June 2021
Issue No.290
COVID-19 Vaccination
V
accination is a crucial measure in the fight against COVID-19. For the good of public health, considerable efforts have been made by our industry to facilitate and encourage vaccination in the city, including internal policies of giving extra days of leave to employees who have taken vaccine, organizing outreach vaccination ser vices at their premises, and providing other incentives for inoculation. Member companies have also introduced different kinds of facilitative measures to encourage Hong Kong citizens to get vaccinated. In addition to the postvaccination coverage offered when the vaccination programme was first launched, more incentives like free pre-vaccination health assessment plans, premium discount, free giveaways, prize draw, etc have been introduced. Collectively, we are all playing a role in safeguarding public health and bringing Hong Kong’s economy onto a steady recovery path.
Guideline on Insurance-Linked Securities (ILS)
O
n 25 June, the Insurance Authority (I A) p ub li sh e d t h e G ui d e lin e o n
Application for Authorization to Carry on Special Purpose Business (GL33) in the Gazette in accordance with the Insurance Ordinance (Cap. 41). The Guideline will take effect from 30 June 2021. Members who are interested in issuing ILS are welcome to visit the gazetted GL33 for details. We will continue to provide technical support to the IA as and when appropriate to facilitate the development of ILS market in Hong Kong.
Meeting of Joint Subcommittee on Issues Relating to Insurance Coverage for Transport Sector
W
e joined the above meeting on 4 June and had another round of productive discussion with the various Government bureaus and departments on measures to reduce traffic accidents involving taxis and light buses.
In line with the previous meetings, we took stock of the current situation and suggested a raft of practical measures to address the pain points. We are pleased to note the constructive response from the Administration. We will continue advocating for more changes that will create a better ecosystem and look forward to the next meeting scheduled for September.
Briefings on Motor and EC Burning Cost Data Collection
T
o familiarize Member Companies with the data request for 2020, respective briefings conducted by S. Yu & Partners were held on 24 June via web
conferencing. We were pleased to have Mr Simon Lam, IA’s Executive Director
(General Business), addressing the briefings. Member Companies are encouraged to submit data for a more comprehensive market analysis.
Early Adoption of RBC Framework
O
n 9 June, the Task Force (TF) on Early Adoption of RBC Framework met again to discuss the contents of the draft circular for Life Insurance Members who opt for early adoption. After this meeting, the draft circular was
circulated amongst the TF for comment and another meeting was scheduled with the IA’s Policy & Development and Long Term Business Divisions prior to submitting the draft circular for IA's adoption.