Insurers group gets tough
THE Hong Kong Federation of Insurers will ask the Government to intervene if full compliance cannot be extracted from its members on a gentlemen's agreement limiting commissions to 15 per cent.
Alex Wong, chairman of the Federation of Insurers, said a meeting of the General Insurance Council mapped out a series of steps to rectify the flouting of an agreement on capped commissions for intermediaries bringing in business.
Members signed similar agreements by the end of 1992 when the rule of standardised commission was first introduced.
The new agreement is a reconfirmation, with minor changes on technical details.