How Can China’s Legal World Improve?

This month we speak with Ken Tang, who has made huge impact in the insurance industry. Based in Hong Kong, he speaks with Lawyer Monthly about his vast amount of experience, as well as about his many awards of recognition in the financial sector.


Ken Tang has joined the insurance industry in Hong Kong in 2010. He has become a member of the “Million Dollar Round Table” (MDRT) a year after his entrance, which is an honorable achievement in the insurance industry. Now, he has already become a member of the “Top of the Table” (TOT), the top membership qualification of the industry, for several years.

What do you think accounted to your achievement of being a member of the Million Dollar Round Table?

“To be able to become a member of the MDRT, I personally believe that persistence is the main criteria. It means to be able to persist and not give up in the process of learning, and more importantly, when facing a challenge.”


Apart from this award, Ken has also obtained the membership of “The Chinese Institute of Certified Financial Planners” (ICFP), the “International Association of Registered Financial Consultants” (IARFC), and the “International Financial Planner Council”. Therefore, when he provides his clients with his assistance, he gives advice with consideration from different perspectives and takes different factors into account. These include the targeted beneficiary(ies) of the product, possible legal regulations involved, the financial benefits the client may gain, and etc.


What do you think is the biggest challenge currently facing the financial industry in China?

“The consumer demand in China is lacking because the market mainly relies on policy promotions. The problem of products being piled up in excess of requirement is becoming more serious. The number of financial loans are rapidly decreasing, which leads to the supply channel of cash flow being tough. The employment contradiction problem is also becoming more severe as time goes on.”


What do you think will be done to tackle this challenge?

“The old-fashion economic operation system needs a revolution to strengthen and consolidate the tertiary industry in China. This will narrow the gap between the rich and the poor, while balancing the domestic regional development and expanding consumption demands in the Chinese market.”


Ken also achieved awards such as the “International Dragon Award” (IDA) in the financial industry. This honor is the symbol of success for a Chinese financial insurance practitioner. In the preliminary stage of his career, he acquired the Bronze Dragon Award (agent category) from the insurance company he belongs to. Recently, due to his outstanding performance, his company has rewarded him with the “Platinum Award” (agent category). More importantly, he was rewarded with the “Bronze Frontline Leader Award” during the General Agents and Managers Association International, which, was definitely an affirmation and recognition for his ability as a leader.


Can you expand on your International Dragon Award and the significance of the award on your career?

“The honour of receiving an International Dragon Award is the symbol of success of an Asian financial-insurance industry. It is the ultimate honour you can receive as an Asian insurance agent.”


In addition to the recognition of his ability from inside the company (Prudential), within his 7 years working in the company, Ken has corporate well with his colleagues. He has provided his colleagues with much assistance and training in obtaining a membership in the “Million Dollar Round Table” (MDRT) or even the “Top of the Table”, as well as other similar awards.

As a Branch Manager (BM), Ken has made significant contribution to himself and to his team. His efforts are recognised and highly valued by the company he works in; thus, the company has further awarded him with different awards to reflect their appreciation.

Likewise, his success and extraordinary achievements were reported and published in a local newspaper (Hong Kong Economic Daily) to encourage his colleagues and to be viewed by all Hong Kong citizens.


What common cases are you called to give your expert opinion on?

“The most common type of case, involving the insurance industry, that I am constantly dealing with throughout the many years of my career is the demand for basic life insurance; this is due to the fact that, on average, the chance of getting a serious disease is getting higher from a younger in age.”


How challenging can these legal cases be, and how do you overcome it?

“When it comes to problems which concerns legal regulations, I think it is very necessary to consult lawyers or/and relevant professionals/organisations often throughout the process, to ensure communication is clear and to avoid any simply solved problems.”


In what aspects do you think the Chinese legal system needs to adapt in order to make your role as an expert witness a smoother one? Could any changes be better suited for the financial industry?

“The law in China is already consummate, but I think what needs to be improved is the capacity to implement the law appropriately, as well as a strong supervising mechanism.”


What are common regulations that people are unaware of in the financial industry, and how does this lead them into lawsuits?

“Problems such as oversea investments, asset transfers, the preservation and inheritance of wealth, and logical tax avoidance, are still quite new subjects for Chinese people to touch upon, therefore, the relevant law related to these subjects are still very unfamiliar to them, which can thus lead to lawsuits.”


Ken Tang




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