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1 The future of the Insurance Industry : the role of Regulations Dr. Moses Cheng Chairman, Insurance Authority, Hong Kong 11 May 2017 A Presentation to The Institute and Faculty of Actuaries Asia Conference 2017

170511 Chm IFoA Asia Conference FINAL · > Á ~Z µ o v Z P µ o ] } v > Á ] Z ( } u o P o µ Z Z } o ( µ v u v o o Ç

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Page 1: 170511 Chm IFoA Asia Conference FINAL · > Á ~Z µ o v Z P µ o ] } v > Á ] Z ( } u o P o µ Z Z } o ( µ v u v o o Ç

1

The future of the Insurance Industry :the role of Regulations

Dr. Moses ChengChairman, Insurance Authority, Hong Kong

11 May 2017

A Presentation to The Institute and Faculty of Actuaries Asia Conference 2017

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“ Whenever there is a whiff of companycorruption in the air, the French detain theircorporate elite for questioning, the Americanswonder when the sex angle is going to emergeand the British commission a new report on therole and effectiveness of non-executivedirectors”

-Michael Skapinker The Financial Times 16th March 2002

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The PoliticiansQuickly demand the enactment of more rules and regulations

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Not that they would solve the problems or bring about Improvements

But they are seen to be doing

something

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Would more regulations and stiffer penalty bring about a better Insurance Industry ?

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Establishment of the Insurance Authority

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Take over the role and

functions of OCI

Grow and develop the

Industry

Enhance the public

understanding and trust in the

Industry

Promote professionalism

and ethical conduct of

practitioners

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It is essential to have effective laws and regulations

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The main purposes of the law• Establishing Standards

The law is a guidepost for minimally acceptable behavior in society. • Maintaining Order

The law—when enforced—provides order consistent with society’s guidelines.

• Resolving Disputes

Disputes are unavoidable in a society made of persons with different needs, wants, values, and views. The law provides a formal means for resolving disputes—the court system.

• Protecting Liberties and Rights

The constitutions and statutes provide for various liberties and rights. A purpose and function of the law is to protect these various liberties and rights from violations or unreasonable intrusions by persons, organizations, or government. 7

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Laws (Rules and Regulations)

• "Law is the formal glue that holds fundamentally disorganized societies together.”

Thomas Hobbe (English philosopher born 1588)

• “Law is the cement of society”Glanville Williams – Learning the Law

Laws and regulations set the minimumstandards which everyone in the communitymust observe as the proper balance betweenself interests and the common good of thecommunity

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It leads to anarchy and chaos9

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Laws and regulations• are essential to preserve peace and order of the community• But NOT the solutions to resolve the problems we face!• How can laws and regulations be expected to positively

bring about a better industry or community!10

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OECD’s Report “Regulatory Policy and the Road to Sustainable Growth” 2010

• “The effectiveness of regulatory policy has been put to a severe test with the financial crisis and recent environmental disasters.

• In many countries, regulatory inflation continues to undermine the clarity of the law. Why have current regulatory institutions, tools and processes failed to deliver consistently “fit for purpose”, user-friendly regulations and regulatory frameworks?

• Can gaps in regulatory frameworks be filled without imposing unhelpful constraints on innovation and competitiveness?”

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Effectiveness of the laws and regulationsare dependent upon effectiveness of enforcement

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Friday, 13th

November, 2015

Manila, Philippines

Journey from Airport to Hotel

2 hours 20 min.(20 minutes)

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The Standard– a Filipino Newspaper

A failure in governance• The mammoth traffic jam in Metro Manila demonstrated government’s

helplessness in dealing with the urban problem. The five-hour traffic snarl was also a failure in governance on the part of local and national authorities.

• Building more roads and providing alternative transportation modes in the metropolis are the long-term solution to the traffic woes but these will take time. In the meantime, an effective traffic enforcement is needed and authorities so far have failed to control the situation.

• Cabinet Secretary Jose Rene Almendras suggested a “whole-of-government approach” involving the Public Works and Highways, Interior and Local Government and Transportation and Communications departments to ease traffic congestion.

