Mar 2021
Issue No.287
2021/2022 Council Election and AGM
T
he Life Insurance Council (LIC) is conducting an election for the next term. Please send in your votes to our Honorary Auditor KPMG by 14 April (Cirular Ref: Mv024/21). The elected councillors will assume office when the new term starts on 30 April after the AGM is held.
Amendment of Articles of Association (AoA)
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OVID-19 has disrupted the occurrence of face-to-face general meetings. To allow more flexibility in holding future meetings, we are amending the AoA to enable the following remote functions:
a)
executing and processing board and shareholders’ resolutions in electronic forms;
b)
allowing e-proxy for shareholders’ meetings; and
c)
adopting hybrid meeting for board and shareholders’ meetings.
The proposed amendment to the AoA has been approved by the Companies Registry and will be considered and endorsed at the AGM scheduled for 30 April.
Progress on Early Adoption of the Risk-Based Capital (RBC) Framework
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he Task Force held its second meeting on 15 March and reviewed the comments regarding the items we wish to tackle, the proposed timetable for the next month or so, and how the Early Adoption on RBC should be codified. The Task Force will meet with the Policy & Development and Long Term Business Divisions of the Insurance Authority (IA) in April to communicate the progress and obtain IA’s views.
The Focus on InsurTech for the Industry
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ubsequent to the joint-survey conducted by HKFI and IA, we are launching a series of knowledge-based webinars on the key areas of concern identified by the survey. Panel speakers on Application Programming Interface (API), e-KnowYour-Customer (e-KYC), Regulatory Technology (RegTech), and Cybersecurity will be invited to share use cases at the webinars, which are scheduled to be rolled out starting from April. Furthermore, the InsurTech Task Forces (ITTF) under both GIC and LIC have agreed to establish new Sub-Committees (SubCom) under the ITTF to deep-dive on solutions related to RegTech and e-KYC. We have touched base with IA on these SubComs and will initiate the nomination process in the coming weeks. We look for ward to our Members’ support on both initiatives. Stay tuned!
Updates on Protection-Linked Plan (PLP)
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n 12 March and 16 March, we met virtually with IA and obtained updates on the progress of PLP amongst their fellow regulators. To facilitate the consideration of the regulators, the dedicated Task Force has collected further information on the two key areas of concern, namely the Cost of Insurance (CoI) and Platform Fund Fees, and came up with a viable proposal. Given the time restraints and to expedite the process, the Task Force has been divided into two sub-working groups to have more focused discussion on the subjects. Much work is to be done. We are looking at a quartet meeting with the regulators in the near future. We will keep you posted with the progress.