July 2012 Issue No. 192
Proposed Establishment of a Financial Services Development Council (FSDC)
The Government has set up a task force chaired by Mrs Laura Cha to prepare for the establishment of a FSDC, which aims to facilitate and enhance the long-term development of Hong Kong’s financial services industry. The HKFI is invited by the Chairperson to express our views and provide input on the role and functions of the FSDC.
We have formed a special task force under the chairmanship of HKFI Deputy Chairman Mr Thomas Lee to study the matter and come up with suggestions for Government’s consideration.
Health Care Reform
On 20 July 2012, the Task Force on Health Care Reform met the officials of the Food and Health Bureau (FHB) and their consultant PricewaterhouseCoopers (PWC). We presented to them our latest views on the proposed Health Protection Scheme (HPS). While supporting a range of the proposed features of the HPS, we expressed concerns over the practicability of some proposals which would require further discussion. On this we will be meeting the FHB and the PWC again next month. Then we will conduct a briefing for Member Companies to ensure that we are all on the same page.
Quarterly Register of Complaint Figures on P2P Marketing Calls
Under the Code of Practice for P2P Marketing Calls promulgated by the Commerce and Economic Development Bureau (CEDB), insurance companies with telemarketing business are required to file quarterly returns on complaint figures. The Task Force on the subject led by Mr Harry Wong reviewed the form and found it cumbersome. After much discussion with the CEDB, the Task Force has successfully convinced the Administration that only information on substantiated complaints be submitted in a simplified format. Member Companies are reminded to file this one-page quarterly return accordingly (Circular Ref: Mv083/12).
Combat Insurance Fraud
The Hong Kong Police Force has broadcast an episode on its TV programme, Police Magazine, last Saturday at TVB Jade to help combat fraudulent insurance claims. The episode, featuring a real-life bogus claim, aims to remind audience that making fraudulent insurance claim is a criminal act and any offender shall be liable on conviction upon indictment to imprisonment for 14 years. Mr Allan Yu, Chairman of the Task Force on Insurance Scam, appeared on the programme to reaffirm the industry’s determination to combat such illegal act.
HKFI Annual Report 2011/2012
Members should have received by now the latest Annual Report . Illustrated by a collection of vivid pictures, the report provides a summary of what have been accomplished in the areas of communicating with stakeholders, upholding professionalism and contributing to the community as good corporate citizens. It also highlights our works in respect of the latest market development, insurance agent administration, public education and publicity during the period under review.
“Embracing Warmth” CSR Campaign
The above campaign held in collaboration with RoadShow was a resounding success. On 21 July 2012, more than 100 enthusiastic participants gathered together and put their love and creativity into action. They created some very unique cushions for the elderly. Secretary for Labour and Welfare Mr Matthew Cheung joined this heart-warming event to support and cheer up the participating families.
On 30 July 2012, we hand delivered these cushions embodying love and care to the senior citizens at the elderly centre run by the Evangelical Lutheran Church in Tuen Mun. Together with some of the participating families and volunteers from the HKFI secretariat, we spent a wonderful and meaningful afternoon with the elderly. This workshop and the subsequent visit are one of our latest endeavours in highlighting the caring image of the insurance industry. The footage will be broadcast at RoadShow with daily travelers of more than 2.5 million. Also included in this campaign are my fellow Governing Committee members delivering punchy and useful messages on the purchase of various insurance products at the RoadShow.
Mission Well Community Project Appoints New Junior Financial Secretaries
At the Inauguration
Swearing-In Ceremony held on 16 July 2012, 23 third and fourth formers aged between 14 and 16 have become the third batch of “Junior Financial Secretaries (JFS)” under the Mission Well Community Project. The new JFS were selected from 68 students nominated by 34 secondary schools. They will receive intensive and multi-faceted training to enhance their financial literacy and develop proper attitudes towards life. They will also take up the important role of promoting positive financial and life planning concepts among their peers and to the public via various channels.
Visitors
Mr Paul Hsu, Chairman of the Life Insurance Association of Taiwan (LIAT), and two key members of the LIAT paid us a visit on 13 July 2012. We exchanged views on a wide array of issues concerning our respective life insurance markets.
On 11 July 2012, we spoke to a Mainland delegation from the Bank of China on the self-regulatory regime of the HKFI and the Insurance Claims Complaints Bureau.
Cross-strait, Hong Kong & Macau Insurance Business Conference
For the very first time, the HKFI will be organizing the above conference in partnership with the Macau Insurers’ Association. We will hold the two-day main conference in Kowloon Shangri-la on 19 and 20 November 2012, which will be followed by a visit to Macau the next day. Members will be invited to subscribe for the conference in due course. Meanwhile please pencil in the dates and we look forward to your participation and support!
Summer Greetings
In view of the summer holiday, the next issue of the Monthly Brief will be published in September 2012. Wishing you all a nice and refreshing summer break!
MEMBERSHIP NEWS
Change of Company Name
Euler Hermes Kreditversicherungs-AG, Hong Kong Branch has changed its name to Euler Hermes Deutschland Aktiengesellschaft
Hang Seng General Insurance (Hong Kong) Company Limited has changed its name to QBE
General Insurance (Hong Kong) Limited.
Change of Authorized Representatives
Euler Hermes Deutschland Aktiengesellschaft - Mr Anil Berry
QBE General Insurance (Hong Kong) Limited - Mr Norris Ma
HKFI Membership
As at 31 July 2012, the HKFI has 88 General Insurance Members and 43 Life Insurance Members.
Agnes Choi
HKFI Chairman