The IA, a regulatory body overseeing the insurance sector in Hong Kong and the ICAC, Hong Kong’s anti-corruption agency, have entered into an agreement.
The memorandum of understanding (MoU) between IA and ICAC, signed on 26 October 2023, aims to set out a comprehensive framework for addressing corruption crimes in the insurance industry. This alliance will enhance collaboration in various areas such as referral of cases, joint investigations, information exchange, and the provision of expert assistance.
The Insurance Authority (IA) serves as the primary regulatory body for the insurance sector in Hong Kong, ensuring the industry’s growth while protecting the interests of policyholders. On the other hand, the Independent Commission Against Corruption (ICAC) is dedicated to fighting corruption across different sectors in Hong Kong, ensuring transparency, fairness, and ethical conduct in business operations.
Besides the focus on investigation and enforcement against corrupt practices, the IA will also partner with the ICAC to champion public education and professional training. This move is directed towards cultivating an ethical culture and proactive measures to prevent corruption from its roots.
Hong Kong’s insurance industry plays a pivotal role in its financial system, boasting 164 authorised insurers and more than 110,000 registered insurance intermediaries. The sector’s core purpose is to offer commitment and social value by enabling both individuals and businesses to manage risks effectively.
Insurance Authority Chief Executive Officer Mr Clement Cheung said, “There are currently 164 authorised insurers and over 110,000 registered insurance intermediaries in Hong Kong, which are important pillars of the financial system. The IA will join hands with the ICAC to combat corruption crimes to safeguard policyholders’ interests.”
Independent Commission Against Corruption Deputy Commissioner Mr Ricky Yau remarked, “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.”
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