Apr 2016
Issue No.233
New Governing Committee
HKFI New Member
T
he Annual General Meeting held today approved the formation of a new Governing Committee for 2016/2017 as follows: Chairman
Deputy Chairman
Members Mr David Alexander Mr P L Chan Ms Agnes Choi Mr Stuart Harrison Mr Mike Lee
Mr Ronnie Ng
Mr Stuart Fraser
Mr Jimmy Poon Mr Lennard Yong Mr Allan Yu
Lunch Talk by Chairman of the Provisional Independent Insurance Authority (IIA)
The above lunch talk held on 21 April 2016 attracted a
Our warmest welcome to Fubon Life Insurance
(Hong Kong) Co Ltd for joining the HKFI as a Life Insurance Member!
Levy and Fees to be Collected by the IIA
Some very solid and helpful comments collected
from Members have been forwarded to the Financial Services and the Treasury Bureau (FSTB). Noting our serious and legitimate concerns, in particular those relating to the implementation timeline, the FSTB has now proposed some solutions. We will meet them again in early May to explore the feasibility of these new measures and ensure insurers’ concerns are properly addressed. We will keep you posted on the progress.
full house of close to 300 participants from HKFI Member Companies and industry bodies. We are grateful to IIA Review of Draft Guidelines for Chairman Dr Moses Cheng for sharing with us unreservedly Insurance Intermediaries his views and vision on how the insurance industry can scale new heights together with the new Authority. Key messages from Dr Cheng include: striking a proper balance between o t h t h e H K FI a n d t h e I n s u r a n c e A g e n t s regulation and market development, promoting professionalism, Registration Board (IARB) have been participating effective consumer protection, talent development for a in the FSTB’s Working Group to Facilitate Smooth sustainable growth of the industry. Please refer to http://www. Transition to an IIA since October 2013. Apart from hkfi.org.hk/pdf/en/download/20160421_IIALunchTalk_Speech_ providing our views and input on how to prepare for MosesCheng.pdf for the full version of his remarks. the transition, such as migration of SRO functions During the Q&A session, we saw an active and candid to the IIA, data transfer, etc., we have also been exchange of ideas. At HKFI we will step up efforts to continue consulted on a raft of draft guidelines to be issued by this form of positive dialogue with the IIA for the good of the the IIA in the future.
B
industry.
These draft guidelines on pecuniary penalty, fit and proper criteria, continuing professional development requirement, etc. will be promulgated and implemented when the IIA takes over the conduct regulation tentatively in early 2018. Thanks to Members’ support, we have formed a pool of industry experts to help review the proposed guidelines. And we have forwarded to the Administration part of our initial comments and observations. We understand from the Administration that they will conduct a full and proper industry consultation in due course.