Oct 2024 Issue No.326
Policy Address 2024
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n 16 October 2024, the Chief Executive of HKSAR Mr John Lee delivered his 2024 Policy Address. We are delighted to see that some of the Government’s measures are in alignment with our recommendations for bolstering the strengths of the local insurance industry, particularly in captive insurance, marine insurance, company re-domiciliation and capital requirements for infrastructure investment. The HKFI issued a media statement on the same day welcoming various measures with relevance to the insurance industry. We underscored our unwavering commitment to collaborate with the Government and Insurance Authority (IA) to bring the measures into full play.
First HKFI Delegation to Beijing since the Pandemic
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n 29 October 2024, HKFI Chairman Mr Ivan Tam led a delegation of eight to Beijing, where we paid courtesy visits to the National Financial Regulatory Administration (NFRA) and the Insurance Association of China (IAC). This marked HKFI’s first high-level visit to Beijing in five years. At the meeting at the NFRA, we gained valuable insights on aligning the development policies of the Hong Kong insurance industry with national strategies. Additionally, we provided an overview of the Hong Kong insurance market. During our meeting with Ms Yu Hua, President of the IAC, we engaged in a productive discussion about revitalizing our annual exchange program, collaborating on thematic research, and enhancing professional training on topics of mutual interest. This visit represented a significant step in rebuilding our working relationship with the Mainland. We look forward to further strengthening these connections.
Conjoint Seminar of HKFI and IA: HKFI’s Reference Checking Scheme for Insurance Intermediaries and IA’s Regulatory Insights on Market Conduct
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he above seminar was successfully held on 16 October 2024 and attended by approximately 600 industry practitioners, including back-end staff and insurance intermediaries.
Three speakers including HKFI Chief Executive Ms Selina Lau, Associate Director of Conduct Supervision Division Mr Alan Wu, and Senior Manager of Enforcement Division Mr Jimmy Cheung from the Insurance Authority, shared their valuable insights regarding the work of the HKFI, the newly introduced Reference Checking Scheme and regulatory perspectives on market conduct, along with an overview of the regulatory actions taken by the IA respectively. Participants left the seminar equipped with the latest updates and essential knowledge. We received an incredible amount of positive feedback right after the seminar.