October 2011 Issue No. 183
Independence of the Insurance Authority
As the Insurance Authority is set to become independent in 2013/2014, we need to get ourselves prepared, manage the process of change and ensure that the HKFI stays relevant and effective. At its last meeting held on 31 October, the GC decided to set up a Steering Committee to help chart the future course of the HKFI, oversee the transitional arrangement and ensure a smooth migration to the post IIA era. We will keep you posted on progress and consult you on any major proposed changes.
Disclosure of Intermediaries Remuneration The Task Force led by Ms Agnes Choi has reviewed the disclosure of commission by insurance brokers in the context of the Prevention of Bribery Ordinance (PBO). The relevant legal advice from lawyer and counsel has been circulated to all Member Companies. In essence, it is proposed that a broker should sign a declaration to the insurer to confirm that he has advised the customer that he will receive a commission if the customer takes up the insurance policy. Based on legal advice, we have prepared a proposed template of declaration for Members’ reference. For details, please refer to Circular Ref: Mv013/11.
Competition Bill
The Commerce and Economic Development Bureau has amended the above Bill to address the concerns of the business sector. The Task Force on Competition Law is reviewing the contents of the revised Bill. Incidentally, we had a lunch meeting with Mr Andrew Wong, Permanent Secretary of Commerce and Economic Development, at which we had a good and frank exchange of views on this subject. It was agreed that a Members briefing will be arranged in due course.
Health Care Reform
To step up public education on medical insurance, we will launch a brand new publicity campaign through one of the most popular mobile advertising platforms. Medical insurance practitioners will be delivering practical medical insurance tips televised at 4,800 buses in the territory via RoadShow. Such TV segments will also be broadcast at the HKFI website. To reinforce the effect, a high frequency educational programme on medical insurance tips will be run at Commercial Radio during the same period of time.
Privacy Campaign for the Insurance Industry Partnering with the Office of the Privacy Commissioner for Personal Data, we launched a tailor-made programme for the insurance sector to promote best practices in personal data protection. A total of 37 seminars have been held for more than 2,000 insurance intermediaries since May 2010. The campaign is a great success and as a next step, we are going to publish an information booklet entitled How Insurance Practitioners Can Protect Customers’ Personal Data to assist insurance practitioners to understand the application of the provisions of the Personal Data (Privacy) Ordinance in their daily work. Complimentary copies are provided to Member Companies on a first come first served basis. Please refer to Circular Ref: SL/sl/11-057 for details.
Election Committee Subsector Elections The above election will be held on 11 December 2011. Nominations will be open from 8 to 15 November 2011. Nomination form is available for downloading at the Electoral Affairs Commission’s website at: www.eac.gov.hk/pdf/2011ecse/REO_ N_1(2011_ECSSE)(SF).pdf.