InSeptember, a by-election of the Life Insurance Council (LIC) was conducted to fill a casual vacancy. Mr Simon Lam of China Pacific Life Insurance (H.K.) Company Limited has been elected as a Councillor for the remaining term of 2022/23 (Circular Ref: Mv074/22).
Policy Address 2022 and HKFI Think Tank
On 19 October, in his first policy address 2022, Chief Executive of Hong Kong SAR Hon John Lee suggested several initiatives relating to the insurance industry. The HKFI has issued a media statement on the same day to support the initiatives, which will enhance Hong Kong’s status as the International Financial and Risk Management Hub in the long run. The national strategies on the Greater Bay Area (GBA) development and the Belt and Road Initiatives as well as attracting talents are very much in line with the core areas identified by the Think Tank set up by the HKFI.
Thanks to the members' active responses to the survey on how to revitalize Hong Kong as an International Insurance Hub and Risk Management Hub. The Think Tank members met on 12 October to review the survey findings and decided on three key areas of focus, i.e, relaxing all COVID restrictions, building an international and local talent pool and supporting the execution of the national strategies.
On the first subject relating to the COVID restrictions, we have elaborated our stance and rationale at the above-mentioned media release. For the latter two subjects, the Think Tank have set up dedicated sub-groups to take a deep dive deliberation and come up with viable proposals for the consideration of the Government and the stakeholders.
IA Direct Licensing Regime
Thenew Direct Licensing Regime (DLR) of the Insurance Authority (IA) has commenced on 23 September 2019. Throughout the three-year transitional period thereafter, the HKFI has coordinated with the IA closely, flagged industry’s concerns and made constructive suggestions to enhance the regulatory functions of the DLR and ensure an efficient and user-friendly registration process.
We are thus pleased to see the successful completion of the registration of Deemed Licensees in August 2022 and thank the IA for their readiness to address industry’s concerns and respond positively to our recommendations in the past three years. Going forward, we will continue working closely with the IA to ensure the DLR will continue to work effectively and support the growth and development of our industry as a whole.
Insurance
On Climate Reporting Framework, the Task Force met with the appointed consultant on 3 October to receive the interim findings and decide the next steps.
We thank the staunch support from Task Force Members in sharing valuable insights and further observations, which enriched the contents of the draft framework. Members’ comments will be carefully studied and addressed to ensure that the upcoming framework is helpful for the industry on climate disclosures in the long run. On the front of climate charter research and climate data analysis, the Task Force Chairman and Subgroup Convenors of the Task Force also met with the consultant regularly to exchange views and expectations.
In October, the Green and Sustainable Finance Cross-Agency Steering Group introduced the Sustainable Finance Internship Initiative. This talent development initiative offers sustainable finance internship opportunities for Hong Kong students, enabling them to acquire experiences in the relevant area. Our industry is welcome to join this meaningful initiative and provide suitable internship positions. For details, please contact the Hong Kong Monetary Authority (HKMA) via hkcgsf@hkma.org.hk.
HKFI Trainings
HKRBC
On 28 October, over 30 Life Insurance Members attended a briefing session delivered by KPMG on the Risk-Based Capital Regime (HKRBC) with a focus on Pillar Three Disclosure and Reporting. At this knowledge-sharing platform, members deepened their understanding of HKRBC and solutions in managing the requirements. Another session will also be held for the General Insurance Members. Stay tuned.
HKFRS 17
Three training sessions on HKFRS 17 have been arranged for senior stakeholders in late October and early November 2022. Sincere thanks to four speakers from EY Hong Kong for bringing us informative training sessions. The first two sessions were successfully held on 20 and 21 October. Positive feedbacks were received from the audience.
IA’s supervision
Another webinar on IA’s Power of Inspection and Investigation will be conducted on 4 November 2022. Speaker from MinterEllison Ms Iris Cheng will share her knowledge and insights on the topic. Please click HERE for details and enrollment.
Accredited Registers Scheme for Healthcare Professions
On 28 October, to better understand the Accredited Registers (AR) Scheme launched by the Department of Health (DH), the Accident Insurance Association (AIA) and Medical Insurance Association (MedIA) jointly organized a webinar to provide an introduction to the AR Scheme for Healthcare Professions and the five Accredited Healthcare Professional Bodies.
To date, the DH has accredited five healthcare professional bodies to manage the registers of their healthcare professions, namely speech therapists, audiologists, dietitians, educational psychologists and clinical psychologists. Public seeking services from the above healthcare professionals may search the list of Accredited Healthcare Professional Bodies via the AR Scheme website (www.ars.gov.hk) and look up the relevant registers.
Elite Talent Development Programme – Engagement Sessions with Hon K P Chan
With special thanks to the kind arrangement of Hon K P Chan, we have arranged our young insurance talents to meet Hon Chan at the Legislative Council Complex. In the session held on 27 October 2022, Hon Chan shared his experience and insights on the industry development and exchanged with the talents. Two more sessions will be held in November 2022.
Membership News
Change of Authorized Representative
General Insurance Members: Blue Cross (Asia-Pacific) Insurance Limited – Ms Bonnie Tse
OneDegree Hong Kong Limited – Ms Sylvia Ng Lok Wan
Life Insurance Members: Chubb Life Insurance Company Ltd. – Ms Belinda Au Ming Yee
HKFI Membership
As at 31 Oct 2022, the HKFI has 84 General Insurance Members and 54 Life Insurance Members.
