Insurance Regulatory and Development Authority

New insurance body will be flawed

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

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.

Thursday, 28 March, 2013, 3:30am

Tighter regulations ahead

Steps are being taken to reorganise regulation of Hong Kong's insurance sector and streamline a system which, many have said, lacks logic and clarity.

The basic plan is to set up an independent insurance authority (IIA), with financial and operational autonomy. The government is now consulting relevant stakeholders for their views on a detailed framework of proposals.

13 Aug 2011 - 12:00am

Insurers told to plan for growth

The insurance industry in Asia is expected to grow at a fast clip this year, according to an Ernst & Young report.

5 Apr 2011 - 12:00am

Insurance authority plan opposed by 95pc of HK agents

Nearly all life insurance agents in Hong Kong oppose government plans to set up an independent insurance authority, a survey shows.

More than 95 per cent of the 1,371 members of the General Agents and Managers Association of Hong Kong and the Life Underwriters Association of Hong Kong questioned about the plans, as part of a three-month consultation, are against the idea.

25 Sep 2010 - 12:00am

Bank client's annoyance points to need for single financial regulator

We have all had those phone calls from the bank - someone trying to sell us an insurance policy or a pension scheme. This cross-selling of various financial products is how banks boost their profits these days.

24 Aug 2010 - 12:00am

Licences of 175 insurance intermediaries cancelled last year

The mainland's insurance regulator cancelled the business licences of 175 insurance intermediaries last year following calls to crack down on the industry's illegal practices.

5 Feb 2009 - 12:00am

Test has aim of raising standards

The Government hopes to boost standards in the insurance industry by requiring agents and intermediaries to pass a qualifying examination.

About 37,000 insurance agents and intermediaries already in the industry would be required to sit the test in the next two years under the Insurance Intermediaries Quality Assurance Scheme, Commissioner of Insurance Alan Wong Chi-kong said.

5 Oct 1999 - 12:00am

HKFI tables proposals to broaden role

The Hong Kong Federation of Insurers (HKFI) has proposed introducing new provisions to its articles of association which would allow it to suspend, censure and fine its members.

6 Nov 1997 - 12:00am

Insurance protection

PROPOSED amendments to the Insurance Companies Ordinance to strengthen protection for people buying insurance are to be gazetted tomorrow.

1 Feb 1996 - 12:00am

Insurer diversifies products

ASSOCIATED Bankers Insurance Co, a wholly owned subsidiary of Hang Seng Bank, has diversified its product range to cover more personal insurance products.

In response to soaring demand, the company has put a new hospital cash insurance service on the market.

9 Nov 1995 - 12:00am

Insurance industry enters brighter era

THE fledgling insurance industry enters a better-regulated era today, with a new balance being found between market development and regulation.

All agents and brokers selling insurance products have to be registered with professional bodies.

30 Jun 1995 - 12:00am