A significant stride was made in the cooperation between Hong Kong's Insurance Authority (IA) and the Hong Kong Police Force (HKPF), marked by the signing of a memorandum of understanding (MoU).
This strategic agreement delineates a framework for collaboration, focusing on the referral of cases, conducting joint investigations, aiding each other in investigative efforts, and sharing pertinent information.
During the event, Peter Gregoire, who leads market conduct and serves as general counsel at the IA, said the partnership reinforces the mutual dedication to maintaining a foundation of integrity and trust within the insurance sector. This foundation is pivotal for the sector's contribution towards sustaining Hong Kong's role as a preeminent global financial hub.
Assistant Commissioner of Police (Crime) Chung Wing-man said that the benefits of this alliance would extend well beyond the immediate gains for the two institutions involved. It is anticipated to fortify the robustness of the regulatory framework, thereby offering enhanced protection to the community.
The MoU was officially signed by Maria Tsui,IA's head of enforcement, and Yau Kin-hung, chief superintendent of the HKPF's Police Commercial Crime Bureau. Witnessed by Gregoire and Chung, the signing ceremony symbolised the support and the value placed on this collaborative effort.
The MoU follows the release of IA's preliminary data for the nation's insurance market in 2023.
