COMMISSIONER of Insurance Ros Lam reiterated yesterday his office's determination to bring the local insurance industry closer to international standards. The Insurance Authority wants to improve the industry's service standards amid other changes intended to ensure that insurance companies were financially sound operations that could meet claims. The Life Insurance Council was gathering views from its members about introducing a 'cooling-off period' for clients who took out life insurance products, he said. He said it was in the interests of the public that they be given some time to think about whether the insurance products they had taken were suitable for them. 'Perhaps they might change their minds after signing the document, and these products usually cover a 10-to-20-year time,' Mr Lam said. 'I think it [a cooling-off period] is necessary.' Mr Lam said the Life Insurance Council was now deliberating on three cooling-off proposals and it was expected that policy holders would be given seven to 14days to make a final decision. He told a seminar on fraud prevention for insurance companies that he did not expect that the raising of the minimum paid-in capital by insurers would affect policy holders. Insurance companies were originally required to have a paid-up capital of $5 million, but were now asked to have $10 million. Independent Commission Against Corruption statistics showed a total of 93 corruption cases related to the industry from 1988 to 1994. There were 20 cases in the first three quarters of 1995. Detective Superintendent Patrick Law, from the Commercial Crime Bureau, said his bureau had investigated eight fraud cases in the industry spanning a number of years. Mr Law said insurance company managements should look into loopholes in monitoring daily routines, such as verifying new policies.