Tag: ICAC
-
Agent’s prosecution puts focus back on insurers’ obligations to oversee intermediaries
•
The recent successful prosecution of a fraudulent insurance agent has emphasised the enhanced requirements on insurers both to monitor its intermediaries and to cooperate with the ICAC in any prosecution against a defaulting party. The increased emphasis on the role of insurers began in 2021 with the dissemination by the…
-
Brokers and the new Corruption Prevention Guide for Insurance Companies
•
Introduction The Corruption Prevention Department of the Hong Kong ICAC has issued a guide (“Guide“) to assist licensed insurance companies in Hong Kong to comply with the Prevention of Bribery Ordinance (Cap.201) (“PBO“) and to provide practical anti-corruption guidance to insurers on instituting appropriate policies and safeguards. Chapters 4 and…