April 2015 Issue No. 222
New Governing Committee The Annual General Meeting held today approved the formation of a new Governing Committee for 2015/2016 as follows: Chairman
Deputy Chairman
Mr Mike Lee
Mr Ronnie Ng
Members Mr David Alexander Mr P L Chan Ms Agnes Choi Mr Stuart Fraser Mr Jimmy Poon Mr Andy Robinson Mr Lennard Yong Mr Allan Yu
Voluntary Health Insurance Scheme (VHIS) The public consultation officially ended on 16 April 2015 and the Food and Health Bureau is preparing a full consultation report. Meanwhile, a HKFI-FHB task force has been formed to study our proposed VHIS 2. Our first meeting will be held in early May and we look forward to a constructive and fruitful dialogue with the FHB. Independent Insurance Authority (IIA) The IIA Bill is going through the Legislative Council's Bills Committee. On a number of outstanding issues, the Administration has undertaken to revert to the industry with proposed solutions. We will keep you informed of the progress. Draft Guidance Note on Participating and Universal Life Policies (GN16) At the invitation of the Task Force on Non-Linked Business, the Commissioner of Insurance addressed a town hall meeting of all Life Insurance Members (LIMs) on 10 April 2015. The Commissioner confirmed that GN16, which is applicable to all Class A policies, was tentatively scheduled to be issued in June 2015 and would come into effect on 1 April 2016 for new policies. For all existing policies, the effective date will be 18 months after issuance of the relevant GN. The Standard Illustrations for Participating and Universal Life (Non-Linked) Policies will be updated accordingly. The Commissioner also advised that with effect from 1 October 2015, there should only be one single Financial Needs Analysis (FNA) form for both Linked and Non-Linked products. The Life Insurance Council is working closely with the Insurance Authority on the FNA form and will seek LIMs' comments in due course.