Hong Kong Insurance Authority to Act on Regulatory Improvement Recommendations
The Hong Kong Insurance Authority (IA) has committed to addressing recommendations from the Process Review Panel of the Insurance Authority (PRP) following the release of the PRP’s 2024 Annual Report. The report reviewed the IA’s regulatory operations and internal processes for the period from January 1 to December 31, 2023.
Key Findings and Recommendations
The PRP, an independent body established in 2019, assessed 20 selected cases involving licensing, complaint management, regulatory collaboration, and enforcement actions. During the review period, the IA completed or discontinued 37,112 cases, marking a decline from the previous year. The PRP acknowledged the IA’s efforts to improve regulatory operations while highlighting areas for further enhancement.
Key recommendations included:
- Setting clearer timelines for case resolution
- Expanding the pool of disciplinary panel members
- Developing standardized frameworks for handling similar cases
- Conducting regular procedural reviews
IA’s Response to Recommendations
In response to the PRP’s findings, the IA reported that it was finalizing target timelines for licensing processes and would monitor investigations and disciplinary cases through Key Performance Indicators (KPIs). The IA also outlined steps taken to address past PRP suggestions, such as enforcing electronic submission of licensing applications and launching an online platform for reporting Continuing Professional Development (CPD) non-compliance.
The IA confirmed improvements in disciplinary workflows and case documentation had already been implemented. It plans to implement a tariff framework in 2025 for minor disciplinary offenses to expedite case handling. Staff turnover has stabilized, and efforts to strengthen collaboration with law enforcement agencies are ongoing.
Future Oversight and Public Feedback
The PRP will maintain its oversight role to ensure the IA’s internal procedures remain efficient, transparent, and responsive to regulatory developments. The panel has invited feedback from the public and industry stakeholders to support its review work.
