Under the By-Laws of the Monetary Authority of Macao (AMCM), the AMCM has the responsibility to guide, coordinate and inspect the insurance market, and provide for its smooth operation and to supervise the insurance institutions, in accordance with the rules and regulations set forth in the Macao Insurance Ordinance, Insurance Agents and Brokers Ordinance and the Legal Framework for Private Pension Funds. Consistent with this responsibility, the AMCM will seek to ensure that all authorised insurance institutions that are governed under the abovementioned laws are operating in a sound and prudent manner and adopting correct standards of ethical conduct and sound business practices.
The term ‘authorised insurance institutions’ in this policy statement refers to authorised insurance companies, insurance intermediaries and private pension fund management companies. On the other hand, the word “complaint” used in the present statement refers to denunciations of any illegalities, including abnormal or deficient functioning of insurance institutions, in order to initiate actions against those responsible or measures to set right the abnormal or deficient operations concerned.
In its capacity as the supervisory authority of insurance institutions, the AMCM has, from time to time, received complaints about the way authorised insurance institutions handled the affairs of customers. In light of such complaints, which may imply an opportunity for improvement of practices of the insurance sector, this policy statement is drawn up to explain the AMCM’s policy and how such complaints will be handled. This policy statement covers what is expected of complainants, addresses the circumstances in which the AMCM investigate complaints against an authorised insurance institution gives details of the actions the AMCM can take on such complaints.
Last revision: 2020-12-02 10:31:31