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Asian News - Hong Kong: Practice guides issued to address agents' concerns

Source: Asia Insurance Review | Mar 2016

The Hong Kong Federation of Insurers (HKFI) has issued practice guides for insurance companies and agents that will take effect on 1 June 2016.
   In a news item in its January 2016 Monthly Brief, HKFI said that after extensive consultations with member companies, the Insurance Authority and intermediary bodies, and having sought legal advice in the context of the Competition Ordinance, it had issued the “Best Practice Guide for Insurance Companies on Contracting Procedures with Insurance Agents” and “Guide to Agents on Contracting Procedure with an Insurance Company”.
   HKFI said that the practices set out in the Guides should help address some common concerns raised by insurance agents in the past, thus ensuring that they have a better understanding of their rights and obligations under agency agreements.
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