This is my first message to you as HKFI Chairman. I would like to thank you for your continuous support of the Federation over the years and I look forward to your advice and greater support in the next 12 months.
New Life Insurance Members
On behalf of the Governing Committee, I would like to extend a warm welcome to General Reinsurance AG and Metropolitan Life Insurance Company of HK Ltd as our Life Insurance Members.
Voluntary Health Insurance Scheme (VHIS)
The HKFI-FHB (Food and Health Bureau) Task Force met for the first time on 7 May 2015 to work out the details of reimbursement type of hospital insurance products under the proposed VHIS Framework. With the input from the Medical Insurance Association, we have prepared a survey to ascertain Members' views on the revised framework and to ensure the proposed way forward does not deviate from insurance principles and market norms.
By-election of the General Insurance Council (GIC)
T he GIC is now conducting a by-election to fill a vacant seat for the current term. For those Authorised Representative of the General Insurance Members who are interested in serving the industry, please send in your nomination on or before 5 June 2015 (Circular Ref: Mv065/15).
Establishment of the Independent Insurance Authority (IIA)
On 15 May 2015, the Administration published a "Response to Outstanding Issues Arising from the Discussions at Previous Meetings and Raised by the Industry". I am pleased to say that the response is positive in meeting the majority of concerns raised by your Federation and the industry (Circular Ref: Mv067/15). Going forward, the Administration will prepare the relevant Committee Stage Amendments and get the necessary endorsement. We shall keep you abreast of developments and the final legal wording adopted by the Bills Committee.
The Task Force on Health Care Reform will meet shortly to review the feedback from Members and come up with a holistic proposal for discussion with the FHB next month.
Draft Guidance Note on Underwriting Long Term Insurance Business (other than Class C Business) (GN16)
Further to the two industry briefings organised by the Life Insurance Council (LIC) on 3 March and 10 April 2015,
the Insurance Authority (IA) has released the draft GN16 to set out business conduct requirements to ensure fair treatment of customers. The draft GN 16 is the result of ongoing discussion between the LIC and the IA since October 2014. LIC has collected comments from Members on the draft and will reflect the same to the IA as appropriate (Circular Ref: MV064/15).
Consultation on Automatic Exchange of Financial Account Information in Tax Matters (AEOI)
Under the AEOI arrangement, financial institutions such as insurance companies are required to identify and keep information on their non-Hong Kong tax resident account holders in a prescribed procedure and report the information to the Inland Revenue Department. Such information will then be passed onto to AEOI partners annually. FSTB has drawn up proposals to apply AEOI requirements to Hong Kong through legislation and is now conducting public consultation. The LIC is inviting views from Life Insurance Members to consolidate an industry submission to the FSTB by the end of June 2015 (Circular Mv066/15).
Hong Kong Insurance Awards 2015
Application for the Hong Kong Insurance Awards 2015 will officially open on 1 June! This year we will be introducing three brand new categories, i.e. outstandng employee benefit products/services, outstanding online platform and outstanding young insurance professional.
The winners will be announced at the Awards Presentation Ceremony cum Gala Dinner to be held at InterContinental Hong Kong on 29 October 2015. Book a table now to celebrate the achievement of our industry together with the panel of esteemed judges, prominent social leaders, top executives and many of your friends in the industry. This event also offers great sponsorship opportunities for interested member companies. Altogether there will be 13 Categories of Awards. For details, please visit http://www.hkfi.org.hk/hkia. Send in your application and entry before 31 July 2015 to compete for excellence.
Cross-strait
HK & Macau Insurance Business Conference 2015
The HKFI will play host to the above conference on 10 and 11 September this year! You are invited to join this signature event to meet and exchange ideas with delegates from Mainland, Taiwan and Macau. Details of the conference will be announced in due course. Meanwhile, please pencil in the dates and we look forward to your participation and support!
Seminar on Financial Due Diligence in the People’s Republic of China
With the increasing number of policyholders from the Mainland, it is necessary for insurance companies to equip their underwriters, operation risk and compliance staff with the knowledge of financial reporting, tax reporting and auditing requirements in respect of individuals and corporations in the underwriting process. The Life Operation and Risk Management Working Group, therefore, will invite experts to share their relevant insights at a seminar to be held on 5 June 2015.
To facilitate networking among participants of similar professional expertize, there will be a gathering session right after the Seminar. Here we extend a cordial invitation to industry practitioners from all generations, in particular those who have joined the industry recently. For enrolment, please refer to Circular Mv061/15.
Donation to The Hong Kong Red Cross
T he recent devastating earthquakes in Nepal took away numerous precious lives and left tens of thousands of victims injured and homeless. To support their humanitarian relief work there,
your Federation has donated HK$200,000 to the Hong Kong Red Cross. We have also sent a circular to all Members urging them to pitch in.
Membership News
New Members
- General Reinsurance AG (Life Member)
- Metropolitan Life Insurance Company of Hong Kong Limited (Life Member)
HKFI Membership
As at 29 May 2015, the HKFI has 88 General Insurance Members and 45 Life Insurance Members.