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The Office of the Commissioner of Insurance (OCI), prompted by a rapid pace of globalisation and growing convergence of financial services, will strengthen its core capabilities and nurture a close partnership with other regulatory bodies.
This pledge was made today (February 16) by the Commissioner of Insurance, Mr Clement Cheung, when releasing the OCI Annual Report 2006.
"A vibrant and progressive regulator should not only be content with effective enforcement of prescribed standards, but should also strive to enrich its knowledge and understanding of changing market dynamics," Mr Cheung said. "To this end, the OCI will co-operate with other relevant regulators to pursue worthwhile initiatives such as co-ordinated enforcement actions, systematic information exchange and staff secondment programmes."
Many insurers are venturing into retirement planning and wealth management to meet consumer demands spurred by a matured market, an ageing population and rising general affluence.
"We will focus attention on product design and marketing strategies to ensure that the interest of policyholders is properly safeguarded," Mr Cheung said.
Emerging as an international financial centre, Hong Kong could play a more prominent role in contributing towards sustainable development of the Mainland economy. Looking ahead, Mr Cheung stressed: "We will collaborate with industry practitioners to open up new frontiers as proposed in the report and action agenda of the Economic Summit on China's 11th Five-Year Plan and the development of Hong Kong."
As at December 31, 2006, there were 181 authorised insurers, 52,121 appointed insurance agents (including their responsible officers and technical representatives) and 6,161 authorised insurance brokers (including their chief executives and technical representatives) operating in Hong Kong.
The OCI Annual Report 2006 provides a summary of insurance statistics and an overview of key activities undertaken by the Insurance Authority. People may obtain copies of the annual report from the OCI's website at http://www.oci.gov.hk.
Ends/Friday, February 16, 2007
Issued at HKT 15:01
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