Future Task Force
The Insurance Authority (“IA”) is firmly committed to building and sustaining a regulatory environment conducive to business development and embracing technology. Against this background, the Future Task Force of the Insurance Industry (“FTF”) has been set up to work hand in hand with the IA in exploring the future of the insurance industry.
The FTF, chaired by Dr Moses Cheng, Chairman of the IA, comprises experts and professionals from the insurance industry and the academia. Apart from identifying socio-economic and demographic factors that will shape the insurance industry in future, the major tasks of the FTF are to draw up recommendations to promote the sustainable development of the insurance industry and to protect the interests of policy holders.
At present, there are three working groups under the FTF to look into three respective important scopes that are shaping the future of the industry:
- Financial Technology (“Fintech”);
- Financial Regulation and Policy; and
- Image Building.
Terms of Reference
- To identify socio-economic and demographic factors that will shape Hong Kong insurance industry in future.
To draw up recommendations on:
- promoting the application of Fintech in the insurance industry;
- reviewing the existing regulatory framework with the view to embracing technological advancement, and identifying its compatibility and effectiveness in the new environment;
- upgrading the skills and expertise of insurance practitioners;
- promoting the positive image of insurance and enhancing the public’s understanding of insurance; and
- avoiding over-regulation without compromising the interests of policy holders.