New Member
On behalf of the HKFI, I extend our warmest welcome to Allianz Global Corporate & Specialty AG for joining us as a General Insurance Member and Hong Kong Life Insurance Limited as a Life Insurance Member.
Disclosure of Intermediaries’ Remuneration
In view of the recent court rulings on commission disclosure, the Task Force on the above subject has been re-activated to review the need to refine the legal advice provided to Member Companies in October 2011.
The Task Force will also explore the possibility of devising a simplified version of the Broker’s Declaration in the context of the Prevention and Bribery Ordinance and protect the legal position of insurers. We will keep Member Companies posted on the progress.
Employees’ Compensation Insurance (ECI)
The General Insurance Council and the Employees’ Compensation Insurance Residual Scheme (ECIRS) Bureau have been actively assisting those employers in the logistic, cleaning and recycling industries who have difficulties in procuring ECI. In the past two months, we have met with 10 representative bodies from these industries and offered them advice and prompt assistance.
Among other things, these industries have been encouraged to strengthen their work place safety to reduce the accident rate. With less workers’ injuries and improved claims records, they should have no difficulties finding insurance cover in the market.
Guidance Note on Gifts, Promotions and Incentives for Class A and Class C Products
Following months of consultation with the Insurance Authority, the above Guidance Note has been finalized and will come into effect on 1 April 2012 (Circular Ref: Mv003/12).
To avoid distracting customers’ attention from the nature and risks associated with insurance investment products, the Guidance Note prohibits the offering of any gift (other than a discount of fees or charges) when promoting a specific insurance investment product to a policyholder or prospective policyholder. At the same time, it clarifies the position with regard to Member Companies offering incentives or inducements to insurance brokers for selling such products.
Multidisciplinary Orthopaedics Rehabilitation Empowerment (MORE) Programme
The MORE Programme was first launched in September 2010 as an alternative to the existing occupational rehabilitation system to facilitate early recovery of injured workers. The General Insurance Council has decided to increase its sponsorship to expand the sample size of the Programme. Member Companies who have Employees’ Compensation claims, of which the injured workers meet the specified criteria, are encouraged to refer such cases to the Programme (Circular Ref: Mv006/12). For enquiries, please contact the Occupational Orthopaedics & Rehabilitation Program of the Chinese University of Hong Kong’s Department of Orthopaedics and Traumatology at more@ort.cuhk.edu.hk.
Public Education on Medical Insurance
The latest round of education campaign on medical insurance will be launched next month via two popular platforms.
On RoadShow at public buses, we will televise four infomercials featuring two co-workers discussing matters relating to medical insurance and the common questions usually raised by potential policyholders. These questions will then be answered by insurance professionals. At the same time, we will launch a
series of punchy educational segments at high frequency at Commercial Radio to remind consumers on points to look out for when taking out medical insurance.
We will continue to explore new and cost effective channels to beef up our promotional and educational campaign in insurance.
Insurance Industry Training Advisory Committee
The Education Bureau has developed a webpage for the Insurance Industry Training Advisory Committee under the Qualifications Framework (QF). It provides industry information pertaining to possible progression/learning pathways, the availability of QF-recognized learning programmes and related reference materials with a view to facilitating their planning for future careers development, further studies and other purposes. Interested parties are encouraged to visit the webpage at: http://www.hkqf.gov.hk/ind/tc/insurance.aspx?Tab=Pathway.
Green Power Hike HKFI Cup 2012
On 14 January 2012, 27 teams from the insurance industry joined the Green Power Hike and competed for the HKFI Cup. Congratulations to Convoy Financial Group on winning the 50 km race, Manulife (International) Limited the 25 km race and
Allianz Insurance (HK) Limited the 10 km race.
The HKFI has helped raise a total of HK$324,000 for the charity event this time. Our special thanks go to the participating companies. Your generous support is deeply appreciated.
Lunar New Year Greeting
May I wish you all a most Prosperous and Successful Year of the Dragon! Kung Hei Fat Choi!
MEMBERSHIP NEWS
Change of Company Names
Alex ChuDah Sing Insurance Company Limited has changed its name to Dah Sing Insurance Company (1976) Limited.
GAN Assurances IARD has changed its name to GAN Assurances.
Partner Reinsurance Europe Ltd has changed its name to Partner Reinsurance Europe PLC
New Authorized Representatives
Allianz Global Corporate & Specialty AG - Mr Kevin Northcott
Hong Kong Life Insurance Limited - Mr Raymond Chang
HKFI Membership
As at 31 January 2012, the HKFI has 87 General Insurance Members and 42 Life Insurance Members.
HKFI Chairman