12 May 2023
The Insurance Authority (IA) published its latest issue of Conduct In Focus today (12 May 2023) presenting statistics on complaints received in the full year of 2022, giving guidance to insurance practitioners on regulatory matters and highlighting topical issues for policyholders.
Together with the main edition we publish a separate supplement on “Claims Handling”. This provides insurers and insurance claims practitioners with an overview of the existing regulatory principles and standards applicable to handling claims under insurance policies and, with a specific focus on medical insurance claims, sets out guidance on how the IA evaluates whether an insurer satisfies these requirements.
In our main edition, following the re-opening of the borders, we highlight three vital lessons that Mainland China visitors should take into account when buying insurance in Hong Kong based on our complaints and enforcement work. In addition, in view of the latest interest being generated by Chatbots powered by artificial intelligence, we offer our own thoughts on their deployment in the insurance sector and the regulatory requirements that might apply.
Finally, as part of our ongoing supervision work, the IA conducts on-site inspections on licensed insurance broker companies to assess their compliance with the key requirements in the insurance regulatory framework. In our Practice Section, we explain the importance of on-site inspection as an effective supervisory tool and provide an overview on what broker companies can expect if they are selected for inspection.
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