Monthly Brief 2013/04 EN

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

Deputy Chairman

Members

Mr Thomas Lee

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

HKFI 25th Anniversary

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) (b)

extending post-sale calls to all customers purchasing ILAS and introducing an Important Facts Statement no later than 30 June 2013; and 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 Mr William Ng 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 Ronnie Ng 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 Mike Lee 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

Mr Stuart Fraser

Agnes Choi HKFI 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.