The Government today welcomed the publication of the “2024 Annual Report of the Process Review Panel for the Insurance Authority”.

The report covers the panel’s review of selected cases completed or discontinued by the authority between January 1 and December 31, 2023.

The Financial Services & the Treasury Bureau said the panel had conducted a thorough and comprehensive review of the authority’s internal procedures and operational guidelines in handling complaints, authorising insurers, licensing intermediaries, conducting investigations, and undertaking disciplinary actions.

It added that the panel’s observations and recommendations ensure that the authority exercises its regulatory powers in a fair and consistent manner, strengthening public confidence in its regulatory framework and fostering a stable environment for the insurance industry’s sustainable development.

This, in turn, enhances the city’s position as a leading international financial and risk management centre, the bureau stated.

It also thanked the panel’s chairman and members for their dedication and insight in advising the authority on enhancements to is regulatory regime.