Apr 2018
Issue No.255
New Governing Committee
T
he Annual General Meeting held on 30 April approved the formation of a new Governing Committee for 2018/2019 as follows: Chairman Mr P L Chan
Deputy Chairman Mr Praveen Daswani
Members Mr David Alexander Ms Charity Au Mr Eric Hui Mr Mike Lee Mr Guy Mills Mr Jimmy Poon Mr Harry Wong Mr Derek Yung
Collaboration with Insurance Authority (IA)
Policyholders’ Protection Scheme (PPS)
With IA assuming full regulatory functions by mid-2019,
We met the Hon K P Chan last week to brief him on
On a separate note, we have collected comments and feedback from Members on IA’s proposal to build an e-portal for future registration of intermediaries. Members are mostly concerned about the approval procedure and authentication process. Our comments have been conveyed to the IA for consideration.
International Financial Reporting Standard 17 – Insurance Contracts (IFRS 17)
we need to strengthen and re-define the collaboration between IA and HKFI to help raise the industry’s standards and grow the market. Specifically, we will discuss with IA and work out a clear “framework of collaboration”. The idea is to pool the industry’s resources and expertise to support the work of IA in the years ahead.
Insurance Fraud Prevention Claims Database (DB)
The newly formed Provisional Executive Committee
(PEC) met for the first time on 23 April to review the draft Code of Practice and Participation Agreement for the DB. The same were also presented to the Steering Committee on 25 April. Based on the constructive comments received from these two committees and the onboarding meetings held with individual companies, the Project Team is now fine-tuning the relevant documents for Members’ adoption.
the key concerns we had on the GI and LI Schemes. In essence, we proposed a less cumbersome way of collecting levy for SME policyholders and practical ways to address the accumulation of risk from overseas exposure as well as the issue of 1% levy cap for LI Schemes. With the support of the Hon Chan, we will work with the IA and Financial Services and the Treasury Bureau to work out a sensible way forward.
Su b s e q u e n t t o t h e
Cantonese briefing for General Insurance Members (GIMs) held on 18 April 2018, we circulated the template for Simplified Case Study. This is to facilitate Members in conducting a gap analysis in implementing IFRS 17 by 1 January 2021 (Circular Ref: Mv035/18). Upon receiving feedback from GIMs, we will convey the industry’s position and views to the Hong Kong Institute of Certified Public Accountants (HKICPA). In the meantime, Members are welcome to send enquiries to committee@hkfi.org.hk. Task Force on IFRS 17 will try to provide answers and compile a set of FAQ for Members’ reference. The LIC is also taking proactive steps to bring the concerns of Life Insurance Members to the attention of the regulator and the HKICPA.