New Governing Committee
The Annual General Meeting (AGM) held on 29 April 2020 approved the formation of the new Governing Committee of the Federation for 2020/2021 as follows:
Chairman Mr Eric Hui
Deputy Chairman
Mr Edward Moncreiffe
Due to the COVID-19 outbreak, the Annual Reception 2020 originally scheduled for April was canceled. In this connection, the HKFI Chairman Mr Praveen Daswani presented a plaque as a token of thanks to our immediate past chairman Mr P L Chan at the AGM.
New Members
Awarm welcome to OneDegree Hong Kong Limited and Zurich Life Insurance (Hong Kong) Limited for joining HKFI as General Insurance Member (GIM) and Life Insurance Member (LIM) respectively.
Resumption of IIQE
In our circular issued on 24 April 2020, we provided all members some updates relating to the Insurance Authority’s Direct Licensing Regine (DLR) and the resumption of Insurance Intermediaries Qualifying Examination (IIQE). We are pleased to note that after weeks of suspension due to Covid-19 and the restrictions imposed by the Government, the VTC has decided to resume both in-house and public sessions of the IIQE. And in view of the keen demand accumulated during the service suspension, the VTC will endeavour to conduct as many sessions as possible in the coming weeks. For enquiries, please contact VTC (Circular Ref: Mv052/20).
Members Mr P L Chan
Mr Peter Crewe
Mr Praveen Daswani
Mr Mike Lee
Mr Jimmy Poon
Mr Ivan Tam
Ms Winnie Wong
Mr Derek Yung
e-CPD, Virtual Class & Webinar
To support continuous learning of member companies, we have launched the first e-CPD curriculum on ethics management through case studies and interactive online learning activities this month (Circular Ref: Mv040/20).
Our current face-to-face CPD training on regulation, ”Code of Conduct & six Sales-related Guidelines for Insurance Agents in the Direct Licensing Regime”, “Criminal, Civil and Regulatory Process for Licensed Insurance Agents” as well as industry developments, “Maximizing Benefits of the MPF” etc. can be delivered with the aid of virtual classroom. If you wish to enable your agents to acquire the much needed training while keeping social distancing, please contact our Training Unit via training@hkfi.org.hk for more details.
We are also keen on providing industry insights for member companies with the use of learning technology. With this in mind, we conducted a webinar on Business Continuity Plan for insurers on 17 April 2020 with very positive response. Stay tuned as more webinars are in the pipeline.
Virtual Onboarding
After the launch of two phases of Temporary Facilitative Measures (TFM), the LIC’s Professional Standards Working Group (PSWG) and InsurTech Task Force (ITTF) have provided a preliminary proposal on the subject for IA’s consideration. Meanwhile, HKFI is currently gauging the needs of our Life Insurance Members (LIMs) and coordinating with potential vendors to build a proprietary platform for Virtual Onboarding (VO). If you are interested in learning more about this industry-wide initiative, please contact Ms Celine Chiu at Tel: 2861 9393.
Own Risk and Solvency Assessment (ORSA)
HKFI arranged to prepare for a draft template for ORSA Report such that Member Companies may make reference when submitting their own ORSA report to the IA. We consulted Task Forces and the Actuarial Society of Hong Kong (ASHK) and were liaising with the IA on issuance to Members tentatively in June 2020. Upon clarification with the IA on the date of ORSA report submission, we note that during the Initial Period, i.e. before Pillar 1 comes into force, insurers will have the flexibility in using valuation date other than 31 December, but in no event more than three months before the financial year end date. The IA also allows insurers to have more time to complete the ORSA, i.e. 6 months after the valuation date.
To equip the relevant practitioners with the requisite knowledge of preparing for ORSA Report, HKFI will launch a Training Programme for Certified Risk Management Professional (CRMP©) jointly with the Risk Management Society in mid-June 2020. The CRMP© curriculum offered through HKFI will incorporate the local requirements set out by the IA including GL10 (Guideline on the Corporate Governance of Authorized Insurers) and GL21 (Guideline on Enterprise Risk Management). Enrolment details will be available next month!
Media Conference on Insurance Claims Statistics
Due to COVID-19 pandemic, the Insurance Claims Complaints Panel (ICCP) under the Insurance Complaints Bureau (ICB) held its first live-streaming press conference on 28 April 2020 to announce the claims complaints statistics with a review of some cases for the year 2019. A special vote of thanks to Chairman of the ICCP Mr Michael Tsui and his panel members for the untiring efforts they have put in for the industry and the insuring public. To review the press conference, please visit here.
