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Latest edition of Conduct In Focus discusses regulatory considerations related to managing general agency model and reveals 99.9% CPD compliance
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On March 28, 2025, the Insurance Authority (IA) released the latest edition of “Conduct In Focus,” which provides complaints statistics for 2024 and addresses regulatory matters and trending issues relevant to insurance practitioners and policyholders. The cover article highlights the growing interest in the managing general agency model, detailing its regulatory implications and the IA’s focus on this model within the insurance framework, especially regarding licensing. The edition also discusses potential conflicts of interest for insurance agents and brokers, particularly related to commission arrangements, and proposes a smoothing mechanism for payments to mitigate these issues. Additionally, it reports a 99.9% compliance rate with Continuing Professional Development (CPD) requirements among intermediaries for the 2023/24 Assessment Period. Other topics include the high turnover rates of newly licensed intermediaries, which pose risks related to orphan policies, and updates on the IA’s enforcement actions. Resources: https://www.ia.org.hk/en/infocenter/press_releases/20250328_2.html
