January 2011 Issue No. 175 Healthcare Reform On 7 January 2011, we submitted an industry position paper to the Food and Health Bureau in response to its consultation document “My Health, My Choice”. In essence, we support Government’s initiative to address the long-term healthcare problem and look forward to the successful launching of a sustainable scheme which will benefit the community and meet the objectives as set out in the above document. It is important to ascertain whether the suggested age-based risk premium ratings are broadly in line with those currently adopted in the market and commercially sustainable. On this, our Task Force on Healthcare Reform will consider engaging an independent actuarial consultant to conduct an in-depth study.
Self-regulatory Scheme for Person-to-Person (P2P) Marketing Calls The Task Force on P2P Marketing Calls Self-Regulation Scheme has issued a Code of Practice on Person-to-Person Marketing Calls. The Code aims to provide guidance to Member Companies on making P2P telephone calls for outbound marketing activities. It will come into effect on 1April 2011. Members are advised in the interim to provide appropriate training for their front line staff and outsourced telemarketers to ensure that they have a clear understanding of the Code.
Report on Public Consultation on Review of the Personal Date (Privacy) Ordinance
We have forwarded comments on the above report to the Government. Our comments focused primarily on some technical aspects of direct relevant to the daily operation of Member Companies. We fully support the strengthening of personal data protection. And we believe that our priority should be on public education. While appropriate sanctions and penalties are essential, we think that more should be done to promote proper business conduct and best practices.
Green Power Hike HKFI Cup 2011 On 29 January 2011, 28 teams from the insurance industry joined the Green Power Hike and competed for the HKFI Cup. Congratulations to Manulife (International) Limited on winning both the 10 km race and the 25 km race and Convoy Financial Group winning the 50 km race. Our industry has raised a total of HK$280,000 for the charity event this time. Our special thanks go to the participating companies. Their generous support is deeply appreciated.
New Panel Members of the Insurance Agents Registration Board (IARB) I am pleased to report that Mr Chan Wing Kai, Director of Social Services of the Hong Kong Council of the Church of Christ in China, and Mr Wilson Fung, Immediate Past President of the Hong Kong Institute of Certified Public Accountants, have kindly accepted our invitation to sit on IARB as panel members. I am confident that with their years of profound experience as IARB members, both will be able to help relieve the increasing workload of the IARB particularly in respect of oral hearings.
Appeals Tribunal On behalf of the HKFI, I would like to thank Mr Kelvin Lee, solicitor, for kindly agreeing to join the Appeals Tribunal as member for a term of two years. The Appeals Tribunal now has greater capability to handle the increasing number of appeal cases related to disciplinary action taken by the IARB.