Insurance Authority signs Memorandum of Understanding with Independent Commission Against Corruption to strengthen cooperation to combat corruption

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26 October 2023

The Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) entered into a memorandum of understanding (MoU) today (26 October 2023), which sets out the framework for handling corruption crimes relating to the insurance industry, and strengthens collaboration in areas covering the referral of cases, joint investigations, the exchange of information, and the provision of expert assistance.

“There are currently 164 authorized insurers and over 110,000 registered insurance intermediaries in Hong Kong, which are important pillars of the financial system. Insurance is also a commitment which embodies important social value by enabling members of the public and enterprises to manage risks effectively. The IA will join hands with the ICAC to combat corruption crimes to safeguard policy holders’ interests,” said Mr Clement Cheung, Chief Executive Officer of the IA.

Mr Ricky Yau, Deputy Commissioner of the ICAC, said, “The MoU was of significant importance. It signifies a closer tie between the ICAC and the IA. Apart from demonstrating our shared determination to uphold integrity in the industry, it will also boost stakeholders’ confidence and establish a fair, just and transparent environment for business operations, which will be conducive to the steady and sustainable development of the industry as a whole.”

In addition to investigation and enforcement, the IA partners with the ICAC to promote public education and professional training to build an ethical and corruption-prevention culture at source.

Ends

Mr Clement Cheung, Chief Executive Officer of the IA (right), and Mr Ricky Yau, Deputy Commissioner of the ICAC, sign the memorandum of understanding.