Establishment of the Independent Insurance Authority (IIA)
The Financial Services and the Treasury Bureau (FSTB) has revised the time table as follows:
By end of 2015
Establishes the Provisional IA (PIA)
1 year after PIA sets up
Takes over prudential regulation of the current Insurance Authority (IA)
2 - 3 years after PIA sets up
Takes over conduct regulation of the 3 Selfregulatory Organisations
Risk-based Capital (RBC) Framework
O n 30 September 2015, the IA published the Consultation Conclusions on the RBC Framework for the Hong Kong Insurance Industry. It transpired that while there was general agreement on the high level principles of the conceptual framework, there were mixed views on some of the technical aspects and details, which would be handled in the next phase of the project. In this connection, we are pleased to note that the IA has accepted the industry’s recommendation and would conduct another round of consultation on the Framework.
We have started issuing e-bulletins entitled “What You Need to Know about IIA” to those insurance agents who have provided us with their valid email addresses. The idea is to keep them abreast of the latest development regarding the establishment of the IIA. If you or your insurance agents would like to receive this useful update, please sign up now at: http://182.173.76.121/hkfi_email/.
Under the new licensing regime, all persons who engage in "regulated activities" are required to be licensed. As requested by the industry, the Administration has made certain exemptions under section 123. However, Members have expressed concerns on the application of these exemptions. Their concerns are being reviewed and consolidated and we will seek clarification from the IA accordingly with a view to producing a set of comprehensive guidelines.
Seminar on the English Insurance Act 2015
The above seminar, held on 19 October 2015, attracted 180 practitioners from the insurance and legal fields. They found the presentation and panel discussion most relevant and insightful. A vote of thanks to our key note speaker Professor Robert Merkin and the panelists for their support and generous sharing of ideas.
At a Members briefing organised by the Task Force on RBC Framework on 8 October 2015, our guest speakers spoke on the quantitative aspect of the new required capital standard and own risk and solvency assessment. 190 participants from 80 General and Life Insurance Members attended the briefing and the Q&A session was informative and well received.
With the successful organisation of this CPD seminar (for both insurance and legal fields), we will conduct more quality training and industry events of this kind in the coming months. Stay tuned!
Young Insurance Executive Development (YIE) Programme
I n pursuit of continuous enhancement of the YIE Programme, the YIE Task Force conducted a mid-term review for the first time with the course provider and participating companies on 29 October 2015. Building on the experience gained, we will expand the present scope and capacity of the YIE Programme.
Last Friday, we conducted the first lunch seminar entitled “Dialogue with CEOs”. HKFI Chief Executive Mr Peter Tam shared with the YIE trainees his experience in the industry and insights on big data for insurance. Going forward, we will line up more interactive sessions between senior executives and the trainees.
Visitors
T ogether with the Honourable K P Chan, we received a delegation of five senior officers from the Shanghai Insurance Market Promotion and Research Team on 13 October 2015. In-depth discussion took place and views were exchanged on how to facilitate more collaboration between our two markets.
"Walking with Lingnanians" Fundraising Walkathon
A s a staunch supporter of tertiary education in insurance, we have established a long-term partnership with Lingnan University in promoting risk and insurance management studies. In this connection, we have supported its walkathon held on 25 October 2015 and helped raise funds for their whole-person development programmes for students.
Educational and Publicity Campaigns
V ia online platform Nextplus, we have launched a new campaign - "A Dummy's Guide to Insurance" (https://www.hkfismartinsured. com/) which offers handy tools and insurance tips through lively videos, comic story, case study and online quiz.
Riding on our theme this year, i.e. career in insurance, we have engaged popular cartoonist Cuson Lo to produce a series of comic strips featuring the professional job nature of underwriters, claims handlers and risk managers. The first campaign on underwriters has recorded an outstanding 230,000 pageviews so far. We hope to reach out to the wider public audience in the next two phases focusing on claims and risk management.
Sharing on Employees' Compensation (EC) and Work Disability Management
O n 27 October 2015, Mr Allan Yu, Chairman of the General Insurance Council, addressed the above seminar organised by Total Rehabilitation Management and shared his views on "The Insurers' Perspective - How to Prevent Work Disability in Hong Kong". The feedback from the audience was most positive and encouraging.
Change of Authorised Representative
The People’s Insurance Company of China (HK) Ltd. (General Member) - Mr Zhang Jian Jun
HKFI Membership
As at 30 Oct 2015, the HKFI has 88 General Insurance Members and 45 Life Insurance Members.
Mike Lee HKFI Chairman
T he prize presentation ceremony cum gala dinner of the Hong Kong Insurance Awards 2015 was successfully held on 29 October 2015. The long-awaited list of winners for the 13 categories was revealed. 350 guests including prominent judges, the top three finalists, contestants and industry leaders gathered together to acknowledge and celebrate the excellent performance and distinguished achievement of our industry.
Highlights of the joyous moments at this fabulous event are available at http://www.hkfi. org.hk/hkia/ and Facebook Fanpage at https://www.facebook.com/HKFI.SmartUnion/. We look forward to your continuous support and seeing you again at the Hong Kong Insurance Awards 2016!
Outstanding Integrated Marketing Strategies Award
Manulife (International) Limited
Outstanding New Media Marketing Strategies Award
MetLife Limited
Outstanding Corporate Social Responsibility Award
Prudential Hong Kong Limited
Outstanding Training & Development Award
AXA Hong Kong
Outstanding Claims Management Award
Zurich Insurance (Hong Kong)
Outstanding Customer Services Award
AIA International Limited
Most Innovative Product/Service Award Health
Precious Mom and Child Insurance -
AXA Hong Kong
Most Innovative Product/Service Award – Wealth
The Wealth Management Plan -
Old Mutual International Isle of Man Limited
Outstanding Online Platform Award - General Insurance
Prudential General Insurance Hong Kong Limited
Outstanding Online Platform Award - Life Insurance
AXA Hong Kong
Outstanding Agent of the Year
Jeff Wong - Prudential Hong Kong Limited
Outstanding Young Professional of the Year –Corporate
Donald Lam - BOC Group Life Assurance Company Limited
Outstanding Young Professional of the Year –Intermediary
Anthony Chung - Prudential Hong Kong Limited