Insurance Authority Review Welcomed

Financial Secretary Paul Chan today welcomed the publication of the first Annual Report of the Process Review Panel for the Insurance Authority. 

Mr Chan said the panel plays an important role in enhancing the accountability of the authority in the exercise of its regulatory powers.

In its inaugural term, the panel conducted a comprehensive review of the internal procedures and operational guidelines of the authority through detailed examination of selected cases.

The process review panel selected and reviewed 30 cases, which straddled various regulatory functions of the authority, including complaint handling, authorisation of insurers, licensing of intermediaries and exercise of statutory power. It made a number of observations and recommendations to the authority for its consideration.

The report, which is the first one of the panel summarising its work and recommendations, is conducive to ensuring the authority exercises its regulatory powers in a fair and consistent manner.

The panel is an independent panel established with the approval of the Chief Executive.

The panel reviews and advises the authority on the adequacy of its internal procedures and operational guidelines governing the actions taken and operational decisions made by the authority and its staff in the performance of it regulatory functions.

Click here for the report.