FS welcomes insurance review

Financial Secretary Paul Chan today welcomed the publication of the 2022 Annual Report of the Process Review Panel for the Insurance Authority.

Mr Chan said the review panel plays an important role in maintaining the procedural propriety of the insurance regulatory regime.

The panel selected and reviewed 30 cases completed or discontinued by the Insurance Authority between July 1, 2020 and December 31, 2021.

The cases covered the authority's main regulatory functions including new and growing areas such as disciplinary cases. A number of observations and recommendations were made to the authority for its consideration.

The finance chief noted that the observations and recommendations set out in the report are a useful reference to the authority in its discharge of various regulatory functions.

The panel is an independent one established with the approval of the Chief Executive.

It reviews and advises the authority on the adequacy of its internal procedures and operational guidelines governing the actions taken and operational decisions made by the authority and its staff in the performance of its regulatory functions.

Click here for the report.