HKFI New Member Establishment of a Centralized Claims Database for the Prevention of Fraud
Our warmest welcome to The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) for joining the HKFI as a General Insurance Member!
Independent Insurance Authority (IIA)
The Governing Committee had the pleasure of meeting the new IIA Chairman Dr Moses Cheng and some of its Governing Board (GB) members for lunch on 18 February 2016. We have a frank discussion on how to strengthen good market practices and enhance the industry’s professionalism for the protection and benefit of consumers. It is reassuring to hear that the future IIA will not only be a regulator but also a market enabler supporting the healthy development of the industry. We look forward to fostering a closer working relationship with the IIA Chairman and its GB.
The collection of levy and fees by the IIA is a subject of concern to many of us. On this, we have started initial discussion with the Financial Services and the Treasury Bureau (FSTB). And we have arranged for FSTB to brief you and gather your views on how they would be calculated and collected. The briefing will be held on 10 March 2016 and please refer to Circular Ref: Mv019/16 for registration details. Meanwhile, any comments/ questions from Members on this subject are welcome.
Voluntary Health Insurance Scheme (VHIS)
T he Food and Health Bureau (FHB) proposed some further changes to the VHIS Framework to refine the minimum requirements and provide a clearer definition on the types of health insurance products which are VHIScompliant and thus eligible for tax incentive.
We welcome FHB’s initiative to help bridge the healthcare
I am pleased to report that the above project is making good progress. Our appointed consultants are busy interviewing insurers and relevant stakeholders, including the Hon K P Chan, Office of the Commissioner of Insurance (OCI), Consumer Council, Hong Kong Police Force, Independent Commission Against Corruption, etc, to ascertain their expectations and visions as to how best we should move forward. The views collected will be instrumental to us in building a commercially viable and legally sound claims database for the prevention of fraud.
FinTech in Insurance
We have set up a Task Force (TF) last September under the chairmanship of Mr Lennard Yong to help develop FinTech in Hong Kong from the insurance's perspective. Earlier this month, the TF has met the FSTB and OCI and shared with them our observations and aspirations in making Hong Kong the FinTech Hub and centre of excellence.
In the 2016-17 Budget, the Financial Secretary has allocated funding to support the Innovation and Technology Fund (ITF). A dedicated platform will be set up under the OCI to liaise with and provide assistance to the industry. In this light, the OCI will set up a working group with the HKFI to further advance FinTech in the context of insurance. Members are strongly encouraged to make use of the ITF (http:// www.itf.gov.hk/l-eng/WhatsNew.asp?textmode=0), embrace FinTech in their business strategy and to consider Hong Kong as a venue for innovation and Fintech centres.
protection gap by way of insurance. This is an important item for the future industry regulator. As such, we have suggested FHB to start an early dialogue with the IIA on the proper way forward. On this, the HKFI stands ready to work with all stakeholders to ensure the initiative is properly structured and implemented for the good of the community.
Mike Lee HKFI Chairman