2017 Extraordinary General Meeting (EGM) & Christmas Cocktail Party
T he EGM will be held at 5:30 pm on Wednesday, 13 December 2017 at HKFI's conference room to consider and approve the new subscription fee scales (please refer to Circular Ref: Mv118/17 for details). This will be followed by our traditional Christmas Cocktail Party. We look forward to seeing you all there.
Direct Licensing Regime for Insurance Intermediaries
The Working Group on Direct Licensing Regime for Insurance Intermediaries has invited us to comment on the first batch of codes / guidelines:
• Fit and Proper Criteria – minimum entry requirements;
• Continuing Professional Development – minimum CPD hours, core subject and e-learning;
• Code of Conduct – acting in the best interests of clients.
Given the different business nature of insurance agents and brokers, the Working Group has set up two separate Discussion Groups to look at the regulatory requirements for agents and brokers. HKFI and IARB will be represented by Mr Mike Lee and Mr Robert Pang respectively at the Discussion Group for insurance agents.
IA’s Industry Secondment Programme (ISP)
Collection of Premium Levy for Insurance Authority (IA)
I nsurers will start collecting premium levy on behalf of the IA from 1 January 2018 onwards. Irrespective of which remittance approach is adopted, insurers are reminded to communicate with their policyholders at least once a year on premium levy through any channel, e.g. premium collection notices, email and SMS. For details, please refer to the Note on Collection of Levy on Insurance Premium issued by the IA in November 2017.
Coincidentally, the General Insurance Council (GIC) has recently written to the IA on the calculation of levy and cap for endorsement premiums. There is considerable discrepancy between the interpretation of the IA and the market practice of general insurers and we have raised this with the IA and requested further clarification.
I nitiated by the IA, the ISP aims to tap professional expertise and experience from the industry to assist in some specific areas of work. They include Risk-based Capital Regime, InsurTech, and/or Research on market development in the Greater Bay Area. Each job assignment will last initially for one year and may be extended subject to mutual agreement between IA and the relevant parties.
We have set up a committee with Chief Executive Mr Peter Tam as the convenor to nominate suitable candidates. Once the specific requirements are confirmed by the IA, we will write to all Members to invite nominations.
T o bring Members up to date on the latest version of the VHIS framework, we invited the Food and Health Bureau and its consultants to brief Members and answer questions on 15 November 2017. The session was well attended with 114 representatives from 45 Member Companies. Participants raised a raft of questions and concerns relating to the terms and conditions and the benefit schedule of the latest VHIS. We have submitted our views and concerns to the FHB for their consideration.
Meanwhile, we are providing input on the VHIS service guidelines. IA is the industry’s lead regulator. One of the key issues will be defining the respective and proper roles of FHB and IA in administering the relevant guidelines.
HK as IUMI’s Asian Hub during the Hong Kong Maritime Week
T he 2nd Hong Kong Maritime Week was completed with success on 26 November 2017. As International Union of Marine Insurance’s (IUMI) Asian Hub, we played an active role in connecting IUMI with important stakeholders including the Transport and Housing Bureau, Belt and Road Office under the Commerce and Economic Development Bureau, Insurance Authority and Shipowners Association.
Talent development is key to the continued success of our industry. On 20 November 2017, in the presence of Secretary of Transport and Housing Mr Frank Chan and IUMI President Mr Dieter Berg, we announced the launch on the first ever Executive Certificate Course on Marine Insurance recognised by IUMI. The course to be conducted by HKU SPACE will help promote and advance marine insurance training in Hong Kong and the region. Stay tuned for details of the course!
Cross-strait, Hong Kong and Macau Insurance Business Conference 2017
T he above conference was successfully held in Taipei on 1 and 2 November 2017. Over 160 delegates from the Greater China Region participated in this annual event. We had a very fruitful exchange on various industry topics such as FinTech application on motor insurance, e-agricultural insurance, development of life products with in-kind benefits/ services, etc.
We are pleased to announce that Mr Jimmy Poon has been appointed as Chairman of the Employees’ Compensation Insurance Residual Scheme Bureau (ECIRSB) for the new term 2017/2018. Taking this opportunity, we would like to record a vote of thanks to the immediate past Chairman Mr Ronnie Ng for his hard work and remarkable contributions to the ECIRSB in the past five years.
Subsequent to the launch of MTR and bus bodies advertisement, the publicity programme under the Financial Services and the Treasury Bureau’s Pilot Programme to Enhance Talent Training for the Insurance Sector will introduce a TV infotainment series “We Protect” ( 保障你 有我哋 ). Eight 2.5-minute episodes are aired on TVB Jade channel at 7:30pm on eight consecutive Saturdays starting 25 November 2017 (except 23 and 30 December 2017). Each episode will feature a specific area of the insurance business operations, including the actuary, brokerage, claims, insurtech, reinsurance, underwriting and product development.
Viewers will see lively interaction between real life insurance professionals and the TV celebrities. And we hope the public will gain a better understanding of how insurance protects and the professional practitioners behind the scene.
Membership News
Change of Company Name
● Dah Sing Life Assurance Company Limited (Life Member) to Tahoe Life Insurance Company Limited
Change of Authorized Representative
● Canada Life Limited (Life Member) – Mr Chris Lewis
HKFI Membership
As at 30 Nov 2017, the HKFI has 87 General Insurance Members and 48 Life Insurance Members.
“We Protect” TV Infotainment Series New ECIRSB Chairman