Jun 2015 Issue No.224
New
Voluntary
We welcome the United Kingdom Mutual Steam
Thanks to the input and feedback from Member
General Insurance Members
Health Insurance Scheme (VHIS)
Ship Assurance Association (Europe) Limited joining the HKFI as General Insurance Member.
Companies, the Task Force on Health Care Reform and the Medical Insurance Association have come up with an improved version of the proposed VHIS.
Establishment
Our proposal was presented to the Food and Health Bureau at the meeting held on 15 June 2015. The meeting was constructive and fruitful, and both parties agreed to work collaboratively to properly address the issues of consumer choice, proper risk management, consumer protection and market efficiency.
of the Independent Insurance Authority (IIA)
I am pleased to report that all of the Committee Stage
Amendments agreed by the industry have been approved by the Legco’s Bills Committee. Second and third reading of the Bill will resume on 8 July 2015. Upon passing of the Bill, it is expected that the Provisional Insurance Authority will be set up by the end of this year. In the coming months, we will focus our discussion with the Government on the transitional arrangements regarding the proper transfer of the work of Insurance Agents Registration Board to the new IIA and the drafting of the relevant rules of market conduct under the new legislative framework. Our legal experts will conduct a briefing for member companies and intermediary bodies to highlight the key changes introduced under the new regulatory regime. Details of the briefing will be announced early next month.
Competition Law
Task Force on Competition Law is reviewing the
new Guidance for Trade Associations and other draft guidelines issued by the Competition Commission. Incidentally, we have invited the Commission’s Executive Director (General Counsel) Mr Philip Monaghan to conduct a seminar on 17 July 2015. The seminar, entitled “The Competition Ordinance and the Insurance Industry”, will make reference to some common insurance practices. For registration details, please refer to Circular Mv077/15.
Battle against Insurance Fraud
Developing
Hong Kong into a Financial Technology Hub from the Insurance’s Perspective
The Financial Services and the Treasury Bureau
(FSTB) has embarked on a study as to how to develop Hong Kong into a financial technology hub together with stakeholders like the insurance industry. In support of this initiative, the Governing Committee has decided to set up a Task Force on Financial Technology Hub to gather the views of the industry and come up with recommendations. The task force will be chaired by Mr Lennard Yong.
The reporting platform we have with the Hong Kong
Police Force’s Commercial Crime Bureau (CCB) has been working well since its establishment in early 2012. 36 cases have been reported via this platform and 28 of them are now in different stages of investigation. On 11 June 2015, we had a meeting with the CCB and explored ways to strengthen our cooperation against fraudsters and step up communications with the public.