Jan 2024
Issue No.318
Stakeholder Engagements on CIES
S
ince the announcement by the Financial Services and the Treasury Bureau (FSTB) regarding the inclusion of Investment-Linked Assurance Scheme (ILAS) as one of the approved investment assets under the revived Capital Investment Entrant Scheme (CIES), we have been actively involved in engaging with key stakeholders to ensure a smooth and successful launch of the CIES. In January 2024, we took proactive steps to meet InvestHK's FamilyOfficeHK and the Securities and Futures Commission (SFC) to gather insights to enhance our understanding of the project's regulatory considerations. Furthermore, we received a delegation from the Hong Kong Investment Funds Association (HKIFA) on 15 January 2024. This visit provided us with a valuable platform to engage in detailed discussions related to this subject of mutual interest. Through these discussions, we aimed to exchange ideas, share best practices, and explore potential areas of collaboration.
RBC Related Consultations
L
ast December, the Insurance Authority (IA) launched a consultation on the first batch of two major insurance rules to tie in with the implementation of RBC regime. Recognizing the substantial impact that the forthcoming rules will have, we have garnered feedback from our Members and duly reflected the major concerns to the IA. We also engaged an external lawyer to review the draft rules from the legal perspective and identify any potential legal implications or areas that require clarification. Earlier this month, the IA has published another batch of consultation on the remaining draft rules. We are currently collating comments from Members. By leveraging the collective views of our members and seeking professional legal guidance, we are committed to submitting a robust and well-informed response to the regulator. At the same time, the IA also invited our industry to provide comments on its draft revised Guideline of "fit and proper" criteria in relation to insurers under the Insurance Ordinance (Cap.41) (GL4). In conjunction with the implementation of RBC regime, there are some amendments on the Ordinance. The Secretariat had thus conducted another member consultation and submitted an industry feedback to the IA for consideration early this month. Going forward, we will continue flagging the views and concerns from our Members towards the RBC regime and ensuring that the final rules strike a harmonious balance between regulatory requirements and the needs of the industry.
MIDAS
I
n early January 2024, the Government announced its plan to launch electronic vehicle licenses by mid-2024. Secretary for Transport and Logistics Mr Lam Sai-hung announced that car owners will no longer be required to submit physical copies of their certificate of inspection, motor insurance policies and vehicle registration documents for annual renewal. We are pleased to note that once the required legislative amendment is approved, the Motor Insurance DLT-based Authentication System (MIDAS) developed by HKFI will be formally integrated into the vehicle licensing process, which will accelerate the adoption of this privatepublic partnership initiative among the broader public. We will share more details when updates are available from the Transport Department.
Executive Certificate in Insurance Leadership Acceleration Programme
T
he inaugural cohort of this ground-breaking Programme is set to commence on 20 April 2024. To mark this significant milestone, we have organized a get-together on 1 March 2024, specifically designed for senior HR and training management professionals, as well as potential candidates. During this event, known as the “Café on the 29th”, our training partner, HKU Business School, will deliver a presentation on the unique features and benefits of this programme. Furthermore, we have invited esteemed HR professionals, training experts, academia and veteran insurance broker to join us in a relaxed atmosphere, where they will engage in discussions on talent development, manpower strategies, and other relevant topics. This get-together presents an excellent opportunity for you to connect with HR peers in our industry, gain valuable insights from experienced experts, and expand your professional network. If you are interested in participating, please stay tuned for further updates!
Green Insurance and Related Initiatives • Climate Charter Launching Ceremony
W
e are thrilled by the enthusiastic support shown by our Members towards the Industry Climate Charter. As aptly pointed out by the HKSAR Chief Executive Mr John Lee in his remark at the Asian Insurance Forum last December, our Charter shows “a united commitment to responding to the climate crisis”. In order to emphasize the significance of the Charter and express our gratitude towards our Members for their commitment, we have planned a special ceremony at the end of February to officially launch the Charter. We have also lined up knowledge-sharing sessions that will delve into climate-related and ESG topics specifically relevant to the insurance sector. More details will be announced. Don’t miss the chance to be one of the inaugural Charter signatories, showcasing your organization's dedication to sustainability. For sign-up information, please get in touch with us at committee@hkfi.org.hk. • Forum on Climate Risk Management
C
o-organized by HKFI, the Business Environment Council, Real Estate Developers Association of Hong Kong, and supported by the Development Bureau and the Environment and Ecology Bureau, the above forum was successfully held on 17 January 2024. This forum brought together officials and experts from various sectors to discuss and express views in addressing climate risks from different perspectives. Chairman of HKFI’s Task Force on Green Insurance Mr Eric Hui shared valuable insights from the insurance industry’s perspective. • Promoting Green Efforts of the Industry
W
ith the Chinese New Year around the corner, the insurance industry is coming together to celebrate the Year of the Dragon while promoting a green and sustainable future for Hong Kong.
