) was created by statute in 1966 to encourage and support export trade through the provision of insurance protection for Hong Kong exporters against non-payment risks arising from commercial and political events. Its capital is wholly-owned by the Government of the Hong Kong Special Administrative Region which also guarantees its contingent liability, currently standing at $15 billion. Established under the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115) the Corporation operates in accordance with the requirements laid down in the Ordinance.