July 2012 Issue No. 192
Proposed Establishment of a Financial Services Development Council (FSDC)
The Government has set up a task force chaired by Mrs Laura Cha to prepare for the establishment of a FSDC, which aims to facilitate and enhance the long-term development of Hong Kong’s financial services industry. The HKFI is invited by the Chairperson to express our views and provide input on the role and functions of the FSDC. We have formed a special task force under the chairmanship of HKFI Deputy Chairman Mr Thomas Lee to study the matter and come up with suggestions for Government’s consideration.
Health Care Reform
On 20 July 2012, the Task Force on Health Care Reform met the officials of the Food and Health Bureau (FHB) and their consultant PricewaterhouseCoopers (PWC). We presented to them our latest views on the proposed Health Protection Scheme (HPS). While supporting a range of the proposed features of the HPS, we expressed concerns over the practicability of some proposals which would require further discussion. On this we will be meeting the FHB and the PWC again next month. Then we will conduct a briefing for Member Companies to ensure that we are all on the same page.
Quarterly Register of Complaint Figures on P2P Marketing Calls Under the Code of Practice for P2P Marketing Calls promulgated by the Commerce and Economic Development Bureau (CEDB), insurance companies with telemarketing business are required to file quarterly returns on complaint figures. The Task Force on the subject led by Mr Harry Wong reviewed the form and found it cumbersome. After much discussion with the CEDB, the Task Force has successfully convinced the Administration that only information on substantiated complaints be submitted in a simplified format. Member Companies are reminded to file this one-page quarterly return accordingly (Circular Ref: Mv083/12).
Combat Insurance Fraud The Hong Kong Police Force has broadcast an episode on its TV programme, Police Magazine, last Saturday at TVB Jade to help combat fraudulent insurance claims. The episode, featuring a real-life bogus claim, aims to remind audience that making fraudulent insurance claim is a criminal act and any offender shall be liable on conviction upon indictment to imprisonment for 14 years. Mr Allan Yu, Chairman of the Task Force on Insurance Scam, appeared on the programme to reaffirm the industry’s determination to combat such illegal act.
HKFI Annual Report 2011/2012 Members should have received by now the latest Annual Report. Illustrated by a collection of vivid pictures, the report provides a summary of what have been accomplished in the areas of communicating with stakeholders, upholding professionalism and contributing to the community as good corporate citizens. It also highlights our works in respect of the latest market development, insurance agent administration, public education and publicity during the period under review.