The Insurance Authority (IA) and the Independent Commission Against Corruption (ICAC) have formalised a memorandum of understanding (MoU) outlining a structured framework for addressing corruption crimes within the insurance industry.
The collaboration aims to enhance cooperation, particularly in areas related to case referrals, joint investigations, information exchange, and the provision of expert assistance.
The collaboration between the IA and the ICAC extends beyond investigation and enforcement. Both entities aim to promote public education and professional training, fostering an ethical culture and preventative measures against corruption within the insurance sector from its very roots.
“There are currently 164 authorised insurers and over 110,000 registered insurance intermediaries in Hong Kong, which are important pillars of the financial system. Insurance is also a commitment which embodies important social value by enabling members of the public and enterprises to manage risks effectively. The IA will join hands with the ICAC to combat corruption crimes to safeguard policy holders’ interests,” IA chief executive Clement Cheung (pictured above, right) said in a news release.
“The MoU was of significant importance. It signifies a closer tie between the ICAC and the IA. Apart from demonstrating our shared determination to uphold integrity in the industry, it will also boost stakeholders’ confidence and establish a fair, just and transparent environment for business operations, which will be conducive to the steady and sustainable development of the industry as a whole,” said ICAC deputy commissioner Ricky Yau (pictured above, left).
Elsewhere in the city-state, the Hong Kong Federation of Insurers (HKFI) has announced the winners of the Hong Kong Insurance Awards (HKIA) 2023, celebrating the top-notch performers across the sector.
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