2015/2016 Council Elections
The General and Life Insurance Councils are conducting election of members for the next term. Authorized Representatives are reminded to send in their confirmations/votes to our honorary auditor KPMG by 17 April 2015 (Circular Ref: Mv040/15 & Mv041/15).
Independent Insurance Authority (IIA)
We had a constructive meeting with the Financial Services and the Treasury Bureau (FSTB) and the Insurance Authority (IA) last week on the independent legal advice from Richard Gordon QC regarding intermediary's conduct requirements and disciplinary process. We also reviewed the suggested amendments to certain sections of the Bill. The Administration undertook to provide us with a written response to our suggested solutions.
Voluntary Health Insurance Scheme (VHIS)
Much progress has been made in the past month. Following consultation with Member Companies, the Task Force on Health Care Reform came up with a package of proposed changes to help improve the VHIS as requested by the Food and Health Bureau (FHB). The revised package which we named as "VHIS 2" was presented to the FHB on 11 March 2015. At the suggestion of Dr Ko Wing Man, Secretary for Food and Health, a task force will be set up comprising experts from FHB and HKFI soon to discuss the proposed VHIS 2 in detail.
On 13 March 2015, we held a media conference to present our proposed VHIS 2. It seeks to provide better and more choice to consumers to cater to their needs, preferences, affordability, etc. And we have suggested some technical changes to try and make the scheme viable and sustainable while preserving the fundamentals suggested by the FHB, i.e. guaranteed acceptance, guaranteed renewal, portability, premium transparency, standardised policy terms and conditions, no lifetime limit and coverage of ambulatory services, advanced diagnostic imaging tests and cancer treatments.
To ensure sufficient consumer choices, the VHIS 2 should be offered together with existing products which are upgraded to embrace some of the core features of VHIS 2 like guaranteed renewal, standardised policy terms, provision of cancer treatments and ambulatory care, etc. For details, please see our position paper (http://www.hkfi.org.hk/#!/media-release /339). The public consultation has been extended by one month to 16 April 2015.
Young Insurance Executive Development Programme (YIE)
The YIE was successfully launched on 3 March 2015 with the support from FSTB, IA, industry bodies, Member Companies and student-trainees. One of the highlights was the sharing from VTC, participating companies, student-trainee and graduate from past insurance diploma course.
Any insurance companies interested in offering placement for students or recommending their staff to join the Programme are welcome to contact the HKFI Secretariat at 2861 9333. For graduates or diploma holders who aspire to develop a career in this exciting industry, please check out the details at our official website at: http://www.hkfi. org.hk/yie/.
The Task Force on YIE has conducted a survey to understand the needs and preferences of Member Companies on manpower training. The results would form the basis of our discussion with FSTB on ways to enhance talent training for the industry.
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Coincidentally, we received Ms Karine Kam, Chief Executive of the Singapore College of Insurance, and her colleague last week and had some fruitful exchange on how to improve the educational drive and strengthen talent grooming in our two insurance markets.
Draft Guidance Note on Participating and Universal Life Policies (GN)
In view of the fact that the IA is going to issue the above GN, the Task Force on Non-linked Business conducted a briefing on 2 March 2015 to share with Life Insurance Members (LIMs) a draft note of what could be included in the potential Guidance Note and the guiding principles proposed by the IA. The Task Force has also taken the opportunity to seek LIMs’ feedback, which will be reflected to the IA prior to the finalization of the GN. To ascertain the time LIMs will need to cope with the implementation timeline, a survey was conducted on the number of policies being affected, the results of which were conveyed to the Commissioner of Insurance to support our request.
The Commissioner will also address a town hall meeting to be held on 10 April for all LIMs. To register, please refer to Circular Ref: Mv039/15.
Mission Well Community Project
In partnership with the Hong Kong Boys’ and Girls’ Clubs Association (BGCA), the Mission Well Community Project was launched in July 2005 to promote prudent life planning and financial literacy for primary and secondary school students. The curriculum developed by the Mission Well focus group has been very well received by schools. In 2010, the Project added a new dimension - the Junior Financial Secretaries (JFS). Five batches of teenagers aged between 13 and 15 took up the important role of promoting positive financial and life planning concepts among their peers and to the public. The total of 118 Junior Financial Secretaries have become the icon of this Project.
In 2013, the project was endorsed by the Education Bureau's BusinessSchool Partnership Programme. In recognition to the HKFI’s outstanding contribution to Mission Well community project, we were awarded the status of 10 years plus Caring Organization by the Hong Kong Council of Social Service on 25 March 2015.
During the past decade, more than 350,000 students, teenagers, youths and parents have participated in this meaningful project. With the staunch support of BGCA, this project has completed its historic mission in promoting financial literacy and raising awareness on life planning among the younger generation.
On 7 March 2015, we held a ceremony at Ma On Shan to celebrate the 10th Anniversary and signify the conclusion of the Mission Well Project. Ten JFS were commended for their outstanding performance. The panel discussion hosted by the JFS provoked interactive sharing from guests on risk management, the 2015 Policy Address and the VHIS. The Inter School Financial Quiz Competition received overwhelming support from 32 secondary schools. All these brought Mission Well to a perfect grand finale.
Insurance Claims Complaints Panel (ICCP) Media Conference
MEMBERSHIP NEWS
On 30 March 2015, the ICCP released the 2014 complaint statistics together with a review of some interesting cases. The event received fairly extensive media coverage, in particular on medical and 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.
Chairman
We paid our counterpart in Macau a courtesy visit last week and had some useful exchange of ideas on the latest development of our markets and explore opportunities of further collaboration.
Change of Authorized Representative
Compagnie Francaise d'Assurance pour le Commerce Exterieur, branch in Hong Kong (General Member) - Mr Hung Wong
Falcon Insurance Company (Hong Kong) Limited (General Member) - Mr Cody Hui
First American Title Insurance Company (General Member) - Mr Philip Walden
Min Xin Insurance Company Limited (General Member) - Mr Leibnitz K Y Chan
HKFI Membership
As at 31 March 2015, the HKFI has 88 General Insurance Members and 43 Life Insurance Members.
Jimmy Poon HKFI Chairman
We believe that the seeds the Mission Well Project has sown will continue to bloom and flourish.Visit at Macau Insurers' Association