Archive for Insurance

Accountant In Hong Kong Received 5 Years Suspension

For practicing accountants that are still in doubt about getting their own chartered accountant insurance, there has been a case that proves its importance in the practice. The Hong Kong Institute of Certified Public Accountants recently received an order released by their disciplinary committee on June 7 of this year regarding an accountant named Wong Kong Yiu. His membership number will be deleted from the CPAs register for a period of five years and the order was effective July 19. Aside from the suspension, he was also required to pay an amount of $94,050 HK dollars for the disciplinary proceedings.

Wong has been handling a corporate practice wherein he is the only practicing director and also the sole shareholder. He was disciplined because he did not follow the rules that were put in place by the council of the Institute regarding the renewal of his Professional Indemnity Insurance. He continued to ignore the warning for the past four years. He was also ordered to handle the run-off cover once his practice was unregistered.

Wong also made a wrong declaration to the Institute regarding the practice. He said that he had a Professional Indemnity Insurance cover for the last four years that he has been renewing the registration of his practice.

Moreover, Wong was also subjected to a practice review to examine his other practice. Wong did not comply with the Practice Review Committee’s order that he should be in touch with the practice reviewer in order for a date to be set wherein the site visit can be conducted.

Once all information available was placed under scrutiny and evaluation by the Institute, they submitted a complaint that indicates Wong has been violating the Professional Accountants Ordinance.

With regards to the false declarations made by Wong, it was revealed that he was in violation according to the section 110.2 of the Code of Ethics for Professional Accountants. In the end, he was found to be guilty because of his dishonorable demeanor.

The committee also ruled that Wong did not comply with the order made by the Practice Review Committee and he has no acceptable excuse. This is a reminder to all professionals that it is important to have a chartered accountant insurance in order to protect their practice and to comply with the governing agency’s rules.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Guidelines Out For Banks On How To Sell Insurance Effectively

For those who are not familiar with what insurance is and how insurance really works especially to those who are not equally knowledgeable about the insurance industry, insurance is first and foremost, a precautionary measure to ensure that someone will take good care of your expenses come the time when you get sick or you got involved in a massive car accident. An insurance is simply that you are buying from an accredited insurance company in exchange for a monetary compensation as long as the claims being made for an insurance policy fall under the designated list of situations wherein the claimants can make claims. While having an insurance, a health insurance for example, proves to be beneficial especially for workers who belong to some of the hazardous industries in the world in terms of they will have some kind of comfort and peace of mind that their hospital expenses will be paid in the form of compensations, let’s not forget that the insurance industry is a complex industry to begin with. You have to remember that it’s not easy to find ways on how to sell insurance effectively considering the fact that prices have been going up as of late, making it more difficult for people to avail such services.

To be able to add up to the government’s initiative find more efficient ways on how to sell insurance effectively without asking for additional fees from clients, the Uganda government has announced through the Insurance Regulatory Authority that it has allowed banking institutions around the country to start insurance products. Regulations for the said initiative dubbed as the Bancassurance is now in the finalization stages and are said to come out anytime this July, 2017. With the regulations already in placed thanks to the already being-implemented Financial Institution Act of 2016, banks can now act as agents of accredited insurance companies in the said country and start selling different insurance policies to their respective depositors. In addition this, the Uganda government said that there will be no  limitations that will be set in terms of the number of insurance companies that a bank can partner with in the said regulations.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.