Establishment of PIBA
In 1985, the Hong Kong Government decided to regulate the insurance industry and announced a series of legislations and measures to be enforced in the industry. Prior to that, the insurance business was not part of the legal regulation and brokers were managing their own businesses.
Immediately after the introduction of the legislations, which were required to be strictly followed, some insurance brokers found it difficult to manage and operate under the new regulation, and a few were even unable to survive. In view of this, a group of insurance dealers started to plan for the establishment of a professional body to assist and resolve issues encountered by insurance brokers.
The founding members of PIBA had gathered and analyzed industry information on insurance brokers associations abroad and leveraged their learning from other similar operation models. After extensive discussion and numerous meetings, prospectus was drafted, guideline completed and the legal procedures established. PIBA was officially established on 29th January 1988.
There were only 12 members when PIBA was founded. It has since grown to over 200. A working committee has been set up to ensure smooth operation and organization of PIBA. The committee is responsible for managing group matters and monitoring members of the association.
PIBA’s works are multi-facet. In the membership aspect, every application is carefully reviewed to ensure successful fulfillment of PIBA requirements. Industry trends and market changes are communicated regularly to members whilst seminars and discussion groups are organized to enhance the professional knowledge of members and let them keep abreast of industry development in this fast-changing world. PIBA puts top priority to the professional ethic of members and requires all members to adhere to the insurance brokers regulations. PIBA also has close contacts with other insurance organizations and arranges different activities to promote a professional image of the association.
PIBA and the government are in good relationship. There are regular communications and meetings with the Office of the Commissioner of Insurance (OCI) to discuss issues relating to insurance regulations including concerns and feedback raised by members. In 1995, the government certified the professionalism of the association by granting independent authorization rights to PIBA for its recruitment and monitoring control of own members.
Enormous effort has been invested in the success of PIBA. The association has come a long way, and it is our continuous objective to improve the professional standards for the benefits of our members, the insurance industry and the general public.