April
2015 Issue No. 222
New Governing Committee
The Annual General Meeting held today approved the formation of a new Governing Committee for 2015/2016 as follows:
ChairmanVoluntary Health Insurance Scheme (VHIS)
Members
Mr David Alexander
Mr P L Chan
Ms Agnes Choi
Mr Stuart Fraser
Mr Jimmy Poon
Mr Andy Robinson
Mr Lennard Yong
The public consultation officially ended on 16 April 2015 and the Food and Health Bureau is preparing a full consultation report. Meanwhile, a HKFI-FHB task force has been formed to study our proposed VHIS 2. Our first meeting will be held in early May and we look forward to a constructive and fruitful dialogue with the FHB.
Independent Insurance Authority (IIA)
The IIA Bill is going through the Legislative Council's Bills Committee. On a number of outstanding issues, the Administration has undertaken to revert to the industry with proposed solutions. We will keep you informed of the progress.
Draft Guidance Note on Participating and Universal Life Policies (GN16)
At the invitation of the Task Force on Non-Linked Business, the Commissioner of Insurance addressed a town hall meeting of all Life Insurance Members (LIMs) on 10 April 2015.
Mr Allan Yu new
The Commissioner confirmed that GN16, which is applicable to all Class A policies, was tentatively scheduled to be issued in June 2015 and would come into effect on 1 April 2016 for new policies. For all existing policies, the effective date will be 18 months after issuance of the relevant GN. The Standard Illustrations for Participating and Universal Life (Non-Linked) Policies will be updated accordingly.
The Commissioner also advised that with effect from 1 October 2015, there should only be one single Financial Needs Analysis (FNA) form for both Linked and Non-Linked products. The Life Insurance Council is working closely with the Insurance Authority on the FNA form and will seek LIMs' comments in due course.
Deputy Chairman
Mr Mike Lee
Mr Ronnie Ng
HKFI Annual Reception 2015
The above event was held on 16 April 2015. We had more than 150 guests and representatives of Member Companies joining us. It was a delightful evening and we deeply appreciated the presence of our officiating guest Secretary for Labour and Welfare Mr Matthew Cheung. Photos and remarks of the event are available at: http://www.hkfi.org.hk/#!/about-the-hkfi/album/132.
Among other things, I took the opportunity to announce the launch of a fan page on Facebook and invite a HKFI Scholarship recipient to share with us her aspirations on what she might gain from the Young Insurance Executive Development (YIE) Programme. Look out for more details on these news initiatives at our website!
Hong Kong Insurance Awards 2015
We are pleased to announce the official launch of the above Awards for 2015. 13 categories of awards classified for life insurance and general insurance are introduced this year to acknowledge the top-notch performance and innovation in the industry. Top 3 nominees from each category will be shortlisted and the winners will be announced in the prize presentation ceremony on 29 October 2015. Entries for the Awards will open in early June. A brand new official website has been launched. Please visit http://www.hkfi.org.hk/hkia/ for details.
Publicity and Educational Programme 2015
I am delighted to report that we have lined up an exciting programme for 2015! While maintaining some of the well-received features of our programme via the conventional channels, we will make fuller use of the social media and online platforms.
To reach out to the younger generation and arouse more awareness and interest, we will launch for the first time a Facebook fan page to provide regular educational and informational feeds, videos and articles, etc. on insurance. More online promotion will be done through our new platform on YouTube.
The Smart Tips on Insurance booklet with lively illustrations by cartoonist Cuson Lo has been very well received. The illustrations featuring several popular cartoon characters will be used this year to produce a set of comic strips to promote proper insurance concepts. 130,000 copies will be distributed through the Next Magazine and the electronic version will appear in a mobile app for the dissemination of insurance tips.
At the same time, we will launch an insurance know-how mini-site via RoadShow with online game and videos produced by popular Vlogger. Educational messages will be presented in a humorous manner. We will continue our educational segments on the traditional channels such as 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.
