HKFI General Meeting and Christmas Cocktail Party
TheHKFI will convene a General Meeting on 12 December 2024. In line with previous practice, it will be followed by the traditional Christmas Cocktail Party to be held at the newly upgraded HKFI conference room. We look forward to seeing you at both events!
IA’s Proposed Measures on Participating Policies
The Insurance Authority (IA) has recently proposed some new regulatory requirements for participating policies in Hong Kong. These requirements include a cap on the illustration rate used in benefit illustrations and a revised commission structure for insurance intermediaries. The IA will also establish a fulfilment ratio comparative platform for public information.
To facilitate a thorough understanding of the regulatory intent and the new measures among our Life Insurance Members (LIMs), we organised a townhall on 8 November 2024. During this event, the IA introduced their proposed measures and addressed questions from our LIMs.
We formed a Special Working Group among all relevant LIMs to effectively manage these regulatory changes, reflect industry concerns and develop a collective market stance. Through these joint efforts, we aim to foster a business-friendly environment that supports ongoing market development while ensuring consumer protection.
Enhancement of Unilateral Recognition Policy (URP)
Inthe general insurance front, Members are equally mindful of the development of the URP.
We are thus pleased to note that the IA has made some progress in upgrading the URP, which makes the product more user-friendly. At the townhall held on 26 November 2024, the IA updated all URP providers on the latest enhancement, which addresses the issue of policy period and provides additional options for vehicle owners to purchase URP in a more flexible manner.
HKFI Continues to Play an Active Role in Hong Kong Maritime Week
The International Union of Marine Insurance (IUMI) is one of the supporting organizations of the Hong Kong Maritime Week (HKMW). As IUMI's Asia Hub and representing a vital stakeholder in the maritime value chain, the HKFI actively participated in the HKMW.
Mr Timothy Lee, Deputy Chairman of the Marine Insurance Association (MIA), has been featured in various HKMW promotional initiatives in his capacity as Chairman of the Manpower Development Committee under the Hong Kong Maritime and Port Board. Additionally, the MIA organized a seminar titled “Marine Loss Prevention & Investigation for Cargo & Yachts + IUMI Global Marine Market Sharing & Update” for our Members and the maritime community.
We also had the pleasure of hosting the senior executives of the Shanghai Institute of Marine Insurance (SIMI), MIA’s counterpart in the Mainland, during their visit to Hong Kong.
Understanding the Low-altitude Economy
While the HKSAR Government is actively discussing the overall strategies and work plan for developing the low-altitude economy (LAE), we are also examining the emerging LAE from the risk management perspective.
Thanks to the arrangement of the Logistics and Supply Chain MultiTech R&D Centre (LSCM), a core team of the Accident Insurance Association visited SF Express’s Phoenix Wings in Shenzhen, where we gained firsthand insights into how drones are utilized for delivery services, their coverage areas, and the potential risks involved.
HKFI-ICAC Joint Training Initiative for Senior Executives
In addition to collaborating closely with the Independent Commission Against Corruption (ICAC) to eradicate illicit practices in the industry, we also address the anti-corruption issue from a preventive perspective.
On 4 November 2024, we conducted the Professional Anti-corruption Training for Management in Insurance Sector in conjunction with the ICAC’s Hong Kong International Academy Against Corruption. Through this tailored curriculum designed for our industry, senior executives from 23 insurance companies gained a deeper understanding of the regulatory framework, best practice, and industry-specific challenges related to corruption.
ECIRSB AGM
The Employees' Compensation Insurance Residual Scheme Bureau (ECIRSB) held its Annual General Meeting (AGM) on 19 November 2024.
We are pleased to announce that Hon PL Chan and Mr Andy Tsui have been appointed the Chairman and Deputy Chairman of the ECIRSB respectively for the new term 2024/2025. The meeting also recorded a vote of thanks to Mr Jonathan Chen for his chairmanship over the past two years.
Sharing of HKFI Initiatives at Local Events
Global Insurance Fraud Summit (GIFS)
The GIFS held in Singapore earlier this month brought together regulators, industry leaders, Special Investigation Units, counter-fraud experts from around the world to discussion fraud prevention. This was the first Summit held in Asia, where HKFI Chief Executive Ms Selina Lau delivered a debut presentation on our fraud prevention initiatives, MIDAS and IFPCD, along with the latest trends in fraud, waste, and abuse. Her sharing resonated well with the audience.
Apart from addressing international event, we also promote the work of HKFI at local occasions. On 7 November 2024, Deputy Chairman of Life Insurance Council Mr Patrick Graham spoke at the Insurance Summit 2024 organized by the Vocational Training Council (VTC). With the topic “A Force for Good – Advancing Professional Standards, Consumer Trust and Reputation”, Mr Graham elaborated the HKFI’s proactive initiatives in driving the sector development, enhancing the professional standards and strengthening the public trust.
In addition, at the Appointed Actuaries Symposium 2024 organized by the Actuarial Society of Hong Kong on 29 November 2024, HKFI Government Committee Member Ms Orchis Li also presented the undertakings and accomplishments of HKFI over the past year.
Connecting Hon KP Chan with Our Young Talents
Connecting
our young talents with our Legislative Councillors has become our cherished tradition. On 1 November 2024, we arranged the mentees of the Elite Talent Development Programme, graduates of the first Executive Certificate in Insurance Leadership Acceleration, and management trainees from the IA to meet Hon KP Chan at the Legislative Council (LegCo) Complex.
During this meeting, Hon KP Chan candidly shared his valuable insights on industry development and his exceptional experiences in both the insurance sector and the Legco. We extend our sincere gratitude to Hon Chan for his time and guidance, which have inspired our emerging leaders in their professional journeys.
Brand New Programme on Insurance Talent at ViuTV
While nurturing our existing talents is of utmost importance, we remain committed to promoting insurance as a career and enhancing the public's understanding of the various insurance professions.
In the coming weeks, we will collaborate with ViuTV to unveil the intriguing connections between personality traits and career choices in insurance, utilizing the popular personality assessment tool of Myers-Briggs Type Indicator (MBTI). Eight insurance executives nominated by Member Insurers will make their debut in the programme to share their compelling career stories.
Check out their stories at ViuTV!
Membership News
Change of Authorised Representative
Programme Details
Name: 你咁型！保你好前程
Channel: ViuTV 99
Language: Cantonese
Date: 8 & 15 December 2024 (Sunday)
Time: 11:30 PM
General Insurance Member: China Pacific Insurance Company (Hong Kong) Limited – Mr Xu Yibiao
Life Insurance Member: Munich Reinsurance Company Hong Kong Branch – Mr Derek Lam Transamerica Life (Bermuda) Ltd. – Mr Ching Ing Tai
HKFI Membership
As at 29 Nov 2024, the HKFI has 80 General Insurance Members and 53 Life Insurance Members.
