Organisation and Management
The Office of the Commissioner of Insurance (“OCI”) dedicates to build a high performing professional team with cohesive and integrated knowledge and skills to meet new regulatory challenges.
Establishment of the OCI
Established on 8 June 1990, the OCI is headed by the Commissioner of Insurance, who is appointed as the Insurance Authority ("IA") responsible for regulation and supervision of the insurance industry in Hong Kong. The OCI is an establishment under the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government.
Organisation Structure and Staffing
The OCI comprises three divisions, namely General Business Division, Long Term Business Division, and Policy and Development Division, each headed by an officer at the rank of Assistant Commissioner. Regulatory duties are assigned to 10 professional teams operating under these three divisions, each led by a Senior Insurance Officer. Furthermore, there were 34 general grade staff members as at end of December 2007 providing administrative and clerical support to 65 professional officers. An organisational chart of the OCI is shown below:
(Graphic: Commissioner of Insurance)
Establishment of an Independent IA
With rapid development in the insurance market and an evolving international regulatory regime, Government is looking into the feasibility of turning OCI into an independent regulatory authority. A consultancy study has commenced in November 2007 to prepare proposals on the organisational, governance and staffing structures, funding mechanism and budgeting system for the proposed new independent authority. All key stakeholders will be consulted on the proposals upon completion of the study in 2008.
Training & Development
The OCI recognises the importance of developing a team of professional staff for the effective regulation of the insurance industry and is committed to equipping its staff with updated professional knowledge and supervisory skills through a balanced mix of overseas and local training programmes. During the year, 19 officers participated in training programmes held in Cambodia, Japan, Malaysia, Singapore, Switzerland, the United Kingdom and the mainland of China. Experience and knowledge-sharing is done through subsequent in-house debriefing sessions. These were complemented by local classes, seminars, conferences, workshops and in-house guest lectures on subjects spanning across insurance, accounting and finance, actuarial science, law, and management.
Furthermore, the OCI has been registered as an Authorised Employer of the Hong Kong Institute of Certified Public Accountants since 2005 to assist its staff in attaining professional membership. The OCI is also the first government office to become an Approved Continuing Professional Development Employer of the Association of Chartered Certified Accountants and be awarded the status of Accredited Employer by virtue of its training and development programmes.
Information Systems
The OCI has completed a study on IT security policy and carried out a detailed risk assessment on the reliability and stability of various information systems. A series of training sessions have been conducted to increase staff awareness of information security. The security of the Insurance System will also be further enhanced.
The OCI Website
The OCI website continues to function as an effective channel to disseminate regulatory information and statistical data. It also contains OCI publications, circulars, speeches, and hyperlinks to official websites of insurers authorised in Hong Kong. Adopting the Common Look and Feel of government websites, the OCI website provides a familiar interface with user-friendly navigation.
24-hour Enquiry Hotline
The OCI hotline boasts a trilingual (Cantonese, Mandarin and English) interactive telephone system providing service round the clock. It is capable of supplying general information on topics including authorisation status of insurers, regulation of insurance intermediaries, IIQAS as well as complaints against insurers and insurance intermediaries. A total of 2,963 enquiries were handled through this hotline in 2007.