Nearly 20 years on from its establishment, Hong Kong’s Insurance Claims Complaints Bureau (ICCB) has changed its name to “The Insurance Complaints Bureau (ICB).” The move forms part of the insurance industry’s efforts to bolster customer protection.
The bureau is an independent body established by the industry itself to provide customers with an accessible platform to handle all insurance-related disputes of a monetary nature.
Aside from the name change, ICB has also revamped its governance structure with a majority of non-industry members forming the board of directors to enhance its independence. The board itself is chaired by an independent non-industry member.
ICB will also revamp its scope of jurisdiction to handle non-claim related insurance disputes, and introduce mediation services for handling complaints not related to claims.
Disputes related to claims will continue to be handled through adjudication by the Insurance Claims Complaints Panel. By the second quarter this year, the bureau will introduce a separate mediation service for disputes related to claims but with monetary value.
The ICB currently has 107 members. As a licensing condition, all authorised insurers carrying any personal insurance business in Hong Kong are required to apply to and become members of the ICB.
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