On the CSR front, we will launch a new programme in partnership with the Hong Kong Federation of Youth Groups on career planning and development for youths. This will complement the YIE Programme we have just launched and align with other initiatives to promote insurance as a professional career.
We will keep you abreast of our PR and educational drive through various channels!
On 23 April 2015, we received a delegation from the China Insurance Regulatory Commission Shenzhen Bureau, Shenzhen Banking Regulatory Commission, Shenzhen insurance Association and Shenzhen Banking Association. The focus of discussion was on the regulatory regime of bancassurance and life insurance business.
Acknowledgement
My chairmanship has come to an end today. I would like to thank all of my colleagues on the Governing Committee, the General and Life Insurance Councils, Task Forces, Technical Associations, Working Groups, staff at the HKFI secretariat and friends. Without your support and guidance, we would not be able to have achieved so much in the past year. My sincere thanks to you all!
MEMBERSHIP NEWS
Change of Authorized Representative
AIA International Limited (Life Member) – Mr Chan Wing Shing
Allied World Assurance Company, Ltd (General Member) – Mr Mark John Walker
Manulife (International) Ltd. – (Life Member) – Mr Michael Huddart
Sompo Japan Nipponkoa Insurance Inc. (General Member) – Mr Kozo Nakamura
The New India Assurance Co. Ltd (General Member) – Mr Mayank Kumar
HKFI Membership
Jimmy Poon HKFI ChairmanAs at 30 April 2015, the HKFI has 88 General Insurance Members and 43 Life Insurance Members.
Visitors from ShenzhenElected Councillors
Mr Allan Yu (Chairman)
Mr P L Chan (D/Chairman)
Mr Dylan Bryant
Mr James Chan
Ms Agnes Choi
Ms Kelly Mok
Mr Jimmy Poon
Mr Ivan Tam
Mr Harry Wong
Mr Kok-ho Wong
Ex-officio Councillors
Mr Terry Tsang
Ms Vivian Ho
Mr Billy Lau
Ms Teresa Ma
Mr Ronnie Ng
Mr Sammy Lau
Technical Associations
Zurich Insurance Co Ltd
China Taiping Insurance (HK) Co Ltd
Lloyd's
Wing Lung Insurance Co Ltd
AXA General Insurance HK Ltd
Prudential General Insurance HK Ltd
Dah Sing Insurance Co (1976) Ltd
Chevalier Insurance Co Ltd
Hong Leong Insurance (Asia) Ltd
Asia Insurance Company Ltd
Medical Insurance Association Chairman
Marine Insurance Association Chairman
Accident Insurance Association Chairman
Fire Insurance Association Chairman
Immediate Past Chairman
Reinsurers’ Forum Convenor
The various Technical Associations have also elected their respective deputy chairmen as follows:
Accident Insurance Association
Fire Insurance Association
Marine Insurance Association
Medical Insurance Association
Mr Philip Kwan
Mr Dennis Chow
Mr Patrick Wong
Ms Zenda Chan
Elected Councillors
Mr Andy Robinson (Chairman)
Mr Lennard Yong (D/Chairman)
Mr David Alexander
Ms Charity Au
Mr Jacky Chan
Mr Stuart Harrison
Mr Wim Hekstra
Mr Michael Huddart
Mr Mike Lee
Ms Candy Yuen
Mr Derek Yung
Ex-officio Councillor
Mr Stuart Fraser
Zurich International Life Ltd
MetLife Ltd
Swiss Reinsurance Company Ltd
BOC Group Life Assurance Co Ltd
AIA International Limited
AXA China Region Insurance Co (B) Ltd
Sun Life Hong Kong Ltd
Manulife (International) Ltd
MassMutual Asia Ltd
HSBC Life (International) Ltd
Prudential Hong Kong Ltd
Immediate Past Chairman
Mr P L Chan Mr Allan Yu Mr Andy Robinson Mr Lennard Yong 2015/2016 General Insurance Council 2015/2016 Life Insurance Council