The Insurance Authority (IA) has published the consultation conclusions of the Code of Conduct for Licensed Insurance Agents and the Code of Conduct for Licensed Insurance Brokers.
The respondents generally welcomed the two draft Codes, which had taken full account of the different capacities of insurance agents (who represent insurers) and insurance brokers (who represent clients), says the IA in a statement.
Broad agreement was expressed on the eight General Principles of conduct with complementary standards and practices, as well as the requirements on corporate governance, internal controls and procedures for insurance agencies and broker companies. The two Codes have been further refined after careful consideration of the feedback received.
The IA received 24 written submissions from different stakeholders on the agents' Code and 28 written submissions on the brokers' Code. Respondents included insurance industry bodies, insurers, insurance intermediaries, professional bodies and public bodies.
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The Codes will take effect immediately upon commencement of the new statutory regulatory regime for insurance intermediaries on 23 September 2019.
In order to allow sufficient time for transition, the IA will adopt a flexible approach in considering insurance intermediaries’ compliance with the codes in the initial few months, and expects licensees to fully comply with the Codes from 1 January 2020 onward.
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