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The Insurance Authority (IA) is the regulator of the insurance industry in Hong Kong. Its principal functions are to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. The IA has published a number of guidelines for matters in relation to the functions of the IA and the operation of provisions of the Insurance Ordinance to provide the industry with practical guidance to facilitate compliance with the regulatory requirements.

Besides, the Hong Kong Federation of Insurers (HKFI) has issued The Code of Conduct for Insurers (the Code) to promote good insurance practice among insurance companies to strengthen consumers' awareness of the expected practice of insurance service.

The Code sets standards for insurers in a number of areas, including:

  • Advising and selling practices
  • Handling of claims
  • Management of insurance agents
  • Management of staffs
  • Misconduct by insurers
  • Handling of inquiries, complaints and disputes

For example, all insurers should ensure the information contained in their sales materials is current, correct and expressed in plain language and not misleading to the public. They should also handle all claims and complaints in a fair and timely manner.

From time to time, HKFI, with close liaison with the IA, issues codes of practices, guidance notes, and other requirements to enhance the customer protection.