New Governing Committee
The Annual General Meeting held on 30 April approved the formation of a new Governing Committee for 2018/2019 as follows:
Chairman
Mr P L Chan
Deputy Chairman
Mr Praveen Daswani
Collaboration with Insurance Authority (IA)
W ith IA assuming full regulatory functions by mid-2019, we need to strengthen and re-define the collaboration between IA and HKFI to help raise the industry’s standards and grow the market. Specifically, we will discuss with IA and work out a clear “framework of collaboration”. The idea is to pool the industry’s resources and expertise to support the work of IA in the years ahead.
On a separate note, we have collected comments and feedback from Members on IA’s proposal to build an e-portal for future registration of intermediaries. Members are mostly concerned about the approval procedure and authentication process. Our comments have been conveyed to the IA for consideration.
Insurance Fraud Prevention Claims Database (DB)
T he newly formed Provisional Executive Committee (PEC) met for the first time on 23 April to review the draft Code of Practice and Participation Agreement for the DB. The same were also presented to the Steering Committee on 25 April.
Based on the constructive comments received from these two committees and the onboarding meetings held with individual companies, the Project Team is now fine-tuning the relevant documents for Members’ adoption.
Members Mr David Alexander
Ms Charity Au
Mr Eric Hui
Mr Mike Lee
Mr Guy Mills
Mr Jimmy Poon
Mr Harry Wong
Mr Derek Yung
Policyholders’ Protection Scheme (PPS)
We met the Hon K P Chan last week to brief him on the key concerns we had on the GI and LI Schemes. In essence, we proposed a less cumbersome way of collecting levy for SME policyholders and practical ways to address the accumulation of risk from overseas exposure as well as the issue of 1% levy cap for LI Schemes. With the support of the Hon Chan, we will work with the IA and Financial Services and the Treasury Bureau to work out a sensible way forward.
International Financial Reporting Standard 17 – Insurance Contracts (IFRS 17)
Subsequent to the Cantonese briefing for General Insurance Members (GIMs) held on 18 April 2018, we circulated the template for Simplified Case Study. This is to facilitate Members in conducting a gap analysis in implementing IFRS 17 by 1 January 2021 (Circular Ref: Mv035/18). Upon receiving feedback from GIMs, we will convey the industry’s position and views to the Hong Kong Institute of Certified Public Accountants (HKICPA).
In the meantime, Members are welcome to send enquiries to committee@hkfi.org.hk. Task Force on IFRS 17 will try to provide answers and compile a set of FAQ for Members’ reference. The LIC is also taking proactive steps to bring the concerns of Life Insurance Members to the attention of the regulator and the HKICPA.
Hong Kong-Zhuhai Macau Bridge (HZMB)
T he Accident Insurance Association and its Motor Subcom have worked closely with the IA and our counterparts in Macau and Guangdong to provide timely and necessary information for motorists in need of procuring the required motor insurance in the three jurisdictions.
On 23 April 2018, we launched a special web page for such purpose. Please visit https://www.hkfi.org.hk/hzmb/index. html for more details. An on-site visit is now being arranged for motor insurers providing such products and services and members of the Accident Insurance Association to get familiarized with the operation of the HZMB.
Annual Reception 2018
T he above event was held on 12 April 2018. We had close to 200 guests and representatives of Member Companies joining us. We deeply appreciate the presence of our officiating guest the Hon James Lau, Secretary for Financial Services and the Treasury, and his encouraging remarks on HKFI’s accomplishment in many areas. Photos of the event are available at: https://www.hkfi.org.hk/#!/about-the-hkfi/ album/334.
One of the highlights at the event was the vote of thanks given by the scholarship award winner under the Young Insurance Executive Development Programme (YIE). We hope to see more new blood joining our industry through this earn and learn platform.
We met with Food and Health Bureau (FHB) on 19 April 2018 to better understand the tax deduction arrangement, product compliance and certification. We expressed our market views on the suitable composition of a Standard and Flexi VHIS-compliant product.
The discussion was constructive and it was encouraging to see the readiness of the FHB to hear and seek to address industry’s concerns accordingly.
We will invite the FHB in due course to conduct a briefing for all Members on the latest VHIS framework, regulatory oversight, migration arrangements and the related tax deduction.
