PROPOSED life insurance legislation will be a boon to both the industry and its clients, says Assistant Commissioner of Insurance Ros K.T. Lam.
''Our aim is to protect the insurance public,'' he told the sixth Life Underwriters Association convention yesterday.
Under the proposed legislation, a person must be registered with the association in order to sell life insurance products.
The industry hopes that a recently launched code of ethics and the proposed legislation will improve professional standards.
The code of ethics calls for confidentiality, a full explanation of the policy, honest representation and guards against overcharging by underwriters.
The association plans to bid for the right to host the Asia-Pacific Insurance Congress in 1997.
