Process Review Panel for the Insurance Authority publishes 2022 Annual Report
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The PRP Chairman, Mr Eugene Fung, SC, said, "The report covers the second review cycle of the PRP, during which the PRP selected and reviewed 30 cases completed or discontinued by the Insurance Authority (IA) in the period between July 1, 2020, and December 31, 2021. The cases reviewed covered main regulatory functions of the IA, including new and growing areas such as disciplinary cases. We made a number of observations and recommendations, and believe that they would assist the IA in exercising its regulatory power in a fair and consistent manner."
He added, "I am pleased to note that the IA has taken proactive follow-up actions to the PRP's recommendations made in the 2021 Annual Report. I believe such positive interaction between the PRP and the IA is beneficial to the sustainable development of the insurance industry of Hong Kong."
The 2022 Annual Report has been uploaded to the website of the Financial Services and the Treasury Bureau at www.fstb.gov.hk/fsb/en/business/prp/doc/PRP_for_IA_2022_Annual_Report_Eng_Final.pdf. The PRP welcomes views of the public and market participants on the PRP's work. The comments can be referred to the PRP via email at prpia@fstb.gov.hk.
Ends/Wednesday, December 28, 2022
Issued at HKT 17:00
Issued at HKT 17:00
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