The Hong Kong Federation of Insurers 香港保險業聯會
The Hong Kong Federation of Insurers (HKFI) is the trade body representing insurers in Hong Kong. Its members are authorised insurers, and membership is voluntary. It has a General Insurance Council and a Life Insurance Council, which deal with general business and long-term business matters respectively.
Its main roles are to represent the industry's views to the Government and the Insurance Authority, to promote professional standards and good conduct, to improve public understanding of insurance, and to encourage co-operation among members.
Do not confuse the HKFI with the Insurance Authority. The HKFI is an industry body, not a regulator, and has no statutory licensing power. Before the Insurance Authority took over direct regulation of intermediaries on 23 September 2019, the HKFI registered insurance agents through its Insurance Agents Registration Board under a self-regulatory system. That function has now been replaced by the Insurance Authority's statutory licensing regime.
Professional Bodies of Insurance Brokers 保險經紀專業團體
Hong Kong has two main professional bodies of insurance brokers: the Hong Kong Confederation of Insurance Brokers (HKCIB) and the Professional Insurance Brokers Association (PIBA).
Under the old system, a broker could either be authorised directly by the regulator or become a member of one of these approved bodies of insurance brokers, which supervised it under self-regulatory rules.
Since 23 September 2019, all licensed insurance broker companies and their technical representatives have been licensed and regulated directly by the Insurance Authority. The broker bodies no longer license or approve anyone. They now work as trade associations: they speak for brokers, promote professional conduct, and run training and continuing professional development courses for members.
Industry Organisations to Assist Claimants or Victims 協助索償人或受害人的行業機構
The Insurance Complaints Bureau (ICB), formerly the Insurance Claims Complaints Bureau, was set up by the insurance industry and is funded by its member insurers. It gives individual policyholders a free service for resolving claims and other policy disputes with member insurers, as an alternative to slow and costly court action. The complainant must first complain to the insurer and receive its final reply. Policies taken out in a business capacity and third-party claims are generally outside its scope.
A ruling by the ICB's Complaints Panel binds the member insurer but does not bind the complainant, who can still go to court if not satisfied.
The Motor Insurers' Bureau of Hong Kong (MIB) is made up of, and funded by, the insurers that write motor business. Third-party insurance against liability for bodily injury and death is compulsory under the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272). If the driver at fault had no valid insurance and the victim's judgment therefore goes unpaid, the MIB steps in as a last resort and compensates for bodily injury or death. Property damage is not covered.
Employees’ Compensation Insurance Residual Scheme Bureau 僱員補償聯保計劃管理局
The Employees' Compensation Ordinance (Cap. 282) requires employers to insure their employees' compensation liability. Employers in some high-risk trades, such as certain construction work, may still be unable to get cover in the normal market because of a poor claims record or very high risk.
The industry set up the Employees' Compensation Insurance Residual Scheme, run by the Employees' Compensation Insurance Residual Scheme Bureau (ECIRSB), as the insurer of last resort for these employers. Insurers that write employees' compensation business all take part in the scheme and share its results in proportion.
Scheme premiums are deliberately set above normal market rates. This keeps the scheme from competing with the market and encourages employers to improve workplace safety so they can return to the normal market later. The scheme is only for employers who cannot get cover in the market. It is not a cheaper option.
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