Insurance
Insurance is about peace of mind, building on trust and professionalism. Insurance practitioners not only need to acquire updated knowledge of insurance products and exercise sound judgment when servicing their clients, they must also maintain good character and personal integrity to gain trust and goodwill from the clients.
The Private Sector Integrity Centre (PSIC) offers free anti-corruption and integrity training to help insurance practitioners stay vigilant against corruption risks and uphold the highest standards of integrity. We also provide free corruption prevention advisory services and practical resources to support industry organisations in strengthening safeguards and fostering an ethical culture.
Corruption Risks
- Insurance brokers offer illegal commission to bank managers to obtain business, leading bank managers to potentially recommend products to prospective policyholders that are not in their best interests.
- Senior insurance agents divert insurance policies to downline agents to deceive overriding commission.
- Colluding insurance brokers divert clients’ policies to other broker firms to defraud higher commission.
- Insurance agents conspire with policy holders to submit false documents for medical claims.
- Insurance intermediaries solicit or accept bribes for processing fraudulent claims.
Corrupt staff of distribution channel departments responsible for determining the remuneration packages for insurance intermediaries solicit or accept advantages in return for offering better remuneration to the latter (e.g. better support such as higher amount of marketing allowance and/or sponsorships for insurance broker companies / insurance agencies).
- Corrupt training staff solicit or accept advantages from individual insurance agents to falsify training records for the latter.
- Compromised district directors who have much discretion in recommending promotion/demotion/termination of their “down-line” individual insurance agents solicit or accept advantages in return for favouring/harbouring the latter during the process.
- Corrupt staff of the distribution channel department condoning substandard performance of insurance intermediaries in return for advantages from the latter.
Resources
Study Notes of Insurance Intermediaries Qualifying Examination (IIQE)
The section of “Prevention of Corruption” is included in the two syllabuses for the examination papers of IIQE “Principles and Practice of Insurance” and “Travel Insurance Agent”.
Codes of Conduct for Licensed Intermediaries
8 General Principles
The Codes of Conduct for Licensed Insurance Brokers and Licensed Insurance Agents set out the following 8 general principles of conduct to ensure licensed intermediaries act in the best interests of clients and treat their clients fairly.
Dos and Don'ts for Policy Holders
They are the useful information you need to know when buying insurance.
Integrity Training
The Private Sector Integrity Centre (PSIC) offers free anti-corruption and integrity training to promote professional ethics and entrench the probity culture in the insurance industry.
For Insurance companies
Online CPD Module for insurance intermediaries
In collaboration with the Hong Kong Federation of Insurers (HKFI), the PSIC developed an online Continuing Professional Development (CPD) module on anti-corruption laws and professional ethics for insurance intermediaries.
Online Learning Course for New Practitioners
PSIC organises webinars on the “PSIC Channel” for insurance practitioners. Click here to view details of the upcoming webinars and enroll now!
PSIC provides free, tailor-made training for managers and staff of insurance companies.
Please contact us if you wish to arrange integrity and corruption prevention training.
Members of professional bodies may obtain continuing professional development (CPD) hours by attending seminars offered by the PSIC.
The following professional bodies have arranged continuing professional development (CPD) / continuous professional training (CPT) seminars jointly with the PSIC:
- General Agents and Managers Association of Hong Kong
- Hong Kong Chamber of Insurance Intermediaries
- Hong Kong General Insurance Affairs Association Ltd
- Hong Kong Insurance Intermediaries Association
- Institute of Financial Planners of Hong Kong
- Institute of Professional Education And Knowledge
- Professional Insurance Brokers Association
- The Hong Kong Confederation of Insurance Brokers
- The Hong Kong Federation of Insurers
- The Hong Kong Society of Certified Insurance Practitioners Ltd
- The Life Underwriters Association of Hong Kong
＊in alphabetical order of the names of the professional bodies
Click here to see our upcoming CPD seminars for insurance professionals.
