Insurance Regulatory and Development Authority

Manila bus hijacking survivors could seek help with their travel insurance complaints at the Insurance Claims Complaints Bureau, which will no longer exist once the independent insurance authority is set up. Photo: Dickson Lee

New insurance body will be flawed

The government has brought out a consultation paper on the Insurance Companies (Amendment) Bill. It details the proposed amendments to the current Insurance Companies Ordinance. This new authority will only handle outstanding complaint cases not yet resolved by self-regulatory organisations before its establishment. It will not handle any complaint cases not involving compliance matters (matters which involve compliance with the relevant ordinance and regulations) in the future.