2017/2018 Council Elections
T he General and Life Insurance Councils are conducting elections for the next term. Authorized Representatives are reminded to send in their votes to our Honorary Auditor KPMG by 18 April 2017 (Circular Ref: Mv022/17 & Mv023/17). The new term will start on 28 April when the AGM is held.
2017 Chief Executive Election Forum for the Insurance Sector
On 6 March 2017, we organised the above forum for Member Companies, insurance bodies and the Insurance Sector Election Committee. Two out of the three candidates Mrs Carrie Lam and Mr Woo Kwok Hing in turn presented their election platforms and answered questions from the floor. Some issues of particular concern to the industry were raised. They included how to help attract talent to the insurance industry and how to facilitate Hong Kong’s development into a regional insurance and reinsurance hub, etc.
Independent Insurance Authority (IIA)
We have received lots of feedback from Members on the IIA’s draft note on the collection of levy from policyholders. In essence, Members are most concerned about the implementation timeline, the over prescriptive requirements on follow up action for non-payment cases, flexibility allowed for insurers in discharging the related legal responsibility, etc.
On the first point, the Financial Services and the Treasury Bureau (FSTB) has made it very clear that the implementation date of 1 January 2018 will not be changed or delayed. Having said that, they have acknowledged the complexity of the issue and are working with the industry to find practical solutions to make the framework simpler, more flexible and less onerous.
On the other hand, we have reviewed and provided comments on two draft guidelines produced by the IIA, namely, Updated Draft Guideline on “Fit & Proper” Criteria (GL4) and Draft Guideline on Exercising Power to Impose Pecuniary Penalty in respect of Authorised Insurers (GL18).
At a townhall meeting held on 20 March 2017 the Applied Science and Technology Research Institute (ASTRI) presented the 12 features of their cyber security information sharing platform and the related funding model. Positive feedback has been received and we are now conducting an official Member’s consultation before the matter is taken further. Please let us have your feedback by 10 April 2017. (Circular Ref: Mv029/17).
I n its latest report entitled Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive, the Financial Services Development Council (FSDC) recommended some long-term and short-term steps on regulation, tax, branding/promotion and talent development to regain Hong Kong’s leading position in the insurance arena.
We agree with the FSDC that Hong Kong is blessed with all the necessary ingredients to succeed. Riding on our role as Asian Hub for the International Union of Marine Insurance (IUMI), the HKFI will work with all stakeholders including the Government to help implement the FSDC’s recommendations step by step to secure a brighter future for our industry.
Employees’ Compensation (EC)
On 13 March 2017, at the invitation of the Hon K P Chan, we had a meeting with a deputation of labour unionists ( 勞工工作者聯合陣線 ) to discuss issues related to work injury claims. We invited Dr Sheungwai Law of Chinese University of Hong Kong and Professor Paul Yip of University of Hong Kong to join us at the meeting and share with us the positive results of the MORE programme and the findings of the consultancy study on the EC system in Hong Kong. The discussion was fruitful and constructive.
Micro-film Competition on Protection Gap (PG)
P artnering with the Hong Kong Federation of Youth Group’s (HKFYG) Media 21, we organised the above competition to arouse public awareness on PG and how to tackle it by simple and practical insurance solutions. The competition received good responses with 60 creative entries from the youngsters. Three secondary school teams and five open teams with outstanding scripts and story lines were shortlisted and received a fund to support their film production. On 18 March 2017, an award ceremony was held to showcase the winning films and acknowledge the most outstanding actor, script-writer, director, film producer and the most popular film online. Participants also shared what they had learnt about PG in the course of research and film production.
signature industry event had been held annually since 2014 and we are thankful to Metro Radio for their professional support.
I am pleased to announce that starting this year, we will be teaming up with a new partner, the South China Morning Post (SCMP), in organising the Awards. We hope to introduce some new elements and make further improvements in line with the rising expectations of all stakeholders.
First and foremost, we have adjusted the promotional packages down by 30%. Application will open in early June and more details will be announced in due course. This year, the Awards Presentation cum Gala Dinner will be held on 26 October 2017 at the InterContinental Hotel. For enquiries, please contact SCMP’s Ms Zelma Cheung at 2565 2494 / 6100 7273 or visit our official website at http://www.hkfi.org.hk/ hkia/. Stay tuned for more updates!
Insurance Claims Complaints Panel (ICCP)
ThisWith this partnership project with HKFYG and many other CSR initiatives, I am pleased to report that HKFI has earned the status of 10 Years Plus Caring Organisation awarded by the Hong Kong Council of Social Service.
Overseas Visitor
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n 16 March 2017, Marine Insurance Association received Mr Andrew Bardot, CEO of the International Group of Protection & Indemnity (P&I) Clubs, and shared with him the latest development of the local marine insurance market. Mr Bardot was pleased to note that Hong Kong has been chosen as the Asian Hub of the IUMI and believed Hong Kong can re-build its status as a premier maritime centre in Asia.
n 30 March 2017, the ICCP held an annual media event to release and explain the 2016 claims complaints statistics. Of the 374 cases closed, 69 complaints received from insurance companies a total of claims compensation of HK$2.6 million. The ICCP ruled in favour of the complainants in seven cases and upheld the insurer’s decision in 38 cases. For more details, please visit ICCB’s website at: http://www.iccb.org.hk/.
Membership News
Change of Authorised Representative
● Sompo Japan Nipponkoa Insurance Inc. (General Member) - Mr Noritakak Fukai
● Sompo Japan Nipponkoa Reinsurance Company Limited (General Member) - Mr Noritakak Fukai
HKFI Membership
As at 31 Mar 2017, the HKFI has 88 General Insurance Members and 48 Life Insurance Members.
ORonnie Ng HKFI Chairman
