April 2013 Issue No. 200
New Governing Committee
The Annual General Meeting held today approved the formation of a new Governing Committee for 2013/2014 as follows:
Chairman
Mr Thomas Lee
HKFI 25th Anniversary
Deputy Chairman Members
Mr Jimmy Poon
Mr David Alexander
Ms Agnes Choi
Mr Stuart Fraser
Mr Mike Lee
Mr Ronnie Ng
Mr William Ng
Mr Lennard Yong
Mr Allan Yu
8 August 2013 marks the silver julibee of the HKFI. We will hold a gala dinner to celebrate this commemorative day. The Honourable John Tsang, Financial Secretary, has accepted our invitation to officiate at this auspicious occasion. Details of the celebration activities will be announced soon.
Annual Reception 2013
The above event was held on 16 April 2013. We had more than 200 guests and representatives of Member Companies joining us. It was a delightful evening and the speech made by the Honourable Laura Cha was inspiring. We really appreciate your support and participation (www.hkfi.org.hk/ AnnualReception2013/).
Enhanced Customer Protection on ILAS
Further measures will be introduced to strengthen customer protection for the purchase of ILAS. As explained to Life Insurance Members at a briefing held on 22 March 2013, this is the outcome of several rounds of discussions with the relevant regulatory authorities including Insurance Authority, Securities and Futures Commission and Hong Kong Monetary Authority. These measures will include:
(a) extending post-sale calls to all customers purchasing ILAS and introducing an Important Facts Statement no later than 30 June 2013; and
(b) introducing an enhanced Key Facts Statement by 30 September 2013 (for existing ILAS).
With these new protection measures in place, together with the existing ones including Financial Needs Analysis, Risk Profile Questionnaire, Suitability Check, Sales Illustrations, Cooling-off Initiative and ILAS Education Pamphlet, we are confident that customers will have a much better understanding of the key features of the products they purchase and the risks involved.
How to Position Hong Kong as a Maritime Centre for the Asia-Pacific Region
In August 2011, the HKFI commissioned the Centre for Transport, Trade and Financial Studies of the City University of Hong Kong and the One Country Two Systems Research Institute to conduct the above Study.
The Study puts forward a number of practical suggestions to achieve our common goal of enhancing the competitiveness and attractiveness of Hong Kong as an international maritime centre. They include promoting maritime services including, in particular, ship finance and marine insurance; building a logistic park connecting to the cargo source in the pearl river delta region; creating better business environment through tax incentives and avoidance of double taxation; establishing an admiralty court in Hong Kong and encouraging more domestic disputes from mainland companies to be arbitrated here; and attracting and retaining talents through training programmes and preferential immigration policies. The related media release and the full report are available at: www.hkfi.org.hk/en_media_20130429.html. The Study report has been presented to the Hong Kong Maritime Industry Council and relevant stakeholders.
Donation to Support Relief Operations for Victims Affected by Sichuan Earthquake
To convey the warmth and concern of our industry to the victims affected by the Ya’an, Sichuan earthquake, the HKFI donated HK$200,000 to the Hong Kong Red Cross China Relief Fund to support their work on emergency relief, post disaster recovery, reconstruction, long term disaster risk reduction and preparedness programmes in the affected areas.
New Educational Programme at TVB HD Jade Channel
I am pleased to report that we have just added a new dimension to our educational and publicity programme for this year. Beginning 18 April 2013, Councillors will appear in TVB HD Jade Channel (Channel 85) every Thursday at around 4:20pm providing simple tips on the purchase of various types of insurance products.
Acknowledgement
On my last day as HKFI Chairman I would like to say thank you to all my colleagues on the Governing Committee, the General and Life Insurance Councils, Task Forces, Technical Associations, Working Groups, staff at the HKFI secretariat and all friends within and outside the industry. Your support and wise counsel are deeply appreciated. My best wishes to all new office bearers for every success in meeting the many challenges ahead.
2013/2014 General Insurance Council
May I offer my best wishes to the newly-formed General Insurance Council:
Elected Councillors
Mr William Ng (Chairman) Tugu Insurance Co Ltd
Mr Ronnie Ng (D/Chairman) China Overseas Insurance Ltd
Mr Marc Breuil AIG Insurance Hong Kong Ltd
Mr James Chan Wing Lung Insurance Co Ltd
Mr Pui Leung Chan China Taiping Insurance (HK) Co Ltd
Ms Agnes Choi AXA General Insurance HK Ltd
Mr Lobo Law QBE Hongkong & Shanghai Insurance Ltd
Ms Kelly Mok The Prudential Assurance Co Ltd
Mr Harry Wong Hong Leong Insurance (Asia) Ltd
Mr K H Wong Asia Insurance Co Ltd
Mr Allan Yu Zurich Insurance Co Ltd
Ex-officio Councillors
Ms Vivian Choi Medical Insurance Association Chairman
Ms Vivian Ho Marine Insurance Association Chairman
Mr Billy Lau Accident Insurance Association Chairman
Ms Teresa Ma Fire Insurance Association Chairman
Mr Philip Nye Reinsurers’ Forum Convenor
Mr Jimmy Poon Immediate Past Chairman
Technical Associations
The various Technical Associations have also elected their respective deputy chairmen/convenor as follows:
Mr Jacob Choy Accident Insurance Association
Mr Dennis Chow Fire Insurance Association
Ms Amy Chan Marine Insurance Association
Mr Adwin Tseng Medical Insurance Association
Mr Sammy Lau Reinsurers' Forum
2013/2014 Life Insurance Council
I would like to extend my congratulations to the following members of the newly-formed Life Insurance Council:
Elected Councillors
Mr Mike Lee (Chairman) MassMutual Asia Ltd
Mr Stuart Fraser (D/Chairman) Ageas Insurance Co (Asia) Ltd
Mr David Alexander Swiss Reinsurance Co Ltd
Ms Charity Au BOC Group Life Assurance Co Ltd
Mr Praveen Mohan Daswani Generali Int’l Ltd
Mr Stuart Harrison AXA China Region Insurance Co (B) Ltd
Mr Michael Huddart Manulife (Int’l) Ltd
Mr Thomas Lee American International Assurance Co (B) Ltd
Mr Andy Robinson Zurich Int’l Life Ltd
Mr Lennard Yong ING Life Insurance Co (B) Ltd
Mr Derek Yung The Prudential Assurance Co Ltd
Ex-officio Councillor
Mr Roger Steel Immediate Past Chairman
MEMBERSHIP NEWS
Change of Authorized Representative
ABCI Insurance Company Limited - Mr Tang Wei
HKFI Membership
As at 30 April 2013, the HKFI has 86 General Insurance Members and 42 Life Insurance Members.
Agnes Choi HKFI Chairman Mr Mike Lee Mr Ronnie Ng Mr William Ng Mr Stuart Fraser