General Meeting and Celebratory Cocktail Party
The General Meeting (GM) will be held on 25 November 2019 to consider the new Articles of Association (AoA) of the HKFI. The new AoA will remove the Self-regulatory Organization (SRO) functions from our mandate, make appropriate alignments with the Companies Ordinance and allow room for HKFI’s future development, including forming subsidiaries / partnerships with external parties and conducting profit gaining businesses. All these changes were supported by Members during the consultation exercise.
A celebratory cocktail party will be held right after the GM on 25 November 2019 to commemorate the glorious completion of our SRO regime, pay tribute to all those who have contributed to its success and mark the beginning of a new chapter of the HKFI. We look forward to seeing you all on 25 November.
Insurance Agents Registration Record
Following the commencement of Insurance Authority’s (IA) Direct Licensing Regime (DLR), the Insurance Agents Register previously managed by the Insurance Agents Registration Board is no longer available online. However, we have received numerous requests from insurance companies and registered persons to obtain the past registration / disciplinary records before the transition.
In order to discharge our duty under the Personal Data (Privacy) Ordinance before erasure of such personal data and to facilitate registered persons in obtaining their past registration / disciplinary records, all registered persons who were registered with the IARB on or before 22 September 2019 can apply to obtain their past registration / disciplinary records on or before 30 April 2020. Please refer to Circular Ref: Mv122/19 for details.
MIDAS Won the Innovation of the Year Award
We are thrilled to report that HKFI has been awarded by Asia Insurance Review for our signature InsurTech project MIDAS!
MIDAS (Motor Insurance DLT-based Authentication System) is Asia’s first industry-wide blockchain solution in production for motor insurance. It revolutionizes the way we detect and combat fraud and embraces the privacy by design principle. It is also a platform of trust built among stakeholders – insurers, intermediaries, regulator, government agency, law enforcement body and insuring public.
Moving forward, we will look into expanding the MIDAS platform for other purposes.
Life Insurance Guidelines (GL 26 – 30)
Compliance is the core of every insurer’s functions – to ensure adherence, HKFI has invited industry experts to assist IA in deriving Interpretation Notes for each of the 6 Guidelines. Throughout October, the Special Committees (SCs) and Working Groups (WG) have met IA to discuss the main concerns surrounding the implementation of the Guidelines. Meanwhile, we have arranged Townhalls for IA to explain to the industry the major changes, principles and intentions behind the Guidelines (Circular Ref: Mv112/19).
Best Practice on Genetic Testing
The Life Operations and Risk Management Working Group (LORMWG) under the Life Insurance Council (LIC) has been communicating with various stakeholders in the past ten months since the initial decision to revamp the Code of Practice on Genetic Testing.
Recently, representatives of the LORMWG met with the Expert Panel under the Hong Kong Genome Project to learn more about their point of view and how the industry can facilitate the Project.
Insurance Fraud Prevention Claims Database (IFPCD) – Next Stop, Travel!
We are now inviting Members to join the newest line of business (LoB) – travel insurance. A briefing session will be held on 12 November 2019 to demonstrate the solution and provide details on onboarding, fees and timeline (Circular Ref: Mv118/19). To learn more, please contact us at claimsDB@hkfi.org.hk or 2861 9392.
Membership News
Change of Authorized Representative
● Bowtie Life Insurance Company Limited (Life Member) – Mr Lam Alan Ching Yin
● China Merchants Insurance Co. Ltd. (General Member) – Ms Lau Suk Fan Sigorney HKFI Memebership
As at 31 October 2019, the HKFI has 86 General Insurance Members and 51 Life Insurance Members.
