Jun 2024 Issue No.323
Engagement Session with Insurance Authority on Matters of Industry Concern
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reviously, the Hon KP Chan and the Hon PL Chan facilitated a discussion with HKFI Members on how the industry can overcome major business challenges with the support and guidance of the regulator. The views and opinions gathered from the industry were then relayed to the Insurance Authority (IA). On 28 June 2024, an engagement session was convened in conjunction with the two Legco members to follow up on the industry’s previous submission. During the session, IA CEO Mr Clement Cheung and his team of senior executives disseminated IA’s response to the industry’s views and interacted with our Members on areas of concern.
Shenzhen-Hong Kong Financial Co-operation Committee Established
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n 13 June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee has been established and convened the inaugural meeting in Hong Kong. The Committee brought together the Government, the community and business sectors to provide insights and suggestions on Shenzhen-Hong Kong financial co-operation and the development of financial infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). HKFI Chief Executive Ms Selina Lau was appointed by the Secretary for Financial Services and the Treasury of the HKSAR Government as a Member of the Committee. At the said meeting, she provided an update about the progress made so far on the establishment of the GBA after-sales service centers, and emphasized the pivotal role that the Hong Kong insurance industry can play as a risk management hub for the nation.
Meeting with Belt and Road Commissioner
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n April 2023, we released the HKFI Think Tank Proposals outlining recommendations to revitalize Hong Kong's status as an international insurance and risk management hub. Since then, we have continued our lobbying efforts with the government and relevant stakeholders to advocate for the implementation of these proposals. On 12 June 2024, we met with the Belt and Road Office Commissioner Mr Nicholas Ho to discuss the strategic positioning of insurance sector in the Belt and Road initiative and the possible collaboration opportunities. During the meeting, we also explored the potential benefits of developing captive insurance, Contractor's All Risks (CAR) insurance of infrastructure projects, marine insurance, insurancelinked securities, and boosting Hong Kong's underwriting capacity, etc.
Code of Practice on Person-toPerson Marketing Calls
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he insurance industry was among the first four sectors which adopted a best practice on Person-to-Person (P2P) marketing calls when we introduced the captioned Code of Practice (CoP) in 2011. Recently, at the invitation of the Commerce and Economic Development Bureau (CEDB) and the Office of the Communications Authority (OFCA), we have made relevant enhancements to the existing CoP to limit the number of P2P marketing calls made to the same telephone number and have telemarketers to take initiative in providing their full name to the call recipients. As one of the supporting organizations, HKFI received a commendation certificate from the CEDB on 26 June 2024. We will continue collaborating with the Administration to bolster the public’s trust and confidence in the industry at large.