Nov 2024 Issue No.327
HKFI General Meeting and Christmas Cocktail Party
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he HKFI will convene a General Meeting on 12 December 2024. In line with previous practice, it will be followed by the traditional Christmas Cocktail Party to be held at the newly upgraded HKFI conference room. We look forward to seeing you at both events!
IA’s Proposed Measures on Participating Policies
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he Insurance Authority (IA) has recently proposed some new regulatory requirements for participating policies in Hong Kong. These requirements include a cap on the illustration rate used in benefit illustrations and a revised commission structure for insurance intermediaries. The IA will also establish a fulfilment ratio comparative platform for public information. To facilitate a thorough understanding of the regulatory intent and the new measures among our Life Insurance Members (LIMs), we organised a townhall on 8 November 2024. During this event, the IA introduced their proposed measures and addressed questions from our LIMs. We formed a Special Working Group among all relevant LIMs to effectively manage these regulatory changes, reflect industry concerns and develop a collective market stance. Through these joint efforts, we aim to foster a business-friendly environment that supports ongoing market development while ensuring consumer protection.
Enhancement of Unilateral Recognition Policy (URP)
HKFI Continues to Play an Active Role in Hong Kong Maritime Week
n the general insurance front, Members are equally mindful of the development of the URP.
he International Union of Marine Insurance (IUMI) is one of the supporting organizations of the Hong Kong Maritime Week (HKMW). As IUMI's Asia Hub and representing a vital stakeholder in the maritime value chain, the HKFI actively participated in the HKMW.
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We are thus pleased to note that the IA has made some progress in upgrading the URP, which makes the product more user-friendly. At the townhall held on 26 November 2024, the IA updated all URP providers on the latest enhancement, which addresses the issue of policy period and provides additional options for vehicle owners to purchase URP in a more flexible manner.
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Mr Timothy Lee, Deputy Chairman of the Marine Insurance Association (MIA), has been featured in various HKMW promotional initiatives in his capacity as Chairman of the Manpower Development Committee under the Hong Kong Maritime and Port Board. Additionally, the MIA organized a seminar titled “Marine Loss Prevention & Investigation for Cargo & Yachts + IUMI Global Marine Market Sharing & Update” for our Members and the maritime community. We also had the pleasure of hosting the senior executives of the Shanghai Institute of Marine Insurance (SIMI), MIA’s counterpart in the Mainland, during their visit to Hong Kong.