2 March 2022
The Insurance Authority (IA) published its latest issue of Conduct In Focus 1 today (2 March 2022) presenting statistics on complaints received in the full year of 2021.
In the Practice section, the IA highlights how the manner in which insurers handle customer complaints is an important conduct issue and provides an indication of the extent to which the principle of “treating customers fairly” is an embedded part of their business culture and ethics. The IA highlights some best practice principles which should serve as the foundation for an insurer’s complaints handling procedures, and which the IA would expect to see during the course of its supervision.
The Practice section also talks about the importance of insurance intermediaries advising their customers to disclose medical conditions when buying insurance policies to avoid any uncertainties at claim stage. This is also the subject of our Policyholder Corner section, in which we remind prospective policyholders of their duty of disclosure when buying insurance.
Finally, as a frontline regulator under the Mandatory Provident Fund Schemes Ordinance (Cap.485) the IA warns the public about an MPF-related scam it has come across, in which fraudsters entice potential victims through social media posts making false representations on how to gain early access to monies in their MPF accounts. We share tips on how to avoid falling victim to these type of frauds.
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Note:
1 Conduct In Focus is a periodical newsletter which presents statistics and commentary on complaints received by the IA and examines topical regulatory issues relating to conduct in the insurance market.