| Information Centre | Media Release ICB Inauguration Ceremony
The Insurance Complaints Bureau (ICB) held an inauguration cocktail on 23 January 2018 to celebrate its Inauguration on 16 January 2018.
In her opening remarks, ICB Chairman Dr Pamela Chan Wong Shui highlighted that the ICB is a new independent body to supersede the Insurance Claims Complaints Bureau (ICCB), “I felt honoured to be invited to become the inaugural Chairman of the ICB. The new ICB aims at providing consumers with a free, convenient, efficient and accessible one-stop avenue in helping resolve all insurance-related disputes of monetary value.”
The inauguration ceremony was officiated by Dr Moses Cheng, Chairman of the Insurance Authority (IA). “Insurance is the delivery of a promise in the future, and the industry’s sustainable development hinges on policy holders’ trust and confidence, which can be reinforced with adequate and effective protection of consumers’ interests. I am confident that the revamped ICB will continue to join hands with the IA and make a significant contribution to enhancing the policy holders’ protection framework,” said Dr Cheng.
The ICB has a new governance structure with majority non-industry members forming the Board of Directors to enhance its independence. Its objective is to provide an independent and cost-effective alternate dispute resolution process which allows the insuring public to resolve and settle their complaints in respect of their personal insurance contracts. Its current jurisdiction limit is HK$1,000,000.
The ICB currently has 107 Members. As a licensing condition, all authorised insurers carrying on any personal insurance business in Hong Kong are required to apply to and become members of the ICB. The operating costs of the ICB come from annual subscriptions of Member Insurers.
