Jan 2018 Issue No.252
Insurance Fraud Prevention Claims Database (DB)
We are pleased to report that the Steering Committee (STC) overseeing the development and administration of the DB was officially formed and held its first meeting on 26 January 2018.
The STC consists of eight members with the majority coming from outside the industry: Chairman Non industry members Industry members
Mr Edward Chan King Sang, SC, JP Professor Chan Wai Sum Mr Allan Chiang, SBS Mr Fred Li Wah Ming, SBS, JP Dr Laurence Shek Siu Lam Mr Simon Wong Kwong Yeung Mr Praveen Daswani Mr Jimmy Poon Wing Fai
With the support and guidance from the STC, the Project Team is finalizing the privacy by design proposal. Once it is endorsed by the STC, we will invite members to a briefing session on details of onboarding and operation of the database. We are on target to start operating the system initially for three business lines, i.e. motor, medical and personal accidents, by Q3 2018.
Inauguration of Insurance Complaints Bureau
Another important milestone for the industry is the inauguration of the Insurance Complaints Bureau (ICB) on 16
January 2018. The ICB, which supersedes the Insurance Claims Complaints Bureau (ICCB) founded 28 years ago, is the outcome of a holistic review by the industry to improve its consumer protection framework. Specifically, the new ICB will provide consumers with a one-stop, convenient, effective and easily accessible platform in helping resolve all insurance-related disputes of monetary value.
The revamped ICB has a new governance structure with a majority of non-industry members forming the Board of Directors to enhance its independence: Chairman Non industry members Industry members
Mrs Pamela Chan Wong Shui, BBS, JP Mr Herbert H K Tsoi, BBS, JP Mr Paul F Winkelmann Prof Paul S F Yip Mr Stuart Harrison, HKFI Chairman Mr P L Chan, HKFI Deputy Chairman Mr Mike S C Lee
Disputes related to claims, as in the past, are handled by way of adjudication. This well-established adjudication service will continue to be provided by the Insurance Claims Complaints Panel comprising a majority of nonindustry members and chaired by Mr Michael Tsui. As for complaints not related to claims but with monetary value, the ICB will introduce a new mediation service in Q2 2018. Both the adjudication and the mediation services will be offered to consumers free of charge.