9
MONDAY, MARCH 25, 1991
GOVT AIMS TO TACKLE SELF-REGULATION BY INSURANCE INTERMEDIARIES
* *
IS AN
INSURANCE
THE
BY INSURANCE INTERMEDIARIES TACKLING SELF-REGULATION IMPORTANT ITEM ON THE GOVERNMENT'S AGENDA SINCE THE BULK OF BUSINESS
HONG KONG
THROUGH INTERMEDIARIES, IN
IS CONDUCTED FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID THIS (MONDAY) EVENING.
CONTACT
SUBSTANTIAL PROGRESS
SIR PIERS NOTED THAT THE INDUSTRY IS MAINTAINING CLOSE WITH THE COMMISSIONER OF INSURANCE AND HE HOPED WOULD BE ACHIEVED IN THE COMING YEAR.
SPEAKING AT THE ANNUAL DINNER OF THE LIFE INSURANCE COUNCIL HONG KONG, SIR PIERS SAID HE WAS PLEASED AT THE WAY THE INDUSTRY BEEN DEVELOPING IN THE DIRECTION OF SELF-REGULATION.
OF
HAD
IN 1989, PRACTICES FOR
"STEADY PROGRESS HAS BEEN MADE IN THE PAST TWO YEARS. THE LIFE INSURANCE INDUSTRY ADOPTED THE STATEMENT OF LONG TERM INSURANCE,' SIR PIERS SAID.
-
"AT THE SAME TIME THE GENERAL INSURANCE INDUSTRY ADOPTED
HE SAID. OWN STATEMENT OF INSURANCE PRACTICES,
FF
THEIR
"AS
A RESULT, WE NOW HAVE A NUMBER OF AGREED STANDARDS. MUST BE THE RIGHT APPROACH," HE ADDED.
THIS
THE INSURANCE CLAIMS HE NOTED
IN FEBRUARY LAST YEAR, THAT
COMPLAINTS COMPLAINTS BUREAU WAS ESTABLISHED FOR THE ADJUDICATION OF RELATING TO PERSONAL INSURANCE.
IT
"NOTWITHSTANDING THAT THE BUREAU IS FUNDED BY THE INDUSTRY,
CLAIMS COMPLAINTS WILL OPERATE INDEPENDENTLY THROUGH ITS INSURANCE BOARD, HE SAID.
"I
|
"I HAVE NO DOUBT THAT IT WILL BE WELL RECEIVED BY THE PUBLIC, HE STRESSED.
INSURING
INSURANCE COUNCIL, FOR SIR PIERS WENT ON TO COMMEND THE LIFE
COMMISSION IN WITH
AND FUTURES WORKING JOINTLY
THE SECURITIES
AND DEVELOPING THE CODE ON INVESTMENT-LINKED LIFE ASSURANCE CONTRACTS POOLED PROVIDENT FUNDS.
WILL INCREASE FOR THE
"THE CODE, WHICH CAME INTO EFFECT THIS FEBRUARY, INVESTOR PROTECTION BY SETTING THE DISCLOSURE REQUIREMENTS
HE SAID. MARKETING OF INVESTMENT-LINKED PRODUCTS,
SIR
INSURANCE STANDARDS
PIERS STRESSED THAT IN ORDER TO SUSTAIN INDUSTRY, IT IS VITALLY IMPORTANT
MAINTAINED INDUSTRY ARE OF THE
AND
THE GROWTH THAT THE PROFESSIONAL POSSIBLE, WHEREVER
IN
UPGRADED.
"THIS MUST BE THE LONGER TERM SECTOR, HE STRESSED.
OBJECTIVE
OF THE
INSURANCE
/NOTING THAT
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