In March 2019, the Insurance Authority (“IA”) published the Draft Code of Conduct for Licensed Insurance Agents (“Draft Agents’ Code”) and Draft Code of Conduct for Licensed Insurance Brokers (“Draft Brokers’ Code”) for public consultation.
The IA explained that the Draft Agents’ Code and the Draft Brokers’ Code were prepared in anticipation of the IA taking over regulation of insurance intermediaries. These Codes aims to specify fundamental conduct requirements expected of licensed insurance agents and licensed insurance brokers under the latest statutory regime.
The Draft Agents’ Code and the Draft Brokers’ Code set out eight core General Principles, under which standards and practices are elaborated. IA claims that when formulating these draft codes, the IA has taken account of conduct requirements applicable to insurance intermediaries under the current self-regulatory regime, relevant requirements in overseas jurisdictions as well as prevailing international standards.
The Council has reviewed the consultation paper on the above with the assistance of the Insurance Law Committee. Instead of providing a Yes/No answer to the consultation questions, the Law Society has prepared a detailed submission to respond. In that submission, the Law Society comments on matters of substantive points of principle and sets out various specific observations on particular provisions of the Draft Agents’ Code and the Draft Brokers’ Code in a Schedule.
The Law Society’s comments on the consultation papers are available at: