March 2014
Issue No. 210
New Member
On behalf of the Governing Committee, I would like to extend our warm welcome to Factory Mutual Insurance Company for joining us as a General Insurance Member.
HKFI Annual Reception 2014
The HKFI Annual Reception will be held on Wednesday, 16 April 2014 at 6:00 pm at the Garden Lounge of the Hong Kong Club. Secretary for Financial Services and the Treasury Professor K C Chan will be our principal Guest-of-Honour. We look forward to seeing you that evening.
Health Care Reform
On 21 March 2014, the Task Force on Health Care Reform wrote to the Food and Health Bureau (FHB) again to formally register our grave concerns over the proposed Health Protection Scheme (HPS). As promised by the FHB, our comments will be included in the final consultation paper to be released in the first half of 2014.
On top of highlighting the missing links of the HPS, i.e. the absence of Diagnosis-related group, non-viability of the High Risk Pool, lack of consumer choice, unrealistic suggested premium rate and short of transparency, we have made some constructive suggestions to address these structural deficiencies. For details, please refer to: http:// http://www.hkfi.org.hk/pdf/lv020_14.pdf
Developing RMB Reinsurance Business in Hong Kong
The Core Group leading this project has conducted a survey to ascertain Member Companies' support in this initiative. Feedback from them, I am pleased to say, has been positive. The results, together with the detailed proposal, were presented to the Financial Services Development Council's (FSDC) New Business Committee for consideration. We will continue to work closely with the FSDC to move this forward.
Establishing an Effective Resolution Regime for Financial Institutions in Hong Kong
The Government and the various financial services regulators are conducting the above consultation. On 10 March 2014 the Assistant Commissioner of Insurance
Mr Tony Chan spoke at a briefing for members organised by the HKFI. More than 50 representatives from 37 Members attended. Mr Chan provided a clear and illuminating synopsis of the key proposals and possible options ahead. And the participants raised a number of thought-provoking questions and ideas. We are now collecting Members' views for the preparation of an industry's submission (Circular Ref: Mv020/14).
Methods for Selecting the CE in 2017 and for Forming the Legco in 2016
Public consultation on this subject will end in May 2014. Members have been invited to provide comments which will be consolidated for submission to the Government accordingly (Circular Ref: Mv021/14). Meanwhile, we have scheduled a joint session with the Hon K P Chan in mid-April to facilitate an exchange of the industry's views with the relevant Government officials.
Use of Mediation to Settle Dispute of Insurance Claims
To support the 2014 Mediation Week sponsored by the Department of Justice, the HKFI organised an Experience Sharing Session on 24 March 2014. Five senior claims managers from Member Companies shared their experience on using mediation to resolve insurance claims disputes in their daily work. They were joined by representatives from the Department of Justice and Legal Aid Department as well as seasoned mediators. More than 120 Members’ representatives attended and they found the session inspiring and useful.
Apprenticeship Programme for the Local Insurance Industry
There is an increasing concern about the perceived shortage of talent in the local insurance industry. To facilitate an adequate supply of human resources to sustain future growth, the HKFI has set up a Task Force with representatives from both general and life practitioners to steer the above Apprenticeship Programme. This idea also coincides with the Financial Secretary's new direction in his Budget Speech on grooming professionals and skilled personnel in the financial services industry. The Task Force will explore the feasibility of launching a pilot programme which includes both job placement in claims management and academic/professional training in insurance.
Publicity and Educational Programme 2014
I am delighted to report that we have lined up a new and exciting programme for 2014! While maintaining some of the well-received features of the traditional media, we will make fuller use of the online and mobile channels.
We will continue our educational segments on the Commercial Radio, which features a popular figure李有保 (a Chinese name which literally means "you've got insurance") providing insurance tips in a comical way. Through the Next Magazine, we will publish 160,000 copies of the Smart Tips series booklet on medical insurance. Riding on their popular mobile app, we have invited an up-and-coming cartoonist Cuson Lo to create the visual image of 李 and deliver useful insurance tips through both channels.
At the same time, we will launch an online game on insurance know-how with the RoadShow and engage a popular comic blogger to get our educational messages across through lively and dynamic presentation. We hope to see our messages widely circulated among the younger generation through the social media. More serious online education will be done through our new partnership with Yahoo at its Finance Classroom.
On the CSR front, we will continue our long term partnership with the Boys' & Girls' Clubs Association on the Mission Well Community Project. We also plan to launch a CSR programme with the RoadShow to promote elderly care. We will keep you abreast of our PR and educational drive through various channels!
Insurance Claims Complaints Panel (ICCP) Media Conference
On 25 March 2014, the ICCP released the 2013 complaint statistics together with a review of some interesting cases. The event received 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.
Visitors from Shenzhen on Handling Insurance Claims Disputes
Coincidentally, four representatives from the China Insurance Regulation Commission Shenzhen Bureau and the Shenzhen Insurance Consumers’ Right Service Center visited us in early March. Our guests were very impressed by the work of the Insurance Claims Complaints Bureau and wished to learn more about its operation and adjudication process, in particular the important roles played by the ICCP and the Honorary Secretaries.
EAIC 2014 Conference
The above will be held at Taipei between 2 and 6 November. Online registration is now available at http://www. eaic2014.org/. For the first time ever, the EAIC is organising an essay competition. Insurance practitioners in the region are invited to submit an essay before 1 June 2014 on a range of topics under the topic of "Energising EAIC: Taking EAIC into the Next 50". For details, please refer to Circular Ref: JP/JN/sl/14-006/14.
Thomas Lee HKFI ChairmanMEMBERSHIP NEWS
Change of Authorized Representatives
ACE Insurance Limited - Mr Doug White
ACE Life Insurance Company Ltd. - Mr Allan Lam
Canada Life Limited - Ms Alice Piper
The Pacific Insurance Company, Limited - Mr Hui Siu Kwong
HKFI Membership
As at 27 March 2014, the HKFI has 87 General Insurance Members and 43 Life Insurance Members.
