May 2021
To support the new regulatory regime for licensed insurance intermediaries, the “Corruption Prevention Advisory Service” (CPAS) of the Corruption Prevention Department of the ICAC has, in collaboration with the insurance industry, developed the Corruption Prevention Guide for Insurance Companies (the “Guide”). The Guide is a practical reference for senior management and managerial staff of authorized insurers to assist them in ensuring compliance with the Prevention of Bribery Ordinance (Cap. 201) and entrenching a clean business culture in their companies and in the industry. It covers:
anti-bribery legislation,
the essence of an anti-corruption business culture,
elements of good corporate governance and effective internal control system,
an overview of corruption risks and the corresponding safeguards in the core operations of an insurer, including management of insurance intermediaries, sales process, underwriting and claims verification procedures, etc; and
case studies based on past corruption cases, frequently asked questions and red flags (indicating areas where management oversight should be strengthened).
The Guide can now be downloaded here.
We also take this opportunity to introduce the CPAS, which provides free, confidential and tailor-made advice to private sector organisations on corruption prevention controls including the safeguards recommended in the Guide and arrangement of corruption prevention training, and in other common business areas such as procurement, inventory control and staff administration, etc.
CPAS maintains a user-friendly web portal which offers easy access to timely and useful resources on corruption prevention, such as corruption prevention guides and tools, case studies, quick tips as well as red flags.
To receive regular news and updates on corruption prevention (e.g. launch of new training packages), subscribe to CPAS’s email alert service by registering here.
To find out more about the Guide and the CPAS, please contact CPAS through the following channels:-
Tel: (852) 2526 6363
Email: [email protected]
Website: https://cpas.icac.hk/EN/