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The Government will soon establish a working group to facilitate smooth transition of the self-regulatory regime to a new regime administered by the independent Insurance Authority (IIA), the Permanent Secretary for Financial Services and the Treasury (Financial Services), Miss Au King-chi, said today (October 3).
Speaking at a reception hosted by the Hong Kong Confederation of Insurance Brokers (CIB) this evening, Miss Au said that the Financial Services and the Treasury Bureau would convene the working group and invite members from the Hong Kong Federation of Insurers (HKFI) and the three self-regulatory organisations (SROs), namely the CIB, the Insurance Agents Registration Board (IARB) and the Professional Insurance Brokers Association (PIBA), as well as insurance intermediaries.
The Government aims to establish the IIA in 2015, and is finalising the enabling legislation for introduction into the Legislative Council within the 2013-14 legislative year.
"We shall continue to engage different stakeholders, in particular the insurers, insurance agents and brokers, as well as policyholders, in the process," Miss Au said.
"We believe that input from the industry and the general public is important for shaping the proposed legislation to balance market needs and public aspirations," she added.
The working group aims to hold its first meeting within October.
"We believe the working group will provide a useful platform for key stakeholders to build trust and consensus in preparing for the migration of the current self-regulatory regime for insurance intermediaries to the new regime," Miss Au said.
"Input of insurers, the three SROs and insurance intermediaries is critical for a smooth transition process," she noted.
"We welcome views as to how to make the deliberations of the working group transparent and relevant to the industry's concerns," she added.
The transitional matters to be discussed by the working group will include:
1. The operational arrangements for deeming of pre-existing insurance intermediaries validly registered with the IARB, the CIB and the PIBA as licensees under the IIA for three years from the commencement of the new statutory licensing regime, and the related data transfer for the establishment of a new register of licensees by the IIA;
2. Handling of registration applications and complaint and appeal cases not fully disposed of by the IARB, the CIB or the PIBA upon the inception of the IIA;
3. Stocktaking of in-force codes and guidelines on conduct of insurance intermediaries published by the HKFI, the CIB and the PIBA for future reference by the IIA; and
4. Dissemination of information to industry practitioners and the public on important matters related to the transition to the statutory licensing regime.
Membership of the Working Group
Convenor
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Deputy Secretary for Financial Services and the Treasury (Financial Services) 2, Financial Services and the Treasury Bureau (ex-officio)
Members
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Assistant Commissioner of Insurance (Enforcement), Office of the Commissioner of Insurance (ex-officio)
Principal Assistant Secretary for Financial Services and the Treasury (Financial Services) Special Duties, Financial Services and the Treasury Bureau (ex-officio)
Mr Patrick Chan, Chairman, Hong Kong Confederation of Insurance Brokers
Mr Chan Yim-kwong, Co-convenor, Insurance Industry Regulatory and Development Concern Group
Mr Ambrose Cheung, Chairman, Insurance Agents Registration Board
Mr Andrew Tong, Chairman, Professional Insurance Brokers Association
Mr Jeff Wong, Member, Insurance Agents Registration Board
Mr Allan Yu, Chairman of Task Force on the Independence of the Insurance Authority, Hong Kong Federation of Insurers
Secretary
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Assistant Secretary for Financial Services and the Treasury (Financial Services) Special Duties 3, Financial Services and the Treasury Bureau (ex-officio)
Notes
1. Other insurance intermediaries will be co-opted for discussion on specific issues relevant to their operation in future.
2. The working group may establish sub-groups to consider specific transitional issues.
Ends/Thursday, October 3, 2013
Issued at HKT 19:57
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