The Insurance Authority (IA) recently published the latest issue of Conduct In Focus .
In this issue, the IA announces that it received 1,494 complaints in year 2020 and 348 complaints in the first three months in 2021. The top complaint category (taking up about 30% of the total number of complaints) relates to conduct issues such as problems in insurance sales process, the handling of client’s premiums, cross-border selling and allegations of fraud.
The publication also features the recent trend of insurance agents’ promotion of insurance products in public places like temporary booths and vacant retail outlets and the potential conduct issues involved. First, certain marketing materials used in these places may not have been approved by the insurance agents’ principals, as required by the Code of Conduct for Licensed Insurance Agents. Further, such sales channels may not be able to provide adequate time and information to prospective customers to enable them to make informed decisions. To address this concern, the IA recommends good practices in the publication.
For more information, please refer to the IA’s website.
Date: 26 May 2021