Sponsored by the HKFI, 20 environmentally friendly buses, delivering a message of green living and sustainability, will traverse Hong Kong Island, Kowloon and the New Territories in the coming few weeks. The Chinese slogan " 保險業攜手 構建綠色未來 " showcases the determination of the insurance industry in building a green and sustainable community. Banners carrying this slogan will be prominently displayed on the buses equipped with renewable solar power systems. • Green Power Hike HKFI Cup 2024
A
part from the above green initiatives, the annual fund-raising walkathon Green Power Hike was successfully held on 13 January 2024. Our "HKFI Cup" has been held for two decades since 2004 to support the projects on environmental education! The Hike has become an annual ESG event for the participating companies. This year, we have 38 teams from the insurance industry joining the "HKFI Cup". Congratulations to AXA Hong Kong and Macau, FWD Life Insurance Company (Bermuda) Limited and China Taiping Insurance (Hong Kong) Company Limited on winning the 50km, 25km and 10km races respectively. With the generous support from participating companies, the industry raised a total of over HK$400,000 in 2024 to help fund the environmental projects. As mentioned by HKFI Chairman Ms Orchis Li at the event ceremony, the HKFI will remain steadfast in promoting green insurance and environmental conservation through various initiatives.
Visitors from close and afar • Officials from Guangdong Municipal Financial Regulatory Bureau
L
ed by Mr Tong Shiqing, Deputy Director General, Guangdong Municipal Financial Regulatory Bureau paid a visit to the HKFI on 25 January 2024, seeking to gain a comprehensive understanding of the medical insurance market in Hong Kong and to explore the role of effective risk management in facilitating the development of high-end medical services. We appreciate the candid exchange of ideas with our visitors and eagerly anticipate future engagements with the Guangdong regulators. • Delegation from KSA
U
nder the auspices of the Financial Services Development Council (FSDC), the HKFI recently convened a highly productive exchange session with a distinguished delegation from the Financial Sector Development Program and the Insurance Authority in the Kingdom of Saudi Arabia (KSA) on 24 January 2024. This meeting served as an invaluable platform for both parties to share insights and explore opportunities for collaboration, fostering a deeper understanding of our respective insurance markets and the immense potential they hold. We remain steadfast in our dedication to fostering strong relationships with regulatory authorities and industry stakeholders, as we believe that through open dialogue and collaboration, we can collectively shape a prosperous future for the insurance sector.
Recruitment Platform for Insurance Industry
T
o help recruit talents for our industry, HKFI has set up a recruitment platform dedicated for insurance industry, which received enthusiastic responses since its establishment. As at the end of 2023, 80 companies registered as employers of the platform with a total of over 83,000 views on the job advertisements published. We continue offering the complimentary job posting service for HKFI Members. As the job-hunting season approaches, it is a golden opportunity for your company to tap into a pool of potential talents who can contribute to the growth of your business. Catch their attention now by sending us the job advertisements via club2028@hkfi.org.hk for job posting!
EAIC 2024 Hong Kong Conference – Registration is now open!
E
AIC 2024 Hong Kong Conference, presents an exceptional opportunity for you to:
• Foster valuable connections and explore potential collaborations with industry peers. • Immerse yourself in cutting-edge knowledge and gain exclusive insights from esteemed industry experts and thought leaders. The online registration is now open. Secure your spot at this link and enjoy the early bird offer on or before 21 June 2024. For the latest updates and further details about the conference, please visit the official EAIC website. We look forward to welcoming you in Hong Kong and sharing an incredible experience together.
Membership News Change of Authorised Representative General Insurance Member : Asia-Pacific Property & Casualty Insurance Co., Ltd. – Mr Lee Wai Kun Tugu Insurance Company Limited – Ms Sherly Oktavia HKFI Membership As at 31 Jan 2024, the HKFI has 81 General Insurance Members and 53 Life Insurance Members.