Consumer Protection

Insurance involves the delivery of promise in the future.  Its nature warrants the need for consumer protection to help instil their confidence in the insurance industry and facilitates its further growth.  Upon taking over the statutory duties of the former authority, the Office of the Commissioner of Insurance, the Insurance Authority (“IA”) and the insurance industry will continue to take joint efforts to promote consumer protection measures.

The existing consumer protection measures fall into two main categories: insurance market arrangements, and regulations and industry practices associated with the sale of insurance policies.