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Essay / Research Paper Abstract
This paper discusses the regulation of insurance in Hong Kong, and whether or not it protects consumer interests. Also discussed is some background of the insurance industry in this country. Bibliography lists 10 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MThonkon.rtf
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Unformatted sample text from the term paper:
China has simply expanded what the industry is. Such expansion, however, has led to problems - namely unscrupulous companies and individuals taking advantage of consumers. The question then becomes, should
insurance be regulated, particularly by the government? This paper will attempt to answer that question, first with a discussion about the Hong Kong insurance industry, and then with discussion of
the heavily regulated insurance industry in the United States. Overall, the paper will support the contention that regulation is not a good idea and that in the end, it does
not support the interests of consumers. Hong Kongs insurance market has a strong international presence, with more than half the authorized insurers
incorporated outside Hong Kong in 25 different countries (Xinhua News Agency, 2002). The market is also highly competitive, perhaps among the most competitive in the world (Galligan, 1999; see also
Man, 1997). What helped boost the Hong Kong insurance market was the transfer from British sovereignty to Chinese rule in 1997 increased insurers markets - insurance agents could now market
directly on the Mainland, which they were barred from prior to the transfer (Norris, 1997). In addition, Chinas admission to the World
Trade Organization has meant more opportunities for Hong Kong insurers (Xinhua News Agency, 2002). It also means that there is plenty of opportunity for exploitation - meaning, at least on
the surface, a supportive regulative authority. The debate, however, rages over government regulation versus self-regulation. The industry itself implemented self-regulation programs in 1996 (International Insurance Monitor, 1996), but its uncertain
as to whether these have been effective or not. One positive benefit to insurance regulation has been that it has weeded out
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