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Ensuring public comes first

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Hong Kong's insurance industry is largely self-regulated, leading to concerns about the effectiveness of consumer representation.

The insurance industry is split into three tiers - insurers, intermediaries or insurance agents and consumers.

Each group is represented by three main self-regulated bodies that aim to serve various interests, mainly those of the public.

The Hong Kong Federation of Insurers (HKFI) acts as a bridge, and plays a significant role by representing insurers.

Through its members, which make up more than 90 per cent of SAR insurers, it provides regulatory support to the Government.

'We all work together with common interests and objectives, among which are to assist the Government on legislation and other matters affecting insurers and reinsurers,' new HKFI chairman Choy Chung-foo said.

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