Dec 2021
Issue No.295
Appointments to Insurance Authority (IA)
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n 17 December 2021, the HKSAR Government announced the new appointments and re-appointments to the IA for a term of three years. We congratulate Mr Stephen Yiu for being appointed the IA Chairman and welcome the appointments of eight new Non-Executive Directors (NEDs) and re-appointments of four incumbent NEDs. Working on the solid collaborative foundation we have built over the years, we look forward to continuing our cordial working relation with the IA in fostering the sustainable growth of our industry.
At the same time, we would like to register our most sincere gratitude to Dr Moses Cheng, the outgoing IA Chairman, for his exemplary contributions to our industry over the past six years. Our earnest appreciation also goes to the six outgoing NEDs for their tireless efforts in supporting the industry.
2021 Legislative Council (Legco) General Election
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ur heartiest congratulations to Mr K P Chan for being reelected to the Legco as Councillor of the Insurance Functional Constituency while Mr P L Chan for being elected as Councillor of the Election Committee Constituency. Prior to the general election polling held on 19 December 2021, the HKFI organized five sessions for voters from the insurance sector, HKFI Members and representatives of insurance industry bodies to meet the candidates of the Insurance Functional Constituency and the Election Committee Constituency.
Meeting with Labour and Welfare Bureau (LWB) and FSTB
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n 8 December 2021, representatives of the Life Insurance Council met the Secretary of Labour and Welfare Dr the Hon Law Chi Kwong and his team and official from the FSTB to obtain clarifications and initial directions from the Government on MPF asset conversion to annuity.
During the meeting, we offered to share the industry’s extensive researches and studies on retirement planning and expressed our keen interest to further develop sustainable retirement propositions for the people of Hong Kong. Meanwhile, we were given to understand that an intergovernmental Working Group (WG) amongst the LWB and FSTB will be conducting research studies on this topic. We hope to contribute our experience and expertise to the exercise.
Increase of Jurisdiction Limit of Insurance Complaints Bureau (ICB)
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he jurisdiction limit of ICB has remained at HK$1 million since 2016. In view of the increasing trend in the overall sum insured and benefit cover, the ICB has decided to increase its jurisdiction limit to HK$1.2 million effective from 1 January 2022. Going forward, ICB is committed to constantly reviewing the jurisdiction limit in order to keep it in line with the changing market situation.