April 2012 Issue No. 189
New Governing Committee
The Annual General Meeting held today approved the formation of a new Governing Committee for 2012/2013 as follows:
Mr Thomas LeeHKFI’s Proposals to the Chief Executive-elect
Members
Mr David Alexander
Mr Alex Chu
Mr Mike Lee
Mr William Ng
Mr Jimmy Poon
Mr Roger Steel
Mr Harry Wong
Mr Allan Yu
With the assistance of the Honourable K P Chan, the HKFI has submitted some proposals to the Chief Executive-elect concerning the long term development of the insurance industry.
On regulation, we support strengthening the protection of consumers. But any proposed measures must serve a specific purpose and be introduced in an orderly and co-ordinated manner. The industry should be properly consulted beforehand and given sufficient time to digest and implement such measures. The effectiveness of the new policies should be reviewed periodically and modified and refined where appropriate.
We hope the Government will take the above into consideration in drafting the relevant legislation for establishing the Independent Insurance Authority (IA). More importantly, there must be representatives from the insurance industry on the board of directors and the advisory committee of the future independent IA to ensure that professional advice from the industry is well received.
On the other hand, we highlighted the capacity of this city to develop itself into a regional hub of insurance, captive insurance and reinsurance while reinvigorating its status as a world class maritime centre. We also presented our wish-list on developing more business opportunities for insurers under CEPA and participating in the development of the Qianhai area.
Policyholders’ Protection Fund (PPF)
We have sought legal advice on the two proposals of major concern – the continuity of coverage for non-life policies until expiry and the provision of cover to SME – and submitted our latest position to the Government last week.
We reaffirmed our wholehearted support to the Government’s initiative in promulgating a PPF for the protection of the people of Hong Kong. However, we are particularly concerned about the provision for continuity cover and the enormous risk and exposure that creates to insurers and for which they cannot reserve nor obtain reinsurance. On the provision of cover to SME, we are of the view that the Fund should be limited to meet claims from individuals losses and certain SME’s losses (in a limited class of insurance business). It should not seek to cover losses arising from classes of business carrying very high exposure in both risk and amount.
US Foreign Account Tax Compliance Act (FATCA)
On 17 April 2012, the LIC organized a briefing for around 100 representatives of Life Insurance Members where experts from three major accounting firms spoke on the subject of FATCA from the insurance perspective.
Together with the Hong Kong Investment Funds Association, Hong Kong Trustees’ Association, Institute of Financial Planners of Hong Kong, the LIC is now preparing a joint industry submission to the United States Inland Bureau. It will incorporate major concerns raised by the industries with respect to some key compliance issues.
Ms Agnes Choi
Chairman
Deputy Chairman
2012/2013 General Insurance Council
May I offer my best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr Jimmy Poon (Chairman) Dah Sing Insurance Co (1976) Ltd
Mr William Ng (D/Chairman) Tugu Insurance Co Ltd
Mr Billy Chan AXA General Insurance HK Ltd
Mr James Chan Wing Lung Insurance Co Ltd
Mr Pui Leung Chan China Taiping Insurance (HK) Co Ltd
Ms Agnes Choi HSBC Insurance (Asia) Ltd
Mr Lobo Law QBE Hongkong & Shanghai Insurance Ltd
Ms Kelly Mok The Prudential Assurance Co Ltd
Mr Ronnie Ng China Overseas Insurance Ltd
Mr Harry Wong Hong Leong Insurance (Asia) Ltd
Mr K H Wong Asia Insurance Co Ltd
Mr Allan Yu Zurich Insurance Co Ltd
Ex-officio Councillors
Ms Vivian Choi Medical Insurance Association Chairman
Ms Vivian Ho Marine Insurance Association Chairman
Mr Philip Nye Reinsurers’ Forum Convenor
Ms Teresa Ma Fire Insurance Association Chairman
Mr Jonathan Yau Accident Insurance Association Chairman
Technical Associations
The various Technical Associations have also elected their respective deputy chairmen/convenor as follows:
Accident Insurance Association – Mr Billy Lau Fire Insurance Association – Ms Hester Lo Marine Insurance Association – Ms Amy Chan Medical Insurance Association – Mr Adwin Tseng Reinsurers' Forum - Mr Sammy Lau
2012/2013 Life Insurance Council
I would like to extend my congratulations to the following members of the newly-formed Life Insurance Council:
Mr Roger Steel (Chairman) Sun life Hong Kong Ltd
Mr Mike Lee (D/Chairman) MassMutual Asia Limited
Mr David Alexander Swiss Reinsurance Co Ltd
Ms Charity Au BOC Group Life Assurance Co Ltd
Mr Alex Chu HSBC Life (Int’l) Ltd
Mr Praveen Mohan Daswani Generali Int’l Ltd
Mr Stuart Fraser Ageas Insurance Co (Asia) Ltd
Mr Ting-an Liu China Life Insurance (Overseas) Co Ltd
Mr Andy Robinson Zurich Int’l Life Ltd
Mr Lennard Yong ING Life Insurance Co (B) Ltd
Mr Derek Yung The Prudential Assurance Co Ltd
Ex-officio Councillor
Mr Thomas Lee Immediate Past Chairman
Acknowledgement
On my last day as HKFI Chairman I would like to say thank you to all my colleagues on the Governing Committee, the General and Life Insurance Councils, Task Forces, Technical Associations, Working Groups, staff at the HKFI secretariat and all friends within and outside the industry. Your support and wise counsel are deeply appreciated. My best wishes to all new office bearers for every success in meeting the many challenges ahead.
Elected Councillors Change
MEMBERSHIP NEWS
ABCI Insurance Company Limite - Mr Tang Wei
HKFI Membership
As at 30 April 2012, the HKFI has 89 General Insurance Members and 43 Life Insurance Members.