HKIA inks MoU with the Insurance Complaints Bureau

The agreement will help expedite the handling of claim-related disputes.

The Hong Kong Insurance Authority has entered into a memorandum of understanding (MoU) with the Insurance Complaints Bureau to expedite the handling of claim-related disputes.

Under the MoU, if a policyholder submits a complaint to the IA disputing the non-payment of a claim under an insurance policy and the policyholder has provided his or her consent on the matter, the IA will be able to refer the complaint to the ICB for adjudication.

Previously, the IA did not have the power to interfere with commercial decisions of an authorised insurer or licensed insurance intermediary or to adjudicate disputes.

“Policyholders in dispute of claims settlement made by authorised insurers should be able to access free advice and impartial support. Whilst the IA is vested with extensive statutory powers to tackle misconducts, it does not have the legal remit to adjudicate claims. On the other hand, the ICB is a recognised dispute resolution mechanism whose rulings are binding on those authorized insurers joining its membership. The signing of this MoU is a positive step towards ensuring that the interests of policyholders are safeguarded in an optimal manner,” said Clement Cheung, CEO of the IA.