New Governing Committee
The Annual General Meeting held today approved the formation of a new Governing Committee for 2016/2017 as follows:
Deputy Chairman
Members
Mr David Alexander
Mr P L Chan
Ms Agnes Choi
Mr Stuart Harrison
Mr Mike Lee
Mr Jimmy Poon
Mr Lennard Yong
Mr Allan Yu
Lunch Talk by Chairman of the Provisional Independent Insurance Authority (IIA)
T he above lunch talk held on 21 April 2016 attracted a full house of close to 300 participants from HKFI Member Companies and industry bodies. We are grateful to IIA Chairman Dr Moses Cheng for sharing with us unreservedly his views and vision on how the insurance industry can scale new heights together with the new Authority. Key messages from Dr Cheng include: striking a proper balance between regulation and market development, promoting professionalism, effective consumer protection, talent development for a sustainable growth of the industry. Please refer to http://www. hkfi.org.hk/pdf/en/download/20160421_IIALunchTalk_Speech_ MosesCheng.pdf for the full version of his remarks.
During the Q&A session, we saw an active and candid exchange of ideas. At HKFI we will step up efforts to continue this form of positive dialogue with the IIA for the good of the industry.
HKFI New Member
Our warmest welcome to Fubon Life Insurance (Hong Kong) Co Ltd for joining the HKFI as a Life Insurance Member!
Levy and Fees to be Collected by the IIA
S ome very solid and helpful comments collected from Members have been forwarded to the Financial Services and the Treasury Bureau (FSTB). Noting our serious and legitimate concerns, in particular those relating to the implementation timeline, the FSTB has now proposed some solutions. We will meet them again in early May to explore the feasibility of these new measures and ensure insurers’ concerns are properly addressed. We will keep you posted on the progress.
Review of Draft Guidelines for Insurance Intermediaries
Both the HKFI and the Insurance Agents Registration Board (IARB) have been participating in the FSTB’s Working Group to Facilitate Smooth Transition to an IIA since October 2013. Apart from providing our views and input on how to prepare for the transition, such as migration of SRO functions to the IIA, data transfer, etc , we have also been consulted on a raft of draft guidelines to be issued by the IIA in the future.
These draft guidelines on pecuniary penalty, fit and proper criteria, continuing professional development requirement, etc. will be promulgated and implemented when the IIA takes over the conduct regulation tentatively in early 2018. Thanks to Members’ support, we have formed a pool of industry experts to help review the proposed guidelines. And we have forwarded to the Administration part of our initial comments and observations. We understand from the Administration that they will conduct a full and proper industry consultation in due course.
Draft Revised Guidance Note on the Corporate Governance of Authorized Insurers (GN 10)
T he revised GN is expected it to take effect from 1 January 2017. Key draft revisions include remuneration matters, minimum number of Independent Nonexecutive Directors, Risk Committee and application of GN10. We have invited Member Companies to submit their comments / questions, which are now being consolidated for the Office of the Commissioner of Insurance’s consideration (Circular Ref: Mv038/16).
HKFI Annual Reception 2016
Career in Insurance
I am pleased to report that we have just added a new element to the Young Insurance Executive Development (YIE) Programme.
Part of the surplus generated from hosting the International Union of Marine Insurance 2014 (IUMI) Conference was set aside to support local marine insurance education and talent development. Our latest initiative, as endorsed by the GIC, is to create a Marine Insurance Stream (MIS) under the YIE programme. Two placements, partially funded by the IUMI conference surplus, will be dedicated to trainees working at the marine insurance department of insurance companies. Please refer to our circular for details (Circular Ref: M3089).
To publicize this new programme, we conducted a marine insurance career talk at the Maritime Services Training Institute on 19 April 2016 for their students. We are planning similar career talks for secondary and tertiary institutions in the months ahead.
