The Government today (April 29) welcomed the publication of the 2024 Annual Report of the Process Review Panel for the Insurance Authority (PRP), which covered the PRP's review of selected cases completed or discontinued by the Insurance Authority (IA) in the period between January 1 and December 31, 2023.
 
     A spokesman for the Financial Services and the Treasury Bureau said, "The PRP undertook a thorough and comprehensive review of the internal procedures and operational guidelines that guide the IA in carrying out its various regulatory functions.  These functions encompass a wide range of critical activities, including the handling of complaints, authorisation of insurers, licensing of intermediaries, conduct of investigations, and undertaking of disciplinary actions. The PRP's observations and recommendations ensure that the IA exercises its regulatory powers in a fair and consistent manner, strengthen public confidence in its regulatory framework and foster a stable environment that supports the sustainable development of Hong Kong's insurance industry. This, in turn, enhances Hong Kong's position as a leading international financial and risk management centre.
 
     "We would like to express sincere gratitude to the PRP Chairman, Mr Eugene Fung, SC, and members of the PRP for their dedication and insight in advising the IA to enhance our regulatory regime," the spokesman added.
 
     The PRP is an independent panel established with the approval of the Chief Executive to review and advise the IA on the adequacy of its internal procedures and operational guidelines governing the actions taken and operational decisions made by the IA and its staff in the performance of regulatory functions.

Ends/Tuesday, April 29, 2025
Issued at HKT 11:29

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