MONDAY, OCTOBER 17, 1988
7 -
MORE CONSUMER PROTECTION SHOULD BE PROVIDED
IN INSURANCE INDUSTRY
REGULATED
AN
THE ACTIVITIES OF INSURANCE INTERMEDIARIES SHOULD BE
CONSUMER PROTECTION IN WHAT IS TO PROVIDE A GREATER DEGREE OF
ECONOMIC OF
THE ACTIVITY, IMPORTANT AREA
SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID THIS (MONDAY) EVENING.
DINNER OF THE HONG KONG ADDRESSING THE ANNUAL
SOCIETY OF POINTED OUT THAT THE GOVERNMENT INSURANCE BROKERS LTD, MR NENDICK BELIEVED THAT SELF-REGULATION BY THE INSURANCE INDUSTRY WOULD BE BEST WAY OF ACHIEVING THIS.
FORWARD BY THE "IT IS OUR BELIEF THAT THE PROPOSALS PUT
COMMISSION PROVIDE A SOUND BASIS REFORM
FOR THE REGULATION
|| HE INSURANCE INTERMEDIARIES,
SAID,
RECALLING THAT PRODUCED IN JANUARY 1986 A REPORT ON THE LAWS ON INSURANCE.
AREAS
THE
LAW
OF
THE COMMISSION
REPORT EXAMINED TWO THE
PERCEIVED OF CONCERN:
THE INSURED AND THE INEQUALITIES IN INSURANCE CONTRACT LAW BETWEEN
OF INSURANCE INSURER; AND THE ABSENCE OF CONTROL OVER THE ACTIVITIES INTERMEDIARIES.
"THE
COMMISSION
RECOMMENDED,
AMONG OTHER
THINGS,
THAT
LEGISLATION BE INTRODUCED TO CONTROL THE ACTIVITIES OF INTERMEDIARIES.
**THE
UNDERLYING
WAS
THAT BETWEEN
PRINCIPLE INSURANCE THE
RECOMMENDATIONS
COMMISSION'S ABLE
ΤΟ GIVING PARTICULAR
THE BEHIND CONSUMERS SHOULD BE
DISTINGUISH CLEARLY
INDEPENDENT INTERMEDIARY IMPARTIAL PROFESSIONAL ADVICE AND THE AGENT REPRESENTING A INSURANCE COMPANY.
THAT INDEPENDENT
WITH
"TO ACHIEVE THIS, THE COMMISSION RECOMMENDED INTERMEDIARIES BE
OF REQUIRED ΤΟ MEET SPECIFIED STANDARDS
BE REQUIRED TO ASSUME GREATER PROFESSIONAL CONDUCT; THAT INSURERS
OF THE
REPRESENTATIVES
WHOM ACTIVITIES RESPONSIBILITY FOR
AND THAT THE INSURANCE CONSUMER WERE CLOSELY THEY
WAS BEING ADVISED," BE PLACED IN A POSITION TO KNOW ON WHAT BASIS HE HE SAID.
IDENTIFIED;
ΤΟ THE RECOMMENDATIONS 1N
WORKING GROUP IN MARCH
ΤΟ INDUSTRY
FORMULATE PROPOSALS
MR NENDICK NOTED THAT IN RESPONSE THE REPORT, THE INSURANCE INDUSTRY SET UP A 1987 DRAWN FROM ALL SECTORS OF THE FOR SELF-REGULATION.
**IN MARCH THIS YEAR, THE WORKING GROUP SUBMITTED ITS ON SELF-REGULATION TO THE GOVERNMENT," HE SAID.
STATEMENT
/HE POINTED