COVID-19 Vaccination
Vaccination is a crucial measure in the fight against COVID-19. For the good of public health, considerable efforts have been made by our industry to facilitate and encourage vaccination in the city, including internal policies of giving extra days of leave to employees who have taken vaccine, organizing outreach vaccination services at their premises, and providing other incentives for inoculation. Member companies have also introduced different kinds of facilitative measures to encourage Hong Kong citizens to get vaccinated. In addition to the postvaccination coverage offered when the vaccination programme was first launched, more incentives like free pre-vaccination health assessment plans, premium discount, free giveaways, prize draw, etc have been introduced. Collectively, we are all playing a role in safeguarding public health and bringing Hong Kong’s economy onto a steady recovery path.
Guideline on Insurance-Linked Securities (ILS)
On 25 June, the Insurance Authority (IA) published the Guideline on Application for Authorization to Carry on Special Purpose Business (GL33) in the Gazette in accordance with the Insurance Ordinance (Cap. 41). The Guideline will take effect from 30 June 2021. Members who are interested in issuing ILS are welcome to visit the gazetted GL33 for details. We will continue to provide technical support to the IA as and when appropriate to facilitate the development of ILS market in Hong Kong.
Meeting of Joint Subcommittee on Issues Relating
to Insurance Coverage for Transport Sector
We joined the above meeting on 4 June and had another round of productive discussion with the various Government bureaus and departments on measures to reduce traffic accidents involving taxis and light buses.
In line with the previous meetings, we took stock of the current situation and suggested a raft of practical measures to address the pain points. We are pleased to note the constructive response from the Administration. We will continue advocating for more changes that will create a better ecosystem and look forward to the next meeting scheduled for September.
Briefings on Motor and EC Burning Cost Data Collection
To familiarize Member Companies with the data request for 2020, respective briefings conducted by S. Yu & Partners were held on 24 June via web conferencing. We were pleased to have Mr Simon Lam, IA’s Executive Director (General Business), addressing the briefings. Member Companies are encouraged to submit data for a more comprehensive market analysis.
Early Adoption of RBC Framework
On 9 June, the Task Force (TF) on Early Adoption of RBC Framework met again to discuss the contents of the draft circular for Life Insurance Members who opt for early adoption. After this meeting, the draft circular was circulated amongst the TF for comment and another meeting was scheduled with the IA’s Policy & Development and Long Term Business Divisions prior to submitting the draft circular for IA's adoption.
Issue No.290 June 2021
Launch of New Corporate Training on “Demystifying Medical Underwriting"
Abrand-new CPD Corporate Training Course on “Demystifying Medical Underwriting” has been launched in June 2021. Member Companies are welcome to arrange corporate training for their insurance practitioners to help them better understand the Standardized Underwriting Questionnaire on HealthRelated Information for Individual Indemnity Hospital Insurance Plans (SUQ). More courses are available. Please refer to our circular for details (Circular Ref: Mv047/21).
HKFI CPD Webinar Series on GBA Law and Tax
“Legally speaking: All you need to know about the GBA”
All eyes are on the Greater Bay Area (GBA), its strategic role in the country's development blueprint and the opportunities it offers for the insurance industry. We are going to hold a series of webinars covering various legal and financial topics relevant to the insurance industry in the GBA, providing a unique opportunity for Members to get insider’s insights from an academic-cum-practicing lawyer who specializes in insurance law in Mainland China. Episode 1 “Overview of Insurance Law in China” will be held on 21 July (Circular Ref: Mv041/21).
"Webinar Series on Tax"
Tobetter understand the new Hong Kong profits tax concessions and what insurers could do to better position themselves, the first two sessions on tax were held on 25 and 28 June respectively (one in English and one in Cantonese). HKFI Deputy Chairman Ms Winnie Wong and speakers from EY shared the background of the new profits tax concessions, qualifying insurance businesses, threshold requirements and practical considerations with illustrative examples. The next webinar will be an educational session conducted by PwC to facilitate the understanding of Member Companies on the tax issues in the GBA.
Hong Kong Insurance Awards 2021
The Hong Kong Insurance Awards 2021 is calling for applications! Entry submission deadline is 30 July 2021. Visit our official website now at https://www.hkfi.org.hk/hkia/ and submit entries to showcase your outstanding accomplishments and successful stories for the period between 1 July 2020 and 30 June 2021.
For enquiries, please contact Ms Zelma Cheung of SCMP at 2565 2494 / 6100 7273 or Ms Maggie Leung of HKFI at 2861 9332.
Insurance Fraud Prevention Claims Database Executive Committee (Executive Committee)
Congratulations to the newly elected Executive Committee Chairman Mr P L Chan and the Members. The membership for the new term 2021/2022 is as below:
Mr P L Chan (Chairman)
China Taiping Insurance (HK) Company Limited
Ms Kelly Wong AIG Insurance Hong Kong Limited
Mr Elvis Fung AXA General Insurance Hong Kong Limited
Ms Carol Fung Blue Cross (Asia-Pacific) Insurance Limited
Mr Ronald Kwan California Insurance Company Limited
Ms Fiona Hung CIGNA Worldwide General & Life Insurance Company Limited
Ms Linda Ng Dah Sing Insurance Company (1976) Limited
Ms Vivian Choi FTLife Insurance Company Limited
Ms Dorothy Sung Hong Leong Insurance (Asia) Limited
Mr Vincent Lee HSBC Life (International) Limited
Mr Philip Kent MSIG Insurance (Hong Kong) Limited
Ms Candy Au Yeung Prudential Hong Kong Limited
Mr Li Sheung Kin Sompo Insurance (Hong Kong) Co., Ltd
Ms Joyce Lau Target Insurance Company Limited
Mr Hannes Bostam Zurich Insurance Company Limited
If you wish to be part of this meaningful project for the good of Hong Kong, please contact us at 2861 9392 or claimsDB@hkfi.org.hk.
Change of Authorized Representative
● FWD Life (Hong Kong) Limited (Life Member) – Mr Lau Chi Kin
● FWD Life Assurance Company (Hong Kong) Limited (Life Member) – Mr Lau Chi Kin
As at 30 June 2021, the HKFI has 87 General Insurance Members and 52 Life Insurance Members.
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