8 October 2019
On 23 September 2019, the Insurance Authority (IA) succeeded the three self-regulatory organisations in the regulation of insurance intermediaries. Insurance intermediaries will now be subject to more stringent standards and requirements regulating their day-to-day operations and conduct. Review and implementation of improved internal controls and policies, and risk management systems, are clearly a priority. There is some alignment now with the regulation of the banking and securities industries to which reference can be made. Responsible officers and senior management must take notice and gain a clear understanding of the requirements under the Insurance Ordinance (Cap 41) (the Ordinance) and the expectations of the IA.