Dec 2017
Issue No.251
2017 Extraordinary General Meeting (EGM) & Christmas Cocktail Party
As approved at the EGM held on 13 December 2017, the membership subscription fees next year for both General Insurance Members and Life Insurance Members will remain unchanged.
The EGM was followed by our traditional year-end cocktail party. We had more than 160 members and friends of the industry sharing this joyful evening with us. For highlights of the evening, please visit http:// www.hkfi.org.hk/#!/media-corner/album/319.
Direct Licensing Regime for Insurance Intermediaries
Based on the response from Member Companies,
we have prepared a submission to the Insurance Authority (IA) on the draft codes / guidelines to be introduced under the direct licensing regime for insurance intermediaries.
In essence, the HKFI is supportive of proposals which improve and upgrade the professional standard of our intermediaries including the introduction of core subjects for CPD training and e-learning for better outcomes. At the same time, we reiterate the importance of a smooth transition to the new licensing regime for the existing insurance intermediaries and the industry being able to continue to attract new blood.
Centralised Insurance Claims Database for the Prevention of Fraud (DB)
We are going to set up a Steering Committee to
oversee the development and administration of the DB. The objective is to reassure the public that the construction of the DB fully adheres to the cardinal principle of data privacy protection by design and there is a proper and effective governance structure on transparency, risks control and risks mitigation.
The SC will consist of majority of non-industry members from a wide spectrum of professional fields – legal, data privacy, medical, technology, consumer protection, academic, etc. We will provide more details on this and the implementation roadmap and timeline early next year.
We have been in close dialogue with the Food
and Health Bureau and its consultants to ensure the industry’s views and concerns are well taken into account. Meanwhile, the FHB has formulated a Code of Practice under the Ambit of VHIS. It is being reviewed by our relevant working group.
To ensure Members are aware of the key features of the Code, the FHB will conduct a briefing on 9 January 2018 to explain the details and answer questions. For registration details, please refer to Circular Ref: Mv122/17.