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Following is a speech by the Secretary for Financial Services, Mr Rafael Hui, at a cocktail reception to celebrate the 10th anniversary of The Hong Kong Federation of Insurers this (Friday) evening:

Mr Ka, ladies and gentlemen,

I am glad to be here this evening to share with you your joy in celebrating the tenth anniversary of the Hong Kong Federation of Insurers.

Since its establishment in 1988, the Federation has gone a long way in serving the interests of insurance industry as well as the insuring public. It has also played an important role in unifying the insurers and the intermediaries in the industry's bid to secure a functional constituency seat on the First Legislative Council.

Over the years, the Federation has firmly established an effective channel of communication between the insurance industry and the Government. This channel certainly contributes to the smooth and successful implementation of a self-regulatory system for the industry. Today, the General Insurance Council, the Life Insurance Council, the Insurance Claims Complaints Bureau and the Insurance Agents Registration Board are the four pillars of this system. The Federation is committed to the constant pursuit of professionalism and high standard of ethics of the industry. The rapid growth of the industry, especially the life insurance sector, has underlined the need for the industry to constantly uphold and enhance its public image and credibility. Through publications, radio programmes and a homepage of the Internet, the Federation has made valuable contributions in enhancing the knowledge of the public in the concept and practice of insurance. The achievements of the Federation in the past years deserve commendation.

May I conclude by calling on the Federation to keep up its efforts in further developing the self-regulatory system with the objective of improving the professionalism, transparency and integrity of the insurance market. The Government will continue to work closely with the Federation, primarily through the Insurance Authority, to achieve this objective.

End/Friday, August 7, 1998

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