September 2013 Issue No. 204 Independence of Insurance Authority (IIA)
We had a constructive meeting with the Financial Services and the Treasury Bureau (FSTB) in mid-August. We reaffirmed our stance and reiterated our concerns on the representation on the IIA Board and the Industry Advisory Committees; role of the CEO; conduct requirements; pecuniary penalties and appellate mechanism. The path ahead is not going to be easy. But we will continue to engage the Government to ensure those concerns are properly addressed. A Working Group has been set up among the FSTB, Insurance Authority (IA) and the three self regulatory organisations to plan for the transitional arrangement. After the appointment of the members of the Working Group, the first meeting will be held in October. We will keep you posted on the progress.
25th Anniversary & Launch of the Revamped Website
The gala dinner celebrating the HKFI's silver jubilee was successfully held on 8 August 2013 with an attendance of over 380 guests and representatives of Member Companies. To commemorate the event we set up a time capsule for the Federation. Six people from the industry were invited to put into the time capsule a memorable item of their choice to signify the past, present and future of the HKFI. They include Legislative Councillor Mr K P Chan, Commissioner of Insurance Ms Annie Choi, Insurance Agents Registration Board Chairman Mr Ambrose Cheung, Insurance Claims Complaints Panel Chairman Mr Michael Tsui, HKFI Chief Executive Mr Peter Tam and I as Chairman of the HKFI. The time capsule will be installed at the HKFI Conference Room and retrieved and opened in 15 years' time, i.e. 8 August 2028.
Another important moment of that evening was the launch of the revamped HKFI website. To make it more lively and interesting, we presented the new website through a "breaking news report". The footage and photos taken during the night are now available at the brand new HKFI website at: www.hkfi.org.hk/#!/mediacorner/gallery. Do take a minute to relive those delightful moments. I would also like to take this opportunity to register my most earnest gratitude for your support of the HKFI in the past 25 years!