Insurance body calls for lighter regulation

"More trust" is needed if Hong Kong''s insurance industry is to mature, says CIB.

The Hong Kong Confederation of Insurance Brokers CIB is to press the industry regulator to further relax the burden of professional training legislation heaped on both agents and brokers, despite a recent reduction in statutory obligations. Eric Lee, CIB secretary-general, says the federation's membership has been growing increasingly concerned by the rising cost of continuing professional development regulations CPD, which require both insurance agents and brokers to undertake at least 15 hours of accredited training a year in order to maintain their licenses.

Achieving these hours, depending on the course chosen, can cost anywhere up to HK$10,000 $1,285 per person, which for some of the larger organisations can mean...

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