March 2012 Issue No. 188
New Members
On behalf of the Governing Committee, I would like to welcome Direct Asia Insurance (Hong Kong) Ltd as our General Insurance Member.
Annual General Meeting (AGM) 2012
The AGM will be held on Monday, 30 April 2012 at 12:00 noon in the HKFI conference room. Please refer to Circular Ref: Mv036/12. Look forward to seeing you at the AGM.
2012/2013 Council Elections
The General and Life Insurance Councils are conducting election for the next term. Authorized Representatives are reminded to send in their confirmations/votes to PricewaterhouseCoopers by 20 April 2012.
HKFI Annual Reception 2012
The event held on 26 March 2012 was well attended with about 200 guests and representatives of Member Companies participating. Our special thanks go to the Secretary for the Financial Services and the Treasury, Professor the Honourable K C Chan, SBS, JP, for joining and addressing us that evening. His kind words of encouragement are deeply appreciated. I would also like to thank all guests for their support and participation.
At the event, 15 undergraduates majoring in insurance related subjects at the Chinese University of Hong Kong, Lingnan University and the University of Hong Kong were awarded the HKFI scholarship of $20,000 each.
Meeting with China Insurance Regulatory Commission
Guangdong (CIRC GD) Bureau
On 19 March 2012, representatives of the HKFI and the Task Force on CEPA called on Mr Huang Hong, President of the CIRC GD Bureau, and his team in Guangzhou.
We had a candid and positive dialogue on a range of issues. And we were deeply grateful to the Bureau for their constructive advice on possible ways to strengthen cooperation between our two insurance markets.
Educational and Publicity Programmes 2012
We are going to roll out a multi-media programme later this year to further promote the importance of insurance and reaffirm our commitment to CSR.
This time, we will focus on two major subjects – medical insurance and Mandatory Provident Fund Schemes (MPF) in line with Government’s policy initiatives on these two fronts. On RoadShow at public buses, insurance experts will answer common questions relating to medical insurance. As for MPF we will do it through an educational booklet to be distributed via the Next Magazine and an interactive website. Both will be supplemented by the educational segments broadcast at Commercial Radio 2 (FM903) and Metro Finance (FM104).
We are about to launch the mobile app to promote and facilitate convenient access to HKFI’s consumer education information and checking on the insurance agents’ register. The educational columns in Economic Digest and Apply Daily News will continue to provide in-depth information on various kinds of insurance products.
On the CSR front, we will launch a community campaign for elderly and families in conjunction with the RoadShow this summer. The Mission Well Community Project jointly organized with the Boys’ and Girls’ Clubs Association will continue to provide financial and life planning training for youngsters. On occupational safety and health and promotion of mediation projects, we will continue to provide support.
Insurance Claims Complaints Panel (ICCP) Media Conference
On 22 March 2012, the ICCP released the 2011 complaint statistics together with a review of some interesting cases. The event received fairly extensive media coverage. A special vote of thanks to Mr Michael Tsui, Chairman of the ICCP, and his team members for the untiring and remarkable efforts they have put in for the benefits of the insuring public.
Additional Premium Benchmark to High Risk Groups (HRG)
Established in 2007, the Employees’ Compensation Insurance Residual Scheme (ECIRS) initially identified 19 HRG and provided premium benchmark rates for these groups. The list of HRG, following consultation with the relevant industry sectors, will be expanded to cover the cleaning, logistics/transportation and recycling industries with effect from 1 April 2012. And the relevant premium benchmark rates will be provided as well.
US Foreign Account Tax Compliance Act (FATCA)
The above Act may have substantial impact on the operation of local insurance companies. In view of the complexity of the issue, the Life Insurance Council has been proactively helping Member Companies to prepare for FATCA. We have formed a joint industry working group with the Hong Kong Investment Funds Association, Hong Kong Trustees’ Association, Institute of Financial Planners of Hong Kong and tax and legal experts to address the challenges presented by FATCA.
A cross industry seminar was held on 28 March to help Member Companies to have a good understanding of the implications of FATCA and how to prepare for its implementation. Another briefing focusing on insurance specific issues will be held on 17 April 2012 (Circular Ref: Mv027/12).
Visitors from the Mainland
Through the introduction of the Department of Justice, the Marine Insurance Association received four visitors from the China Council for
the Promotion of International Trade on 14 March 2012. Among other things, we had a useful discussion and exchange of views on the latest trend in the handling of marine claims.
