Oct 2022
Issue No.304
New LIC Councilor
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n September, a by-election of the Life Insurance Council (LIC) was conducted to fill a casual vacancy. Mr Simon Lam of China Pacific Life Insurance (H.K.) Company Limited has been elected as a Councillor for the remaining term of 2022/23 (Circular Ref: Mv074/22).
Policy Address 2022 and HKFI Think Tank
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n 19 October, in his first policy address 2022, Chief Executive of Hong Kong SAR Hon John Lee suggested several initiatives relating to the insurance industry. The HKFI has issued a media statement on the same day to support the initiatives, which will enhance Hong Kong’s status as the International Financial and Risk Management Hub in the long run. The national strategies on the Greater Bay Area (GBA) development and the Belt and Road Initiatives as well as attracting talents are very much in line with the core areas identified by the Think Tank set up by the HKFI. Thanks to the members' active responses to the survey on how to revitalize Hong Kong as an International Insurance Hub and Risk Management Hub. The Think Tank members met on 12 October to review the survey findings and decided on three key areas of focus, i.e, relaxing all COVID restrictions, building an international and local talent pool and supporting the execution of the national strategies. On the first subject relating to the COVID restrictions, we have elaborated our stance and rationale at the above-mentioned media release. For the latter two subjects, the Think Tank have set up dedicated sub-groups to take a deep dive deliberation and come up with viable proposals for the consideration of the Government and the stakeholders.
IA Direct Licensing Regime
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he new Direct Licensing Regime (DLR) of the Insurance Authority (IA) has commenced on 23 September 2019. Throughout the three-year transitional period thereafter, the HKFI has coordinated with the IA closely, flagged industry’s concerns and made constructive suggestions to enhance the regulatory functions of the DLR and ensure an efficient and user-friendly registration process. We are thus pleased to see the successful completion of the registration of Deemed Licensees in August 2022 and thank the IA for their readiness to address industry’s concerns and respond positively to our recommendations in the past three years. Going forward, we will continue working closely with the IA to ensure the DLR will continue to work effectively and support the growth and development of our industry as a whole.
Green Insurance
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n Climate Reporting Framework, the Task Force met with the appointed consultant on 3 October to receive the interim findings and decide the next steps.
We thank the staunch support from Task Force Members in sharing valuable insights and further observations, which enriched the contents of the draft framework. Members’ comments will be carefully studied and addressed to ensure that the upcoming framework is helpful for the industry on climate disclosures in the long run. On the front of climate charter research and climate data analysis, the Task Force Chairman and Subgroup Convenors of the Task Force also met with the consultant regularly to exchange views and expectations. In October, the Green and Sustainable Finance Cross-Agency Steering Group introduced the Sustainable Finance Internship Initiative. This talent development initiative offers sustainable finance internship opportunities for Hong Kong students, enabling them to acquire experiences in the relevant area. Our industry is welcome to join this meaningful initiative and provide suitable internship positions. For details, please contact the Hong Kong Monetary Authority (HKMA) via hkcgsf@hkma.org.hk.