I am honoured to be elected as HKFI Chairman for the 2016/2017 term. This is a historic moment as the new Independent Insurance Authority will start operation by early 2017. Let’s work together to ensure a smooth transition to the new regulatory regime in the next 12 months and beyond.
Levy and Fees to be Collected by the Independent Insurance Authority (IIA)
A Members’ briefing was held in March 2016. Serious concerns were raised regarding the collection mechanism and implementation time line proposed by the Financial Services and the Treasury Bureau (FSTB). On 5 May 2016, we met FSTB to review possible solutions to a range of technical issues including the proposed proxy approach.
In our subsequent members’ survey, we received substantial comments which were conveyed to FSTB. We will follow up closely with the Administration on the drafting of this important piece of subsidiary law to ensure the legitimate concerns of our Members are taken into account.
HKFI New Member
Our warmest welcome to St. James’s Place International (Hong Kong) Limited for joining the HKFI as a Life Insurance Member!
Establishment of an Insurance Claims Database for the Prevention of Fraud
T he Provisional Board on the captioned subject met last week to receive the final proposal from the consultants on the business and operation model of the database. As a next step, the consultants will work out a detailed proposal to address the compliance issues relating to data privacy. In a month or two, we will conduct a member’s briefing to present the detailed proposals and consult you on the proper way forward.
This exercise was started in December 2015. We are pleased to see the good progress made so far. And we look forward to your continued support as we proceed to our next phase.
Noting that the Food and Health Bureau (FHB) is about to release the final report on the above soon, we have written to Secretary for Food and Health Dr Ko Wing Man to recap and highlight some of the key facts pertaining to the HKFI’s position on the VHIS:
● We do not object to Guaranteed Acceptance as long as there is a firm financial commitment from the Government on the High Risk Pool (HRP) upfront. The HRP and hence Guaranteed Acceptance, in our considered view, is not sustainable without Government’s long-term funding commitment to the HRP.
● On the implementation of the VHIS, the industry supports a market agreement for which exception from the Competition Commission may be required or a Guidance Note to be issued by the Office of the Commissioner of Insurance (OCI) or the IIA.
● Regulatory oversight, if needed, should be conducted by the OCI or IIA as appropriate with claims complaints to be handled by the Insurance Claims Complaint Bureau as at present.
Draft Important Facts Statement for Mainland Policyholders (IFS-MP) to be issued by the OCI
Statistics show an increasing number of Mainland
visitors purchasing long term insurance policies in Hong Kong. The OCI and the industry agreed on the need to remind those Mainland customers the factors and risks to be considered when taking out such policies in Hong Kong. This is to help ensure they are making an informed decision. The relevant draft IFS-MP is now circulated among Members for comments (Ref: Mv054/16).
Issue No.234 May 2016
Hong Kong Insurance Awards 2016
We are pleased to announce the official launch of the above Awards for 2016. 17 categories of awards classified for life insurance and general insurance are introduced this year to acknowledge the topnotch performance and innovation in the industry.
Application will officially open on 1 June. This year we will be introducing three brand new categories, i.e. Outstanding FinTech in Insurance Award, Outstanding Social Media Strategies Award and Outstanding Professional of the Year - Corporate.
Top 3 nominees from each category will be shortlisted and the winners will be announced at the Awards Presentation Ceremony cum Gala Dinner to be held at InterContinental Hong Kong on 27 October 2016. Book a table now to celebrate the achievement of our industry together with the panel of esteemed judges, prominent community leaders, top executives and many of your friends in the industry. This event also offers great sponsorship opportunities for interested parties. For details, please visit http://www.hkfi.org.hk/hkia/.
This year, we have introduced an early bird discount for candidates who submit complete entries on or before 8 July 2016. Send in your application early to enjoy 10% off on the promotional package! Other privilege scheme will also be offered to participating companies. Please contact Ms Cheuk on 3698 8702 for details.
PR Digest 2016
We have recently published the third HKFI PR Digest which captures and highlights a wide range of our publicity programmes, consumer education activities and corporate social responsibility projects conducted in the past 28 months. What’s been covered in the PR Digest is truly a team effort. And I want to thank you for your support and contribution over the years. We will continue our publicity and educational drive in the context of HKFI’s Mission Statement and to support our Vision 2028 and 5-year Plan.
Send us your comments, ideas or thoughts on our PR activities at communications@hkfi.org.hk. If you are interested in joining the engagement programmes, especially those on career talks, please let us know. And don’t forget to like our Facebook fanpage “HKFI Smart Union 保聯同學會 ” at https://www.facebook.com/HKFI.SmartUnion.
Meeting the Media
The theme of our publicity and education programme for 2016 is “Protection Gap”. This will be the primary focus of our various PR initiatives. And we hope to raise public awareness of the possible inadequacy of their insurance cover and the dire consequences of being underinsured. On Metro Radio FM99.7 every Wednesday at 2:00 pm, as part of our latest public education drive, insurance experts will share handy tips on how insurance can help you to manage different kinds of risks.
Look out for more updates in our PR initiatives in the coming Monthly Briefs!
L ast Friday the new General Insurance Council Chairman Mr P L Chan, the new Life Insurance Council Chairman Mr Lennard Yong and I met over lunch with a group of journalists from the local printed media. We briefed them on the latest market situation and the major undertakings of the HKFI in the coming year, such as the insurance claims database, VHIS, talent development, etc. We will continue to strengthen communication with the mass media through various channels.
Membership News
New Membership
St. James’s Place International (Hong Kong) Limited (Life Member)
Change of Company Name
ACE Life Insurance Company Ltd. to Chubb Life Insurance Company Ltd. (Life Member)
Change of Authorised Representative
● Manulife (International) Limited (Life Member) - Mr Guy Mills
● Sun Life Hong Kong Limited (Life Member) - Mr Jason Dehni
HKFI Membership
As at 1 June 2016, the HKFI has 89 General Insurance Members and 48 Life Insurance Members.
Ronnie Ng HKFI Chairman
