Hong Kong insurance complaints bureau undergoes major revamp
Nearly 20 years on from its institution, Hong Kong’s Insurance Claims Complaints Bureau (ICCB) has modified its identify to “The Insurance Complaints Bureau (ICB).” The transfer varieties a part of the insurance ’s efforts to bolster buyer safety.
The bureau is an impartial physique established by the itself to supply clients with an accessible platform to deal with all insurance-related disputes of a financial nature.
Aside from the identify change, ICB has additionally revamped its governance construction with a majority of non-industry members forming the board of administrators to reinforce its independence. The board itself is chaired by an impartial non-industry member.
ICB will even revamp its scope of jurisdiction to deal with non-claim associated insurance disputes, and introduce mediation companies for dealing with complaints not associated to claims.
Disputes associated to claims will proceed to be dealt with by adjudication by the Insurance Claims Complaints Panel. By the second quarter this yr, the bureau will introduce a separate mediation service for disputes associated to claims however with financial worth.
The ICB presently has 107 members. As a licensing situation, all authorised insurers carrying any private insurance enterprise in Hong Kong are required to use to and develop into members of the ICB.
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