Mar 2017
Issue No.243
2017/2018 Council Elections
The General and Life Insurance Councils are
conducting elections for the next term. Authorized Representatives are reminded to send in their votes to our Honorary Auditor KPMG by 18 April 2017 (Circular Ref: Mv022/17 & Mv023/17). The new term will start on 28 April when the AGM is held.
2017 Chief Executive Election Forum for the Insurance Sector
On 6 March 2017, we organised the above forum
for Member Companies, insurance bodies and the Insurance Sector Election Committee. Two out of the three candidates Mrs Carrie Lam and Mr Woo Kwok Hing in turn presented their election platforms and answered questions from the floor. Some issues of particular concern to the industry were raised. They included how to help attract talent to the insurance industry and how to facilitate Hong Kong’s development into a regional insurance and reinsurance hub, etc.
Independent Insurance Authority (IIA)
We have received lots of feedback from Members
on the IIA’s draft note on the collection of levy from policyholders. In essence, Members are most concerned about the implementation timeline, the over prescriptive requirements on follow up action for non-payment cases, flexibility allowed for insurers in discharging the related legal responsibility, etc.
On the first point, the Financial Services and the Treasury Bureau (FSTB) has made it very clear that the implementation date of 1 January 2018 will not be changed or delayed. Having said that, they have acknowledged the complexity of the issue and are working with the industry to find practical solutions to make the framework simpler, more flexible and less onerous. On the other hand, we have reviewed and provided comments on two draft guidelines produced by the IIA, namely, Updated Draft Guideline on “Fit & Proper” Criteria (GL4) and Draft Guideline on Exercising Power to Impose Pecuniary Penalty in respect of Authorised Insurers (GL18).
In its latest report entitled Turning
/ InsurTech
At a townhall meeting held on 20 March 2017
the Applied Science and Technology Research Institute (ASTRI) presented the 12 features of their cyber security information sharing platform and the related funding model. Positive feedback has been received and we are now conducting an of ficial Member’s consultation before the matter is taken further. Please let us have your feedback by 10 April 2017. (Circ ular Ref: Mv029/17).
Cr isis into Oppor tunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive, the Financial Services Development Council (FSDC) recommended some long-term and short-term steps on regulation, tax, branding/promotion and talent development to regain Hong Kong’s leading position in the insurance arena. We agree with the FSDC that Hong Kong is blessed with all the necessary ingredients to succeed. Riding on our role as Asian Hub for the International Union of Marine Insurance (IUMI), the HKFI will work with all stakeholders including the Government to help implement the FSDC’s recommendations step by step to secure a brighter future for our industry.