T he above event was held on 13 April 2016. We had more than 160 guests and representatives of Member Companies joining us. It was a delightful evening and we deeply appreciated the presence of our officiating guest Chairman of the Competition Commission the Honourable Anna Wu. Photos and remarks of the event are available at: http://www.hkfi.org.hk/#!/about-thehkfi/album/208.
We took the opportunity to highlight HKFI’s Mission Statement and Vision 2028. And it was great to hear from one of the trainees of the YIE Programme her experiences of this programme.
Acknowledgement
I am going to step down as HKFI Chairman today. And I want to thank all of you for your support and friendship, my special thanks go to my colleagues on the Governing Committee, the General and Life Insurance Councils, the various Task Forces / Working Groups / Technical Associations and Committees, staff at the HKFI secretariat and friends within and outside the industry. Your support and wise counsel have been instrumental in helping us to accomplish what we did in the past year. My sincere thanks to you all!
Mike Lee HKFI Chairman
2016/2017 General Insurance Council
May I offer my best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr Pui-leung Chan (Chairman)
China Taiping Insurance (HK) Co Ltd
Mr Jimmy Poon (Deputy Chairman) Dah Sing Insurance Co (1976) Ltd
Ms Agnes Choi AXA General Insurance HK Ltd
Mr Pak-kee Lee
China Ping An Insurance (HK) Co Ltd
Ms Hui-jun Liu Bank of China Group Insurance Co Ltd
Ms Kelly Mok
Mr Ronnie Ng
Prudential General Insurance HK Ltd
China Overseas Insurance Ltd
Mr Ivan Tam Chevalier Insurance Co Ltd
Mr Harry Wong Hong Leong Insurance (Asia) Ltd
Mr Kok-ho Wong Asia Insurance Co Ltd
Ex-officio Councillors
Ms Zenda Chan Medical Insurance Association Chairman
Mr Billy Lau Accident Insurance Association Chairman
Ms Teresa Ma Fire Insurance Association Chairman
Mr Andrew Mak Reinsurers’ Forum Convenor
Mr Patrick Wong Marine Insurance Association Chairman
Mr Allan Yu (ex-officio) Immediate Past Chairman
Technical Associations
T he 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 Raymond Ng
Mr Man-kit Ip
2016/2017 Life Insurance Council
A lso, I would like to extend my best wishes to the following members of the newly-formed Life Insurance Council:
Elected Councillors
Mr Lennard Yong (Chairman) MetLife Limited
Mr Stuart Harrison AXA China Region Insurance Co (Bermuda) Ltd
(Deputy Chairman)
Mr David Alexander Swiss Reinsurance Company Ltd
Ms Charity Au BOC Group Life Assurance Co Ltd
Mr Jacky Chan AIA International Limited
Mr Praveen Daswani Generali Worldwide Insurance Co Ltd
Mr Stuart Fraser Ageas Insurance Co (Asia) Ltd
Mr Mike Lee MassMutual Asia Ltd
Ms Orchis Li General Reinsurance AG
Mr Guy Mills Manulife (International) Ltd
Ms Candy Yuen HSBC Life (International) Ltd
Mr Derek Yung Prudential Hong Kong Ltd
Membership News
New Membership
Fubon Life Insurance (Hong Kong) Company Limited (Life Member)
Change of Company Name
HDI-Gerling Industrie Versicherung AG to HDI Global SE (General Member)
Change of Authorised Representative
● Bupa (Asia) Limited (General Member) - Ms Lee Kai Fong
● Sompo Japan Nipponkoa Insurance Inc. (General Member) - Mr Takahiro Nagai
● Sompo Japan Nipponkoa Reinsurance Company Limited (General Member) - Mr Takahiro Nagai
HKFI Membership
As at 29 Apr 2016, the HKFI has 89 General Insurance Members and 47 Life Insurance Members.
Mr Pui-leung Chan Mr Jimmy Poon Mr Lennard Yong Mr Stuart Harrison