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IIQEPrepStudyingPaper 1
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MPF intermediaries
MPFMPF Intermediaries ExaminationWhich body runs a scheme that assumes liabilities under employees' compensation policies of member insurers that have become insolvent?
Answer: the Employees Compensation Insurer Insolvency Bureau. The ECIIB, made up of all EC insurers, runs the insolvency scheme, funded by a surcharge on EC premiums.Why not the others:• the Insurance Authority: the IA regulates insurers; it does not take over their EC liabilities.• the Motor Insurers' Bureau of Hong Kong: the MIB deals with motor accident victims.• the Employees' Compensation Insurance Residual Scheme Bureau: it oversees the market of last resort, not insolvencies.Watch out: Mixing up the two EC bodies.Rule: ECIIB: insolvent EC insurers. ECIRS Bureau: employers who cannot get EC cover.Source: IA P1 Study Notes 2024 Ed. §5.5.3(c), p.5/9
Mixing up the two EC bodies.
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