March 2013 Issue No. 199
Annual General Meeting (AGM) 2013
The AGM will be held on Tuesday, 30 April 2013 at 12:00 noon in the HKFI conference room. Please refer to Circular Ref: Mv033/13. Look forward to seeing you at the AGM.
Health Care Reform
As Members are probably aware, the Task Force headed by Mr David Alexander has been meeting the Food and Health Bureau (FHB) and its consultant PricewaterhouseCoopers on a regular basis with the aim of developing a commercially viable Health Protection Scheme (HPS). To ensure the HPS proposed by the FHB is sustainable and offers better choice for consumers, we have recently written to the FHB to explain and try to get their understanding of our industry's position. Going forward, the Honourable K P Chan has kindly arranged for the Task Force to meet FHB and their consultant to thrash out a couple of fundamental issues.
Enhanced Customer Protection Measures for the Purchase of ILAS
On 22 March 2013, the LIC organized a briefing to update Members on the latest progress in this area. Following intensive discussions with the IA, the Securities and Futures Commission and the Hong Kong Monetary Authority, the LIC has come up with a number of measures to improve the sales process involving the expansion of post-sales calls and the introduction of an Important Facts Statement incorporated in the existing Applicant Declaration. Details will be officially announced after they have been cleared with the relevant regulators.
Educational and Publicity Programmes 2013
The HKFI is celebrating the 25th anniversary this August. To coincide with the happy occasion of our Silver Jubilee, we are going to roll out a multi-media programme to promote the importance of insurance and reaffirm our commitment to corporate social responsibility (CSR).
We are about to revamp the HKFI website, the current version of which was launched in 2005. Over the years, we have made various improvements to its functionality, layout, contents, etc. With the introduction of new technologies and online platforms and the changing needs of our stakeholders, we are planning to restructure our website from the users' perspective. The new website is expected to be launched this summer.
As for our educational and publicity drive, our focus will be on two major subjects – medical insurance and ILAS – in line with Government’s policy initiative on the former and the upgraded customer protection mechanisms to be introduced later this year. On RoadShow at public buses, insurance experts will answer common questions relating to medical insurance. As for ILAS we will do it through an educational booklet to be distributed via the Next Magazine and an interactive website. Both, together with the educational driver on other lines of business, will be supplemented by the segments broadcast at Commercial Radio 2 (FM903) and Metro Finance (FM104).
On the CSR front, we will launch a community campaign for families and children in collaboration 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 education for youngsters and training for the fourth batch of Junior Financial Secretaries. On occupational safety and health projects, we will continue to provide support.
Travel Insurance
To explore ways to improve the sales process of travel insurance, we met with the Honourable Yiu Si Wing, Legislative Councillor of the tourism sector, Mr Michael Wu, Chairman of the Travel Industry Council, and its Chief Executive Mr Joe Tung. Among other things, we discussed how to streamline the sales process at travel agencies and help customers understand the coverage and exclusions of the policies they have taken out.
Briefing on New Guidance on Direct Marketing
The above Guidance will come into effect on 1 April 2013. The Task Force on Review of the Personal Data (Privacy) Ordinance has issued a template of Personal Information Collection Statement for Members' reference (Circular Ref: Mv030/13).
The Task Force organized a briefing on 14 March 2013. A vote of thanks to Reed Smith Richards Butler's Mr Nathan Dentice for his excellent presentation and provision of a very useful checklist on proper compliance with the new rules.
Foreign Account Tax Compliance Act (FATCA)
The Task Force on FATCA, together with the other Joint Industry Working Group members and the Hong Kong Association of Banks, has participated in a number of consultation meetings with the FSTB.
To find out the possible impact of FATCA on our industry should the Administration decide to enter into discussions with the US Treasury for a potential Intergovernmental Agreement, the Task Force has conducted a survey. This would help ascertain Life Insurance Members' state of readiness for FATCA and identify the kind of products which may qualify for exemption from FATCA. The results have been presented to the FSTB for consideration.
Insurance Claims Complaints Panel (ICCP) Media Conference
On 26 March 2013, the ICCP released the 2012 complaint statistics together with a review of some interesting cases. The event received extensive media coverage, in particular on travel insurance. 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.
LIC Chairman Mr Roger Steel received two representatives from the Australia's Centre for Investor Education. We briefed our visitors on the current market situation of life insurance business and exchanged views on assets management education.
MEMBERSHIP NEWS
Change of Company Name
Chartis Insurance Hong Kong Limited has changed its name to AIG Insurance Hong Kong Limited. Change of Authorized Representatives
Allianz Global Corporate & Specialty AG - Mr Mark Mitchell
Royal & Sun Alliance Insurance plc - Mr Mark John Walker
HKFI Membership
As at 28 March 2013, the HKFI has 86 General Insurance Members and 42 Life Insurance Members.
Agnes Choi HKFI Chairman Overseas Visitors