Hong Kong, 6 November 2020: Colin Cohen will continue his regulatory role in the insurance industry after being named as a member of the Insurance Authority’s newly formed Disciplinary Panel Pool.
The DPP, which comprises Insurance Authority board members and other experienced professionals from the legal, financial and other sectors, will be the industry’s new disciplinary mechanism for licensed insurance intermediaries and authorised insurers.
Colin previously served on the Disciplinary Committee of the Hong Kong Confederation of Insurance Brokers from 2010 until last year, when the Insurance Authority took over direct regulation of insurance intermediaries. He is one of five former Disciplinary Committee members who will serve on the new DPP.
“I’m honoured to be appointed to the Disciplinary Panel Pool and look forward to working with my colleagues to ensure continuing compliance in this hugely important industry,” said Colin, Senior Partner in Boase Cohen & Collins.
“Total gross premiums reached HK$567 billion in Hong Kong in 2019, showing a year-on-year growth of more than 10%, while gross premiums for the first half of this year showed further growth of 6% compared with the corresponding period last year.
“Given the considerable dollar figures and the significant number of people who work, or have invested, in the insurance sector, it is clear the industry requires strict regulation and the highest standards of service. I’m confident the new DPP will ensure this continues to be the case.”
The Insurance Authority was established five years ago as a new industry regulator independent of the Government. It aims to facilitate stable development of the Hong Kong insurance industry, provide better protection for policy holders, and comply with the requirement of the International Association of Insurance Supervisors that insurance regulators should be financially and operationally independent of the government and industry.