Year 2009-2010 - Sunny Path of Tomorrow’s Insurance Intermediaries

President 2009 Report 2009 年 會 長 報 告 Annual General Meeting Dear distinguished guests, members and friends, It is so great to report to you in my second year of office as the President in the 17th AGM. With the support from all of you, it has been both a great learning and enjoyable experience to me. Year 2009 has been another challenging year for the Chamber and the insurance industry as a whole. Stepping into 2009, world economy was still in disorder and bleak. The concerted effort of governments of key economies was stabilizing the world economy. The public confidence to financial industry had been slowly returning. Thanks to the concerted effort of stakeholders of our industry, quality insurance intermediaries had done well in going through this turbulence. I am so glad to see that growth had been seen in the sales of conservative and protection personal insurance products as well as general insurance products. In my address in the 2009 Inauguration Ceremony, I had identified key initiatives for the year of 2009 and I would like to report to you on the progress made during the year on these key initiatives: 1) To assist members in exploring business opportunity & to promote best practices a) I personally participated in various meetings convened and chaired by Hon. K. P. Chan for the purpose of identifying measures that could immediately help the livelihood of insurance intermediaries in the wake of financial tsunami. Five key areas were identified – Establishment of Policyholder Protection Fund – Premium Tax Allowance/Withholding Provisional Tax Payment/Waiver of Business Registration Fees – Admission of Investment Linked Products under Investment Immigration Scheme – Opening of Mainland Insurance Market under CEPA – Strengthen the regulation of insurance product sales in banking sector Thanks to the effective effort of Hon. K.P. Chan, views were channeled to SAR government and significant progress was made in different areas. Investment linked life insurance product was now admitted as one of vehicles under Investment Immigration Scheme. b) Two-day China visit 「保險中介人如何在國內尋找商機」交流團 was jointly organized with HKGIAA in July 2009. Members visited Ming An Insurance Shenzhen and Chang Cheng Insurance Brokers Ltd Guangzhou. Members learnt the recent development of China insurance market and practices from insurers’ as well as brokers’ perspective. Members also learnt the legitimacy of cooperation with insurance brokers across the border when servicing clients in China. Yearbook 2009 年刊 & Prospect 2010 展望 28