Media Release

The Insurance Complaints Bureau signed Quadripartite
Memorandum of Understanding on Insurance Dispute Resolution Mechanism

On Thursday 29th June 2023, the Insurance Complaints Bureau (ICB) signed a Quadripartite Memorandum of Understanding on Insurance Dispute Resolution Mechanism (MoU) in Guangzhou. The other three signing parties were: Guangdong Zhenghe Banking and Insurance Consumer Rights Protection Centre, Macau World Trade Center Arbitration Center and Shenzhen Municipal Insurance Consumer Rights Service Center.

The aim of the MoU is to advocate collaboration among Guangdong, Hong Kong, Macau and Shenzhen on consumer protection and insurance dispute resolution, and creation of mutually recognized avenues for settling insurance disputes across the Greater Bay Area (GBA) for better protection of public interest.

Attending the signing ceremony, Chairman of ICB, Dr Pamela Chan Wong Shui, BBS, JP, said, “HKSAR is actively integrating into the national agenda for development. As the regional hub for the industry, HK insurance sector has a unique and significant role to play in our financial market. We look forward to the improvement which the MoU will bring upon service quality, public perception and efficiency of insurance services in GBA, thereby strengthening consumer confidence on insurance products with enhanced protection of policyholders’ legitimate rights, contributing to the orderly progression of Insurance Connect in GBA.”

ICB is chaired by an independent Chairman and its board of directors consists of four non-industry members and four industry members. It strives to provide an alternative dispute resolution mechanism to settle disputes arising from personal insurance policies. Services provided to consumers are free.