New Governing Committee
The Annual General Meeting held today approved the formation of a new Governing Committee for 2017/2018 as follows:
Chairman
Mr Stuart Harrison
Deputy Chairman
Mr P L Chan
Independent Insurance Authority (IIA)
A s announced recently by the Financial Services and the Treasury Bureau (FSTB), the new IIA will officially take over from the Office of the Commissioner of Insurance (OCI) on 26 June 2017.
The existing self-regulatory system for insurance intermediaries will continue until the IIA takes over the direct supervision of insurance intermediaries in about two years. In the meantime, the IIA will prepare and conduct industry consultation on a set of proposed guidelines of proper conduct for anyone engaged in regulated activities.
This marks the beginning of an important new chapter of our industry. The HKFI will continue to work closely with the IIA and all stakeholders in ensuring a seamless transition to the new regulatory framework.
As regards the collection of policy levy for the IIA, the FSTB / IIA is now working on the second draft note to address industry’s concerns. Members will be invited to provide comments on the revised version of the proposed collection mechanism when it is available.
Members
Mr David Alexander
Ms Charity Au
Mr Praveen Daswani
Mr Ronnie Ng
Mr Jimmy Poon
Mr Harry Wong
Mr Lennard Yong
Mr Derek Yung
Risk-Based Capital (RBC) Framework
We submitted our response to the draft Quantitative Impact Study (QIS) Proposals on Pillar I on General and Life Insurance issued by the OCI. The response is the result of consultations with over 70 representatives of 66 Member Companies through the Open Meetings on both Life and General Insurance organized by HKFI.
In our response, we reflected upon the overall direction of the relevant proposals and provided comments and suggestions on particular features of the proposed RBC regime as well as certain key aspects of the QIS and the proposed timetable. We have suggested OCI (with their consultant) to conduct briefing sessions for Member Companies as and when the QIS technical specifications are finalized. Anyhow, Members are urged to start preparing for the QIS which is expected to be conducted in Q3 and Q4 of 2017.
The Food and Health Bureau (FHB) has appointed a consultant to conduct three separate studies on standardization of policy, drafting of guidelines for insurers and benchmarking pricing and benefit levels. The Task Force on Health Care Reform and the Medical Insurance Association have provided them with all the necessary information and input in support of the consultancy studies
The FHB has formed a Consultative Group on VHIS, which consists of industry representatives and stakeholders from different interest groups. The first meeting will be held in early May. We will keep you posted on the progress.
C lub 2028, a think tank comprising a group of young and experienced executives, has been busy with its first project on “How to rebuild / improve the industry image and attract talents?”. To understand the perception of the public and their sentiment towards insurance generally and insurance as a career and find out how to improve our industry image, the Club has conducted 14 focus group sessions with undergraduates, young working adults, parents in different
Annual Reception 2017
age groups, etc. We have also engaged industry practitioners to get their views from the insider’s perspective.
In light of the findings, the project team and the consultant will work together to identify and suggest ways to address the gaps between public perception and the reality. Stay tuned for more updates and the second project of the Club!
T he above event was held on 24 April 2017. We had more than 180 guests and representatives of Member Companies joining us. It was a vibrant evening with lots of exchange among participants. We deeply appreciate the presence of our officiating guest IIA Chairman Dr Moses Cheng and his candid sharing on the importance of positive stakeholders’ engagement for any effective regulatory framework. Photos and remarks of the event are available at: http://hkfi.org.hk/#!/ about-the-hkfi/album/276.
One of the highlights at the event was the vote of thanks given by the scholarship award winner under the Young Insurance Executive Development (YIE) Programme. We hope to see more new blood joining our industry through this earn and learn platform.
Acknowledgement
A s I am stepping down from the chairmanship today, I would like to thank all of my colleagues on the Governing Committee, the General and Life Insurance Councils, Task Forces, Technical Associations, Working Groups, staff at the HKFI secretariat and friends. Your support and wise counsel are the driving force propelling the continued growth of the HKFI for the good of the industry and the community. My heartfelt thanks to you all!
Ronnie Ng HKFI Chairman
2017/2018 General Insurance Council
May I offer my best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr Jimmy Poon (Chairman) Dah Sing Insurance Co (1976) Ltd
Mr David Alexander (Deputy Chairman) Swiss Reinsurance Co Ltd
Mr Eric Hui Zurich Insurance Co Ltd
Mr Pak-kee Lee China Ping An Insurance (HK) Co Ltd
Mr Sheung-kin Li Sompo Insurance (Hong Kong) Co Ltd
Ms Kelly Mok Prudential General Insurance Hong Kong Ltd
Mr Ronnie Ng China Overseas Insurance Ltd
Mr Christopher Read AXA General Insurance Hong Kong Ltd
Mr Ivan Tam Chevalier Insurance Co Ltd
Mr Harry Wong Hong Leong Insurance (Asia) Ltd
Ms Winnie Wong Asia Insurance Co Ltd
Ex-officio Councillors
Mr Pui-leung Chan
Immediate Past Chairman
Ms Zenda Chan Medical Insurance Association Chairman
Mr Philip Kwan Accident Insurance Association Chairman
Ms Teresa Ma Fire Insurance Association Chairman
Mr Andrew Mak Reinsurers’ Forum Convenor
Mr Patrick Wong
Technical Associations
Marine Insurance Association Chairman
T he various Technical Associations have also elected their respective deputy chairmen as follows:
Accident Insurance Association Mr Fanny Fung
Fire Insurance Association
Mr Kenny Lau
Medical Insurance Association Mr Man-kit Ip
Marine Insurance Association Mr Raymond Ng
2017/2018 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 Praveen Daswani (Chairman) Generali Worldwide Insurance Co Ltd
Ms Charity Au (Deputy Chairman) BOC Group Life Assurance Co Ltd
Mr Jacky Chan AIA International Ltd
Mr Godfrey Hui China Life Insurance (Overseas) Co Ltd
Mr Mike Lee MassMutual Asia Ltd
Ms Orchis Li General Reinsurance AG
Mr Guy Mills Manulife (International) Ltd
Mr Jimmy Poon Dah Sing Life Assurance Co Ltd
Mr David Wong FWD Life Insurance Co (Bermuda) Ltd
Mr Lennard Yong FTLife Insurance Co Ltd
Mr Derek Yung Prudential Hong Kong Ltd
Ex-officio Councillor
Mr Stuart Harrison
Membership News
Change of Authorised Representative
Immediate Past Chairman
● Aviva Life Insurance Company Limited (Life Member) - Mr Charles Hung
● Berkley Insurance Company (General Member) - Mr Aaron Yip
● Chubb Life Insurance Company Ltd (Life Member) - Mr Ho Eng Tian
● St. James’s Place International (Hong Kong) Limited (Life Member) - Mr William Ho
HKFI Membership
As at 28 Apr 2017, the HKFI has 88 General Insurance Members and 48 Life Insurance Members.
Mr David Alexander Mr Jimmy Poon Mr Praveen Daswani Ms Charity Au