The Hong Kong Federation of Insurers (HKFI) has welcomed the move that will see the Insurance Authority (IA) taking over the direct licensing and supervision of insurance intermediaries in September this year.
“In about four months on 23 September 2019, the HKFI will cease to be the industry’s self-regulatory body,” said Mr Praveen Daswani, Chairman of the HKFI. “We are deeply proud to have fulfilled our historic role as given to us by the Government since 1990’s to help supervise the conduct of tens of thousands of insurance agents and promote public confidence in insurance.”
For the past three decades, the self-regulatory organisation (SRO) functions operated by the Insurance Agents Registration Board (IARB) and the Appeals Tribunal have earned the trust and support of everyone within and outside the industry, the HKFI added.
“We are extremely and forever grateful to the serving and past chairmen and members of IARB and the Appeals Tribunal for their dedication and exemplary service,” remarked Mr Praveen Daswani.
In the run up to 23 September, we will step up liaison with the IA to ensure a smooth and seamless transition to the new regulatory regime. This is essential to safeguarding the interests of millions of policyholders and maintaining Hong Kong’s premiere position as an insurance hub in Asia Pacific.
Looking ahead the HKFI will continue and strengthen its role as the voice of the industry and a well-trusted industry platform for promoting best market practices, nurturing talents and helping to improve the market landscape for the common good of the industry and Hong Kong.