Letters to the Editor, July 14, 2014
Enoch Yiu's column ("Insurers should always act in clients' best interests", July 8) misses the point at issue. As insurers, our business is built upon taking good care of consumers' interest and we always support the principle of acting in the best interests of policyholders.
As insurers, our business is built upon taking good care of consumers' interest and we always support the principle of acting in the best interests of policyholders. However, if this principle is to be made into a law, it is important we are told clearly what we are required to do to comply with it.
The requirements should not be left vague and uncertain. When we make traffic rules, for example, we tell people what the speed limit is - we do not simply say everyone should drive in the "best interests" of others and leave it to motorists to guess what that means.
Over the years, we have served millions of customers by providing them with the necessary insurance coverage.
We actively support good market conduct, which requires an effective and clearly defined regulatory framework.
There are close to 70,000 insurance agents in Hong Kong. It is important to ensure they understand and comply with their legal obligations, as the pecuniary penalty involved under the proposed legislation can be as high as HK$10 million.