New General Insurance Members
Voluntary Health Insurance Scheme (VHIS)
Thanks to the input and feedback from Member Companies, the Task Force on Health Care Reform and the Medical Insurance Association have come up with an improved version of the proposed VHIS.
Establishment of the Independent Insurance Authority (IIA)
I am pleased to report that all of the Committee Stage Amendments agreed by the industry have been approved by the Legco’s Bills Committee. Second and third reading of the Bill will resume on 8 July 2015. Upon passing of the Bill, it is expected that the Provisional Insurance Authority will be set up by the end of this year.
In the coming months, we will focus our discussion with the Government on the transitional arrangements regarding the proper transfer of the work of Insurance Agents Registration Board to the new IIA and the drafting of the relevant rules of market conduct under the new legislative framework. Our legal experts will conduct a briefing for member companies and intermediary bodies to highlight the key changes introduced under the new regulatory regime. Details of the briefing will be announced early next month.
Developing Hong
from
Kong into a Financial Technology Hub
the Insurance’s Perspective
T he Financial Services and the Treasury Bureau (FSTB) has embarked on a study as to how to develop Hong Kong into a financial technology hub together with stakeholders like the insurance industry. In support of this initiative, the Governing Committee has decided to set up a Task Force on Financial Technology Hub to gather the views of the industry and come up with recommendations. The task force will be chaired by Mr Lennard Yong.
Our proposal was presented to the Food and Health Bureau at the meeting held on 15 June 2015. The meeting was constructive and fruitful, and both parties agreed to work collaboratively to properly address the issues of consumer choice, proper risk management, consumer protection and market efficiency.
Competition Law
T ask Force on Competition Law is reviewing the new Guidance for Trade Associations and other draft guidelines issued by the Competition Commission. Incidentally, we have invited the Commission’s Executive Director (General Counsel) Mr Philip Monaghan to conduct a seminar on 17 July 2015. The seminar, entitled “The Competition Ordinance and the Insurance Industry”, will make reference to some common insurance practices. For registration details, please refer to Circular Mv077/15.
Battle against Insurance Fraud
The reporting platform we have with the Hong Kong Police Force’s Commercial Crime Bureau (CCB) has been working well since its establishment in early 2012. 36 cases have been reported via this platform and 28 of them are now in different stages of investigation. On 11 June 2015, we had a meeting with the CCB and explored ways to strengthen our cooperation against fraudsters and step up communications with the public.
New Councillor of General Insurance Council (GIC)
C ongratulations to Mr P K Lee of QBE General Insurance (Hong Kong) for being elected as GIC Councillor at the recent byelection.
Consultation on Automatic Exchange of Financial Account Information in Tax Matters (AEOI)
A lot of comments have been received from Life Insurance Members. Given the importance of the issue, LIC has engaged an external consultant to help the industry to prepare a response to the FSTB. Among other things, we will recommend insurance products with low risk to be carved out from the local legislation.
Hong Kong Insurance Awards 2015
T he Hong Kong Insurance Awards 2015 is inviting application! The response from member companies and industry practitioners has been encouraging. Entry submission deadline is 31 July 2015. Visit our official website now at http://www.hkfi.org.hk/hkia/ and showcase your outstanding works and successful stories for the period between 1 July 2014 and 30 June 2015!
Meanwhile, you can book your table at the Awards Presentation Ceremony cum Gala Dinner at InterContinental Hong Kong on 29 October 2015. Reservations will be made on a first come, first served basis. Tailor-made sponsorship packages are also available for interested parties.
CSR Project on Career Development
P artnering with the Hong Kong Federation of Youth Groups (HKFYG), we are launching a series of career planning and navigation programmes for students. In June 2015, the HKFYG has published the 3rd edition of "Job-tionary" which includes insurance underwriters and claims professionals. This "Job-tionary" is popular among secondary schools as a career guide and reference. Students can also learn more about the job nature of back office insurance professions through interactive games at the workshops to be hosted by HKFYG this fall.
The Insurance Claims Complaints Bureau (ICCB) has just released the latest Annual Report. Apart from providing a detailed account of ICCB’s work, this newly released publication also depicts some noteworthy cases handled by the ICC Panel last year.
Educational Campaign
The well-received educational segments, which feature a popular figure 李有保 (a Chinese name which literally means "you've got insurance"), are now broadcasting on the Commercial Radio to provide simple tips on taking out various insurance products in a comical way.
More animated programmes will be unveiled through different channels, including mobile and social media in the months ahead. We will keep you abreast of our multi-media PR and educational drive!
Our heartfelt congratulations to Ms Agnes Choi for being awarded the Medal of Honour (MH) by the HKSAR Government! This is due recognition of her dedicated public and community service, recognition of her dedicated public and community
services, particularly her remarkable contributions to the insurance industry. Ms Choi is currently a member of the Governing Committee and the General Insurance Council under the HKFI and she was Chairman of the HKFI in 2012 – 2013. She is also serving on various other public and industry panels/ committees.
Mike Lee HKFI Chairman
Membership News
New Members
● The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (General Insurance)
Change of Authorised Representative
● Allied World Assurance Company, Limited (General Insurance) – Mr Jota Shohtoku
● Dah Sing Life Assurance Co., Ltd. (Life Insurance)Mr Terry Li
● Starr International Insurance (Asia) Ltd. (General Insurance) – Mr Lam Sui Kong, Simon
HKFI Membership
As at 30 Jun 2015, the HKFI has 89 General Insurance Members and 45 Life Insurance Members.
