The Hong Kong Federation of Insurers (HKFI) today (23 September 2019) welcomes the beginning of the new insurance regulatory regime.

“23 September 2019 is a historic milestone for the insurance industry of Hong Kong,” said Mr Praveen Daswani, Chairman of the HKFI. “As the representative body of the industry, the HKFI is honoured to have played an instrumental role in transforming the regulatory regime and helped lay the firm foundation for future development.”

The consultation paper on the Proposed Establishment of the Independent Insurance Authority was published in July 2010. Since then and over the past nine years, the HKFI has been working closely with all stakeholders including, government officials, Legislators and industry bodies, to ensure the new regulatory framework is fit for purpose, protects consumers and helps grow the insurance industry. The HKFI is grateful to the Insurance Authority (IA) and the Financial Services and the Treasury Bureau for their readiness to listen to our views and address the legitimate concerns of the industry.

Following the transfer of SRO functions to the IA, the Insurance Agents Registration Board (IARB) and the Appeals Tribunal have officially completed their historical mission. Since its formation in 1993, the IARB has registered and regulated the conduct of over 340,000 insurance agents, processed more than 20,000 complaint cases and disciplined around 2,000 agents for misconduct. The Appeals Tribunal, established in 1995, has also handled over 640 appeal cases lodged by parties who felt aggrieved by the decision of the IARB.

“We are most indebted to the chairmen and members who have served the IARB and the Appeals Tribunal over the past 26 years,” remarked Mr Daswani. “Their dedication and community spirit has made our SRO regime most robust and effective. It has earned the trust and support from insurers, intermediary bodies and the insuring public and helped strengthen the position of Hong Kong as an insurance hub.”

Going forward, the HKFI will continue our core missions on being the voice of the industry, promoting best market practices, upgrading industry training and implementing industry-wide projects to improve the market landscape. When doing so, we will be working together with our partners including the IA in collaborative efforts.