XN000022-1991-03-25 — Page 10

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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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