Insurance Authority enters into Memorandum of Understanding with Insurance Complaints Bureau to expedite the handling of claim-related disputes
1 November 2021
The Insurance Authority (IA) and the Insurance Complaints Bureau (ICB) announced today (1 November 2021) that they have entered into a memorandum of understanding (MoU) to expedite the handling of claim-related disputes1.
“Policy holders in dispute of claims settlement made by authorized insurers should be able to access free advice and impartial support. While the IA is vested with extensive statutory powers to tackle misconducts, it does not have the legal remit to adjudicate on claims. On the other hand, the ICB is a recognised dispute resolution mechanism whose rulings are binding on those authorized insurers joining its membership. The signing of this MoU is a positive step towards ensuring that the interests of policy holders are safeguarded in an optimal manner,” said Mr Clement Cheung, Chief Executive Officer of the IA.
Dr Chan Wong Shui, Pamela, Chairman of the ICB, said, “ICB provides an independent, credible, cost-effective and free alternative dispute resolution platform for individual policy holders to resolve their insurance disputes with insurers. This MoU is a firm recognition of ICB’s efficient operation and great achievement over the past decades. Looking ahead, we are dedicated to continuing our efforts to protect the legitimate rights of consumers and at the same time, help improve public confidence in insurance.”
Ends
1 A complaint of monetary nature involving disputes on the decision made by an authorized insurer relating to a claim made under a personal insurance policy.