Greetings from HKFI Chairman
Iamhonoured to be elected as the HKFI Chairman for the new term. The next 12 months will be full of changes and challenges. We will strive to propel growth of our industry, safeguard the interests of our Members while serving the community at large. On this note, I look forward to your guidance and continued support. Let’s work together for a brighter future and a more sustainable market!
Meeting the IA Chairman
TheGoverning Committee had the pleasure of meeting the Insurance Authority (IA) Chairman Mr Stephen Yiu on 30 May 2022. We had a candid discussion on various issues, including the roadmap to re-opening of border, talent shortage, Policyholders' Protection Scheme and the regulatory oversight of the insurance industry, etc.
Since HKFI’s Annual Reception 2022 originally scheduled for April had been called off due to the disease control measures, we took the opportunity with the presence of the IA Chairman to present the souvenir as a token of thanks to the HKFI Past Chairman Mr Eric Hui in line with our fine tradition. Going forward, we will continue following the footsteps of our predecessors to work closely with our regulator and help our industry sail through the storm as well as rising to the challenges ahead.
Nominations for Task Forces, Working Groups and Steering Committees
Thanksto the support of various Task Forces, Working Groups and Steering Committees formed under the Governing Committee, General Insurance Council and Life Insurance Council (LIC), we have been able to accomplish a number of technical tasks throughout the year. To maintain the transparency of our work and encourage more volunteers from the industry, we are inviting nominations from all Members to support various ongoing and new initiatives of the HKFI in the term 2022/2023. For details, please refer to our circular (Circular Ref: Mv046/22).
Travel Insurance – Coverage for COVID-related Cases
Withthe easing of travel restrictions, Hong Kong citizens are set to travel abroad again after more than two years since the outbreak of the epidemic. To provide the public with the latest information of travel insurance coverage in relation to the pandemic, we issued a media statement on 31 May 2022 to highlight some general market information and points-to-note for travelers’ consideration before taking out travel insurance for their outbound trips.
At the same time, travel insurers are reminded to make clear announcement for their customers on any changes of policy coverage on COVID-19 to ensure sufficient transparency and eliminate potential claim disputes.
E-licensing Initiatives of the Transport Department (TD)
TheTransport and Housing Bureau tabled the captioned paper at the Legislative Council’s Panel of Transport on 20 May 2022. Among others, the TD is exploring with the HKFI and our Accident Insurance Association on deploying the award-winning Motor Insurance DLT-based Authentication System, aka 'MIDAS', in the e-licensing process. Through interfacing with MIDAS, TD can validate the particulars provided by motor owners as proof of insurance policy. It will help shorten TD’s processing time and reduce the document submission by motor owners.
We are exceedingly pleased to note that MIDAS is being considered as a part of the streamlined licensing process to help move Hong Kong towards a more digital and sustainable city. We look forward to working closely with the TD on this new initiative for a more eco-friendly and efficient future.
Meeting with SFC on ILAS/PLP
Webinar on Popularisation of Electric Vehicles (EVs) in Hong Kong
TheHKSAR Government is determined to develop Hong Kong into a smart city and the Environmental Protection Department (EPD) has announced the first ever Hong Kong Roadmap on Popularisation of Electric Vehicles (EV Roadmap) in March 2021, which sets out the vision of 'Zero Carbon Emissions - Clean Air - Smart City'. The key measures of the EV Roadmap include ceasing the new registration of fuel-propelled and hybrid private cars in 2035 or earlier.
To help our Members prepare for the popularization of EVs and plan ahead for better risk management, we organized a webinar on 4 May 2022 and invited Dr Benny So, Senior Environmental Protection Officer (Electric Vehicle) of EPD, to introduce the EV Roadmap and the local EV statistics. 94 members participated in this webinar and found it informative.
TheHKFI has maintained close dialogues with the Insurance Authority (IA) and Securities and Futures Commission (SFC) on the product greenlight and approval process issues of the Investment-linked Assurance Scheme (ILAS) and Protection Linked Plan (PLP). On 12 May 2022, through the facilitation of the Hon K P Chan and the Hon P L Chan, representatives of the LIC and relevant life insurers met SFC CEO Mr Ashley Alder and his team of senior executives for an exchange of views over the approval process and industry’s concerns on other critical issues. We found the dialogue open and useful.
We are formulating an industry proposal and garnering views from the industry for the SFC’s consideration. Going forward, we will continue liaising with the regulators closely to expedite the launching of PLP in the market.
Town Hall Briefing on Premium Financing
On 13 May 2022, the HKFI organized two town hall briefings in English and Cantonese with over 400 participants to hear from the IA the highlights of supervisory standards and key requirements towards the use of premium financing to take out long-term insurance policies.
The town hall briefings enabled Members to ask questions on the IA’s circular contents and facilitated their interpretation of relevant operational issues. We thank Mr Marty Lui, IA’s Associate Director of Long Term Business, for his tireless efforts in elaborating and answering questions from the floor.
Quality Training
To raise awareness of the importance of the intermediary management function of insurers, a 4-hour training course themed 'Key Person in Control Function for Intermediary Management' was conducted in two consecutive days on 5 and 6 May 2022. Our special thanks go to Mr Peter Gregoire, IA’s General Counsel and Head of Market Conduct, for his detailed presentations illustrated by a range of case studies.
In consideration of the emerging mental health crisis under the COVID-19 pandemic, we also organized another training course 'Focus on Mental Health Awareness in the Hong Kong Insurance Industry' on 20 May 2022. Speakers from the City Mental Health Alliance Hong Kong helped Members understand the importance of mental health and the related issues occurring in the workplace, as well as to share some skills to deal with mental health issues.
HKFI Recruitment Platform
Hiring a talented graduate is a great way to inject new blood and bring new ideas to your corporation. With the graduation season coming up, it is a golden opportunity for Member Companies to recruit potential fresh graduates to support their business development.
We have extended the complimentary job posting service of our recruitment platform for insurance industry (http://insurancejobs. hkfi.org.hk ) amid COVID-19 for HKFI members until further notice. Utilize this platform now to attract young talents by sending us your job advertisements to club2028@hkfi.org.hk !
Hong Kong Insurance Awards 2022
We are delighted to launch the Hong Kong Insurance Awards 2022 with our partner South China Morning Post!
The application opens on 1 June 2022. Submit your entries on or before 29 July 2022 to showcase your excellent accomplishments in the past year. For details, please visit our official website www.hkfi.org.hk/hkia or contact us at 2565 2495 / 9700 4400 for any enquiries.
Membership News
Change of Authorized Representative
● General Insurance Member: Bupa (Asia) Limited – Mr Yuman Chan
● Life Insurance Member: Quilter International Isle of Man Limited – Mr Praveen Daswani
HKFI Membership
As at 31 May 2022, the HKFI has 84 General Insurance Members and 54 Life Insurance Members.