Source: Hong Kong Government special administrative region
Process Review Panel for Insurance Authority publishes annual report
The PRP Chairman, Mr Eugene Fung, SC, said, “This report presents the PRP’s observations and recommendations following a comprehensive review of the internal procedures of the Insurance Authority (IA). The review focused on a selection of 20 cases that were either concluded or discontinued by the IA between January 1 and December 31, 2023. These cases encompassed a wide array of regulatory functions carried out by the IA, including complaint handling, insurer authorisation, and intermediary licensing. Particular attention was given to more complex cases where statutory powers were exercised, such as misconduct investigations. We believe that the findings in this report will assist the IA in applying its regulatory powers with fairness and consistency.”
He added, “We acknowledge the IA’s co-operation throughout the review process and are encouraged by their proactive approach in addressing the recommendations outlined in the PRP’s 2023 Annual Report.”
The 2024 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/afsreport_ia.htmlIssued at HKT 11:14
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