• The Cabinet official should have added that basic enforcement of the traffic and public transportation regulations was the first step in addressing the traffic mess.

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Back in Hong Kong• Traffic jam is everywhere !

Result of traffic violations

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Would enacting tougher legislation / stiffer penalty solve our traffic jam problems ?

Laws without effective enforcement = NO LAWS16

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Good Governanceis more than compliance with laws and regulations

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GovernancePolicies, processes, and structures used by an organization or government

• to direct and control its activities, • to achieve its objectives, and • to protect the interests of its diverse

stakeholder groups in a manner consistent with appropriate ethical standards.

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“Governance is essentially a function of leadership and direction within an organization; appropriate risk management and control over its activities (management); and the manner in which meaningful disclosure relating to its activities is made to shareholders and other stakeholders (public engagement).”

King Report II , 2002 South Africa

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My Model of Effective Governance

Governance

Laws(rules and

regulations)

Enforcement

Open & Transparent

Check and Balance(Accountability)

Fit for purpose Policy

Values Ethics

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In setting up the new Insurance Authority

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The New Insurance Authority

Take over the regulatory

functions of OCI

Establish a new licensing regime of

intermediaries

Grow and develop the insurance

industry together

Promote the proper image and public acceptance

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Market with good potential for

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Industry respected and well

received by the Public

Values

Professionalism

Ethical standards and

conduct

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Risk based capital system – a sensible requirement

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OCI Industry

Healthy dialogue

A model and system that are tailored toHK circumstances and addressing

HK challenges

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Values and Ethics

“ The board is the guardian of the ethical values of the company and must play a central role in understanding and monitoring of ethical risks. Beyond simple compliance with regulatory frameworks, it is up to the board and the executive management of the company to define the common values and principles that should govern the conduct of the company’s activities and the behavior of its employees and to ensure their implementation.”

Institut Francais des Administrateurs

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“ If managers are careless about basic things – telling the truth, respecting moral codes, proper professional conduct – who can believe them on other issues ? ”

- James L Hayes, former president, American Management Association

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Professionalism

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Good education foundation

Professional and Technical Training

Structured Continual Professional Development

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Responsible conduct and attitude30

C A R E

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Conflict of interestsWhen personal interests either influence, have the potential to influence, or are perceived to influence decision making, a conflict of interest situation results. Policy on conflict of interest explains the relevant principles and rules for preventing or managing conflicts of interest and how such principles and rules are to be implemented. 31

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Unethical Behavior

The first, and the most characteristic of the sector, is exemplified by the mis-selling of complex derivatives (Goldman Sachs’s Abacus products or the customised swaps sold by Bankers Trust in the 1990s),

• the manipulation of sell-side research and IPOs, the misrepresentation of financial assets and liabilities (off balance sheet SIVs, inappropriate mark-to-model valuations or Lehman’s Repo 105s),

• LIBOR rate-fixing, • In all these cases and many others it is clear from the outside – and clear in

retrospect even from the inside – that the actions taken were wrong. • But they didn’t seem wrong to those engaged in them at the time. They were

perceived, perhaps, as stretching the rules, but not as breaking them, and it was the rules of the game, the technical norms, that were perceived as relevant, not the social and moral norms that underpinned them.

• Ethics just didn’t enter into the matter – and that was precisely the problem.

John Hendry, writer, teacher, academic pointed out :

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Close Collaboration

The Insurance Authority

The PractitionersThe Industry

The future growth and development of the Insurance Industry is dependent on ….

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“…for any overall regulatory system to succeed while maintaining a healthy industry, there must be a balance of respect and cooperation between the two (external regulation and

self regulation)”Michael Somerville

“Future of Insurance Regulations in Hong Kong”

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Walk the talk and no compromise

• Honesty• Law Abiding• Fair• Respect for others

& diverse views• Trust

Integrity

• Environment• Community• Needs of others

Care • Hard work• Perseverance• Embracing

change and technology

Diligence

•Teamwork•Quality in products &

services•Innovation •Public engagement

Collaboration

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[email protected]

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