Digitizing Motor Cover Note
We are pleased to report that the captioned project has received staunch support from General Insurance Members (GIMs) writing motor business. Our vendor is now building the blockchain solution with a view to launching it in H2 2018. To facilitate GIMs and their agencies’ adoption of the new technology for issuing motor insurance policy / cover note, we will conduct proper training for industry members while promoting it with our key stakeholders including Transport Department and IA.
Hong Kong Insurance Awards Special Edition
T he special edition of Hong Kong Insurance Awards 2018 –the Lifetime Achievement Award launched in early April has attracted enormous interests from Members.
We introduced this Award for the first time to recognise the distinguished industry members who have made substantial achievements and impactful contributions to the insurance industry in Hong Kong. The winners will be selected by an esteemed panel of judges and announced at the Awards Presentation Ceremony to be held in conjunction with the HKFI’s 30th Anniversary Celebration Dinner on 28 August 2018 with Chief Executive of HKSAR the Hon Mrs Carrie Lam as the Principal Guest-of-Honour. Visit the official website at https://www.hkfi.org.hk/hkia/index.html for more details.
For enquiries, please contact SCMP’s Ms Zelma Cheung at 2565 2494 / 6100 7273 or at email zelma.cheung@scmp.com. Send in your nominations before the submission deadline on 9 May 2018!
IUMI Asia Forum in Singapore
A s IUMI’s Asia Hub, HKFI supported the General Insurance Association of Singapore in launching its inaugural GIA-IUMI Asia Forum held last week in Singapore. Going forward, we will continue playing an active role in strengthening IUMI’s presence in the region.
2018/2019 General Insurance Council
May we offer our best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr David Alexander (Chairman) Swiss Reinsurance Company Ltd
Mr Eric Hui (Deputy Chairman) Zurich Insurance Company Ltd
Mr P L Chan
Mr Sheung-kin Li
China Taiping Insurance (HK) Company Limited
Sompo Insurance (Hong Kong) Co Ltd
Ms Huijun Liu Bank of China Group Insurance Company Limited
Ms Kelly Mok Prudential General Insurance Hong Kong Limited
Mr Ronnie Ng
Mr Martin Rueegg
China Overseas Insurance Limited
AXA General Insurance Hong Kong Limited
Mr Ivan Tam Chevalier Insurance Company Limited
Mr Harry Wong Hong Leong Insurance (Asia) Limited
Ms Winnie Wong
Ex-officio Councillors
Mr Jimmy Poon
Asia Insurance Company Limited
Immediate Past Chairman
Ms Polly Ho Reinsurers’ Forum Convenor
Mr Man-kit Ip Medical Insurance Association Chairman
Mr Philip Kwan Accident Insurance Association Chairman
Ms Teresa Ma Fire Insurance Association Chairman
Mr Patrick Wong Marine Insurance Association Chairman
Technical Associations
T he various Technical Associations have also elected their respective Deputy Chairmen as follows:
Accident Insurance Association
Fire Insurance Association
Medical Insurance Association
Marine Insurance Association
Ms Fanny Fung
Mr Clement Hau
Ms Emily Li
Mr Raymond Ng
2018/2019 Life Insurance Council
A lso, we would like to extend our best wishes to the following members of the newly-formed Life Insurance Council:
Elected Councillors
Ms Charity Au (Chairman)
BOC Group Life Assurance Company Limited
Mr Guy Mills (Deputy Chairman) Manulife (International) Limited
Mr Etienne Bouas-Laurent
AXA China Region Insurance Company (Bermuda) Limited
Mr Peter Crewe AIA International Limited
Mr Godfrey Hui
China Life Insurance (Overseas) Company Limited
Mr Ken Lau FWD Life Insurance Company (Bermuda) Limited
Mr Mike Lee MassMutual Asia Limited
Mr Orchis Li General Reinsurance AG
Mr Edward Moncreiffe
HSBC Life (International) Limited
Mr Derek Yung Prudential Hong Kong Limited
Ex-officio Councillor
Mr Praveen Daswani
Immediate Past Chairman
Membership News
Change of Authorised Representative
● Canadian Insurance Company Limited (General Member) - Mr Kevin Jones
● Transatlantic Reinsurance Company (General Member) - Ms Au Chi Kwan Fiona
● Tugu Insurance Company Limited (General Member) - Mr Buhi Praptawismacaya Amir
HKFI Membership
As at 30 Apr 2018, the HKFI has 87 General Insurance Members and 48 Life Insurance Members.
Mr Eric Hui Ms Charity Au Mr Guy Mills Mr David Alexander