The Hong Kong Insurance Authority (IA) said it would act on recommendations from the Process Review Panel of the Insurance Authority (PRP), following the release of the PRP’s 2024 Annual Report reviewing the IA’s regulatory operations and internal processes.
The PRP, an independent body formed in 2019, assessed the IA’s performance from Jan. 1 to Dec. 31, 2023. Its review covered 20 selected cases involving licensing, complaint management, regulatory collaboration, and enforcement actions.
During the period, the IA completed or discontinued 37,112 cases, a decline compared to the previous year.
In a statement, the IA said it appreciated the PRP’s acknowledgment of its efforts to improve regulatory operations and pledged to address the panel’s observations.
The IA added it would “endeavour to follow up on the recommendations in the annual report.”
The PRP highlighted the IA’s initiatives to streamline complaint handling and disciplinary actions, including introducing a fast-track process for CPD non-compliance cases and launching the Disciplinary Executive Process (DEP) to handle straightforward cases more efficiently.
Despite noting progress, the PRP outlined several areas for improvement. Recommendations included:
In response, the IA reported that it was finalising target timelines for licensing processes and would monitor investigations and disciplinary cases through KPIs. It also outlined steps taken to address past PRP suggestions, such as enforcing the electronic submission of licensing applications via the Insurance Intermediaries Connect system and launching an online platform for CPD non-compliance reporting.
Regarding human resources, the IA said staff turnover had stabilised, and efforts were ongoing to strengthen collaboration with law enforcement agencies. It also noted plans to implement a tariff framework in 2025 for minor disciplinary offenses, aiming to expedite case handling.
The PRP also emphasised the need for the IA to differentiate between straightforward and complex cases by assigning suitable timelines and KPIs. It encouraged the regulator to further automate processes and enhance the classification and management of cases based on operational data.
The IA confirmed that improvements in disciplinary workflows and case documentation had already been implemented. It said it would continue encouraging staff cooperation across departments to handle complex regulatory matters effectively.
Looking ahead, the PRP said it would maintain its oversight role to ensure that the IA’s internal procedures remain efficient, transparent, and responsive to regulatory developments. It invited feedback from the public and industry stakeholders to support its review work.
