FS welcomes annual report of Process Review Panel for Insurance Authority

     The Financial Secretary, Mr Paul Chan, today (December 28) welcomed the publication of the 2022 Annual Report of the Process Review Panel for the Insurance Authority (PRP).
     Mr Chan said, "The PRP has an important role in maintaining the procedural propriety of the insurance regulatory regime. Through detailed examination of selected cases, the PRP reviews the internal procedures and operational guidelines of the Insurance Authority (IA). The observations and recommendations of the PRP as set out in the Report are useful reference to the IA in its discharge of various regulatory functions.
     "I would like to thank the Chairman, Mr Eugene Fung, SC, and members of the PRP for their dedication in working with the IA to jointly enhance our regulatory regime for the insurance industry of Hong Kong," he added.
     The PRP is an independent panel established with the approval of the Chief Executive on November 1, 2019, to review and advise the IA on the adequacy of the IA's internal procedures and operational guidelines governing the actions taken and operational decisions made by the IA and its staff in the performance of the IA's regulatory functions.

Ends/Wednesday, December 28, 2022
Issued at HKT 17:15