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HK enhances transparency of insurance industry
(Xinhua)
Updated: 2005-02-06 15:17

Hong Kong Office of the Commissioner of Insurance (OCI) was committed to adopting international standards and enhancing transparency to ensure Hong Kong's insurance regulatory regime kept pace with the dynamic developments of the industry, Commissioner of Insurance Richard Yuen said Friday. 

Reviewing the OCI's work for 2004 in the newly released OCI annual report, Yuen stressed that the OCI had been working closely with the industry on initiatives to enhance protection of policy holders.

"We have joined hands with the self-regulatory organizations of the industry to strengthen supervision of insurance intermediaries,including the launch of a new version of 'Customer Protection Declaration Form' which aims to better inform life policy holders of the implications relating to policy replacement," Yuen said.

"Accelerated pace of globalisation and convergence of financialservices will continue to pose new challenges and opportunities tothe insurance industry. We will keep track of the dynamic market developments and do our best to maintain an open, transparent and business-friendly environment," Yuen said.

As of Dec. 31, 2004, there were 180 authorized insurers, 52,233 appointed insurance agents (including their responsible officers and technical representatives) and 4,838 authorized insurance brokers (including their chief executives and technical representatives) operating in Hong Kong.

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