Sep 2020
Issue No.281
New General Member
A
warm welcome to Shanghai Electric Insurance Limited for joining HKFI as a General Insurance Member (GIM) and becoming the first captive insurer in our organisation.
Virtual Onboarding (VO) for Life Insurance Distribution
Green Insurance & ESG
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T
n 4 September, the HKFI has received a good-togo signal from the Insurance Authority (IA) on the submitted technical assessment of two vendors. Insurers may choose to adopt the pre-vetted platform by the two vendors in their InsurTech Sandbox Application to save time and effort on the technical and compliance clearance. The Secretariat has arranged two demo sessions in early September for the vendors to provide an in-depth demonstration on their video-conferencing capabilities as well as their extended abilities if customization is involved. Meanwhile, we are working on common customizations which would be useful for Members to consider and adopt in order to demonstrate compliance depending on the parameters of Member’s application. For queries, please contact Ms Chiu at 2861 9393.
he Green and Sustainable Finance Cross- Agency Steering Group was established in May to, inter alia, accelerate the growth of green and sustainable finance in Hong Kong. In this connection, the HKFI has formed a Task Force on Green Insurance led by HKFI Chairman Mr Eric Hui to work with the IA. The first meeting was convened and identified four key areas of focus. Respective subgroups have been set up under this new Task Force to spearhead various action items on the subject. We will keep you abreast of the development!
Risk-Based Capital Framework for Hong Kong
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ith implementation of GL21: Enterprise Risk Management (ERM) published by the IA and the requirement to file the first Own Risk and Solvency Assessment (ORSA) for the year end 2020 position, all industry practitioners are consciously making preparation but may come across some implementation issues. In this connection, the LIC plans to seek IA’s clarification and consideration of our recommended solutions in several technical areas (Circular Ref: Mv101/20).
On the general insurance front, the GIC would continue following up with the IA on its upcoming soft consultation covering topics such as monoline underwriters, catastrophe risks, credit risk, reinsurance and branches etc. before finalizing the RBC Framework. The HKFI will continue engaging the IA on all of the above initiatives. To step up our efforts in equipping the relevant practitioners with the requisite knowledge of preparing for ORSA reports, HKFI organized a 2-hour webinar on 29 September to raise the awareness of the importance of risk management culture at senior executive level and as the inaugural event of the high-level training we are going to launch on ERM and ORSA (Circular Ref: Mv104/20). We are thankful to the Hon K P Chan and IA CEO Mr Clement Cheung for joining the event and sharing insights on the subject. And we are pleased to have RIMS, the risk management society® bringing in new insights from the international perspectives and introducing the training programme we are going to jointly launch next month. Stay tuned for enrolment details!