THURSDAY, OCTOBER 31, 1991
EXPECTED OF
ARE EXTREMELY SHOULD BE
"THESE GUIDELINES WILL SET OUT CLEARLY WHAT IS THE AA IN HIS STATUTORY CAPACITY. SUCH GUIDELINES IMPORTANT TO THE HEALTH AND WELL-BEING OF THE MARKETS AND PUBLISHED BY THE ASSOCIATION BY THE END OF THE YEAR.
"THE
INSURANCE AUTHORITY
WILL,
WITH
THE
IN CONJUNCTION PRODUCTION OF THE ASSOCIATION'S GUIDELINES, BE 19SUING GUIDANCE TO LIFE INSURERS CLARIFYING ANY MISUNDERSTANDING THERE MIGHT BE ON THE OF THE AA IN THE PART
REGARDING THE KEY ROLE OF SUCH INSURERS INSURER'S OPERATION.
"TO
FURTHER
REINFORCE
THE
AA'S
THERE POSITION
WILL
BE AMENDMENTS TO THE INSURANCE LEGISLATIONS ENABLING AND REQUIRING THE AA TO CONTACT AND REPORT DIRECT TO THE REGULATORY AUTHORITY UNDER CERTAIN SPECIFIED CIRCUMSTANCE, MR SULLIVAN SAID.
TRAT ALL THESE MEASURES
WAS INSURER
AT ALL AND THE REASONABLE
TIMES
WITH WERE CONCERNED
MEST ABLE TO
ITS EXPECTATIONS OF POLICY
STRESSED
THE LIABILITIES
ENSURING CONTRACTUAL HOLDERS.
HE
THAT
BY THE LOOKING FOR CONTRACTUAL
TURNING TO THE QUALITY OF CUSTOMER SERVICE PROVIDED INSURERS, MR SULLIVAN SAID INSURANCE CONSUMERS WOULD BE
MEET TO MORE FROM AN INSURER THAN SIMPLY ITS ABILITY LIABILITIES.
QUALITY OF IN SUCH AND
THAT "AS A
I WOULD CERTAINLY HOPE REGULATOR CUSTOMER SERVICE AND A CONTINUING PROGRAMME OF IMPROVEMENT SERVICE IS SEEN AS AN ESSENTIAL COMPONENT OF ANY PRODUCT PACKAGE BECOMES IN
AN IMPORTANT HONC KONG SURVIVAL IN THE MARKETPLACE," HE SAID.
REQUIREMENT
FOR AN
INSURER'S
MR SULLIVAN POINTED OUT THAT A MAJOR AREA OF INTEREST FOR THE WHICH INSURANCE AUTHORITY WAS THE QUALITY OF THE DISTRIBUTION SYSTEM, IN HONG KONG MEANT LIFE INSURANCE AGENTS,
-
SIMPLY NOT
PROSPERITY OF REPRESENTS A A VALUE-
"IT IS, I THINK, ESSENTIAL FOR THE LONG TERM ANY LIFE INSURANCE MARKET THAT THE DISTRIBUTION SYSTEM REAL PRODUCT VALUE-ADDED TRANSFER.
то
THE CUSTOMER
"
'THIS VALUE-ADDED CAN ONLY BE GIVEN BY, AMONGST OTHER THINGS, THE DEVELOPMENT OF A PROPERLY RECRUITED, PROPERLY TRAINED AND PROPERLY
AS MANAGED FIELD FORCE OF INSURANCE AGENTS WHOSE QUALITY IS SUCH IMPROVE THE PUBLIC PERCEPTION OF THE INDUSTRY AND WHOSE END RESULT A SATISFIED CUSTOMER.
ΤΟ IS
IT
ΤΟ UNDERLYING "QUALITY OF PRODUCT AND SERVICES, AS OPPOSED
SPEAKING FROM FINANCIAL SECURITY OF THE INSURERS, IS AN AREA WHERE, EXPERIENCE IN MY FORMAL LIFE AS A MEMBER OF THE INSURANCE INDUSTRY,
THE REGULATORY CAN BE VERY DANGEROUS TO GIVE AN EXCUSE FOR ENTRY TO AUTHORITY.
/"SUCH ENTRY,
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