The Insurance Authoritys Enforcement Powers over Insurers and Insurance Intermediaries
The Insurance Authority took over responsibility for direct regulation of insurance agents and insurance brokers from 23 September 2019. Under the new regime the IA gained investigative and disciplinary powers, which can be used to punish misconduct by Insurance Intermediaries, their responsible officers and management. These new enforcement powers are similar to those which the IA already exercised in relation to authorized insurers in Hong Kong and are more extensive than those under the pre-existing self-regulatory system.
In this note we recap the Insurance Authority’s powers in relation to Insurers and explore the Insurance Authority’s new powers in relation to Insurance Intermediaries under the Insurance Ordinance.
If you are interested in finding out more about this topic, or need support handling a prospective IA investigation or in managing dialogue with regulators, please do not hesitate to get in touch.