Jan 2024
Issue No.318
Stakeholder Engagements on CIES
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ince the announcement by the Financial Services and the Treasury Bureau (FSTB) regarding the inclusion of Investment-Linked Assurance Scheme (ILAS) as one of the approved investment assets under the revived Capital Investment Entrant Scheme (CIES), we have been actively involved in engaging with key stakeholders to ensure a smooth and successful launch of the CIES. In January 2024, we took proactive steps to meet InvestHK's FamilyOfficeHK and the Securities and Futures Commission (SFC) to gather insights to enhance our understanding of the project's regulatory considerations. Furthermore, we received a delegation from the Hong Kong Investment Funds Association (HKIFA) on 15 January 2024. This visit provided us with a valuable platform to engage in detailed discussions related to this subject of mutual interest. Through these discussions, we aimed to exchange ideas, share best practices, and explore potential areas of collaboration.
RBC Related Consultations
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ast December, the Insurance Authority (IA) launched a consultation on the first batch of two major insurance rules to tie in with the implementation of RBC regime. Recognizing the substantial impact that the forthcoming rules will have, we have garnered feedback from our Members and duly reflected the major concerns to the IA. We also engaged an external lawyer to review the draft rules from the legal perspective and identify any potential legal implications or areas that require clarification. Earlier this month, the IA has published another batch of consultation on the remaining draft rules. We are currently collating comments from Members. By leveraging the collective views of our members and seeking professional legal guidance, we are committed to submitting a robust and well-informed response to the regulator. At the same time, the IA also invited our industry to provide comments on its draft revised Guideline of "fit and proper" criteria in relation to insurers under the Insurance Ordinance (Cap.41) (GL4). In conjunction with the implementation of RBC regime, there are some amendments on the Ordinance. The Secretariat had thus conducted another member consultation and submitted an industry feedback to the IA for consideration early this month. Going forward, we will continue flagging the views and concerns from our Members towards the RBC regime and ensuring that the final rules strike a harmonious balance between regulatory requirements and the needs of the industry.
MIDAS
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n early January 2024, the Government announced its plan to launch electronic vehicle licenses by mid-2024. Secretary for Transport and Logistics Mr Lam Sai-hung announced that car owners will no longer be required to submit physical copies of their certificate of inspection, motor insurance policies and vehicle registration documents for annual renewal. We are pleased to note that once the required legislative amendment is approved, the Motor Insurance DLT-based Authentication System (MIDAS) developed by HKFI will be formally integrated into the vehicle licensing process, which will accelerate the adoption of this privatepublic partnership initiative among the broader public. We will share more details when updates are available from the Transport Department.
Executive Certificate in Insurance Leadership Acceleration Programme
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he inaugural cohort of this ground-breaking Programme is set to commence on 20 April 2024. To mark this significant milestone, we have organized a get-together on 1 March 2024, specifically designed for senior HR and training management professionals, as well as potential candidates. During this event, known as the “Café on the 29th”, our training partner, HKU Business School, will deliver a presentation on the unique features and benefits of this programme. Furthermore, we have invited esteemed HR professionals, training experts, academia and veteran insurance broker to join us in a relaxed atmosphere, where they will engage in discussions on talent development, manpower strategies, and other relevant topics. This get-together presents an excellent opportunity for you to connect with HR peers in our industry, gain valuable insights from experienced experts, and expand your professional network. If you are interested in participating, please stay tuned for further updates!