Dec 2019
Issue No.273
Registration Process under Direct Licensing Regime
W
e met Insurance Authority’s (IA) Market Conduct Division on 11 December 2019 to discuss industry’s concerns over their services relating to insurance agents registration and make suggestions to improve and streamline the registration process. We are pleased to note that substantial progress has been made since the meeting was held and over 80% of applications have been approved. Going forward, we encourage more insurance companies to use IA’s registration portal and will provide the necessary facilitation to Members and their agencies (Circular Ref: Mv132/19). On the other hand, we will continue to provide registered insurance agents with their registration / disciplinary records before 22 September 2019. Please send in your request on or before 30 April 2020 (Circular Ref: Mv122/19).
Insurance Complaints Bureau – New Funding Model
T
he industry consultation conducted in early October 2019 showed great suppor t from ICB Member Companies to the proposed new funding mode. And the special resolution was passed at its General Meeting held on 9 December 2019 to introduce the new fee structure, i.e. in addition to the base annual membership subscription, an additional “case fee” will be collected on a user-pays principle (Circular Ref: BUD-V32009). The new funding model, which is fair and equitable, is very much in line with the overseas practices. Most importantly, it enables the ICB to maintain its free services to the complainants. Moving forward, regular review on the funding model will be conducted to ensure that it is fit for purpose and sustainable over time.
Standardized Underwriting Questionnaire on Health-related Information
A
fter months of discussion and rounds of finetuning, the Medical Insurance Association has incorporated appropriately the views and comments from Member Companies, Life Operation and Risk Management Working Group, VHIS Of fice and Consumer Council into the standardized underwriting questionnaire. We shall invite comments from Members on the latest draft.
The standardized questionnaire will serve as useful reference for Member Companies when collecting health-related information for medical and / or longterm insurance products. The questionnaire has covered all the core areas of risk assessment from insurers while facilitating an easy understanding and response from the policy applicants.
New Guidelines
T
he effective date of GL20 on Cybersecurity is just around the corner (1 January 2020). One of its requirements is to have insurers establish a process to gather and analyse relevant cyber risk information and participate in information sharing groups. To facilitate the compliance of this requirement, HKFI will invite suitable technology provider with local expertise to conduct a briefing for Members. On another note, GL21 on Enterprise Risk Management is also coming into effect on the same day. Members are encouraged to speak with your Case Officer at IA for enquiries or assistance as and when needed. We will conduct quarterly surveys to ascertain any operational / implemental dif ficulties Members may have and communicate with the IA collectively.
Training Programme for Certified Risk Management Professional (RIMS-CRMP©)
I
nsurance companies are due to submit a report on Own Risk and Solvency Assessment (ORSA) at the end of 2020. To equip the relevant practitioners with the requisite knowledge, HKFI is planning to launch CRMP© preparatory programme jointly with the Risk Management Society (RIMS) – a global not-for-profit organization founded in 1950. The CRMP© curriculum offered through HKFI will incorporate the local requirements set out by the IA including GL10: Guideline on the Corporate Governance of Authorized Insurers and GL21: Guideline on Enterprise Risk Management. The programme is planned for launch in Q2 2020. Stay tuned for updates and enrolment details.