Extension of Free Job Postings
The Facebook Fanpage “HKFI SmartUnion” launched in 2015 proved to be a very effective tool in communicating with the public. We are now extending this momentum to our business community and building a network with our industry associates and beyond. And we are thrilled to announce the launch of the HKFI LinkedIn Page.
You can follow our activities on LinkedIn and use it as an alternative communication channel. Through this network, we hope to reach out to stakeholders and industry practitioners at all levels, including back-office staff, intermediaries and representatives of government and friendly organizations. You can keep tabs on what’s happening at the HKFI, our new initiatives and industry activities. Please follow us ow at http://linkedin. com/company/hkfi!
The recruitment platform (http://insurancejobs.hkfi.org. hk) dedicated for the insurance industry has recently marked its first anniversary! In the midst of the pandemic, we understand the challenges our Members are facing. In light of this, our complimentary job posting service for HKFI Members has been extended by 6 months until 16 October 2020. Make good use of the platform and attract new blood now.
Hong Kong Insurance Awards 2020
We are rolling out this signature industry event this year with more exciting categories to recognize the outstanding accomplishments of insurance companies / teams and individual practitioners. Application will open in early June and the Awards Presentation cum Gala Dinner is tentatively scheduled on 29 October 2020. Details will be available in the coming weeks. Get ready to compete for excellence!
HKFI on LinkedIn
2020/2021 General Insurance Council
May we offer our best wishes to the newly-formed General Insurance Council:
Elected Councillors
Ms Winnie Wong (Chairman) Asia Insurance Company Limited
Mr Ivan Tam (Deputy Chairman) Chevalier Insurance Company Limited
Mr Pui-leung Chan
China Taiping Insurance (HK) Company Limited
Ms Joyce Lau Target Insurance Company Limited
Mr Sheung-kin Li Sompo Insurance (Hong Kong) Co Ltd
Mr Weijiang Lin Bank of China Group Insurance Company Limited
Mr Andrew Merrilees Bupa (Asia) Limited
Ms Kelly Mok Prudential General Insurance Hong Kong Limited
Mr Ronnie Ng China Overseas Insurance Limited
Mr Jimmy Poon Dah Sing Insurance Company (1976) Limited
Ms Sally Wan
Ex-officio Councillors
Mr Eric Hui
AXA General Insurance Hong Kong Limited
Immediate Past Chairman
Mr Clement Hau Fire Insurance Association Chairman
Ms Polly Ho Reinsurers’ Forum Convenor
Ms Emily Li Medical Insurance Association Chairman
Mr Jimmy Poon Accident Insurance Association Chairman
Mr Patrick Wong Marine Insurance Association Chairman
Technical Associations
T he various Technical Associations have also elected their respective Deputy Chairmen / Deputy Convenor as follows:
Accident Insurance Association
Fire Insurance Association
Marine Insurance Association
Medical Insurance Association
Reinsurers’ Forum
Ms Fanny Fung
Mr Jeffery Chan
Mr Timothy Lee
Ms Pian Lai
Mr Andrew Mak
2020/2021 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
Mr Edward Moncreiffe (Chairman) HSBC Life (International) Limited
Mr Peter Crewe (Deputy Chairman) AIA International Limited
Mr Praveen Daswani Utmost Worldwide Limited
Mr Simon Lam Munich Reinsurance Company Hong Kong Branch
Mr Mike Lee YF Life Insurance International Limited
Ms Orchis Li General Reinsurance AG
Mr Ellick Tsui BOC Group Life Assurance Company Limited
Mr Jacob Wong China Taiping Life Insurance (HK) Company Limited
Mr Gerard Yang FTLife Insurance Company Limited
Mr Allan Yu Tahoe Life Insurance Company Limited
Mr Derek Yung
Ex-officio Councillor
Mr Guy Mills
Membership News
Change of Company Name
Prudential Hong Kong Limited
Immediate Past Chairman
● Aviva Life Insurance Company Limited (Life Member) changed to Blue Insurance Limited
Change of Authorised Representative
● Liberty International Insurance Limited (General Member & Life Member) - Ms Lee Kar Lun Karen
● China Ping An Insurance (Hong Kong) Company Limited (General Member) - Mr Kelvin Cheung
HKFI Membership
As at 28 Apr 2020, the HKFI has 86 General Insurance Members and 53 Life Insurance Members.
Ms Winnie Wong Mr Peter Crewe Mr Edward Moncreiffe Mr Ivan Tam