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

Publication 出 版 刊 物 President Message June/July 09 Dear fellow members, As you are aware, your chamber has been urging the government for the set of the Policyholders’Protection Fund (PPF) in past months. Yesterday, the Office of Insurance Commissioner had announced the proposed framework and reports appeared on newspapers. Your Chamber has received details from the Office of Insurance Commissioner. The issue will be discussed in the ‹º©'Á8cr©! on 7 July 2009. Below are some key parameters of the proposed PPF for members’ information: 1. Two separate sub-schemes will be established to cater for long term and general insurance policies respectively. 2. Embrace all insurance businesses, except Third Party Motor Vehicle business and Employees’Compensation business which are covered by existing compensation schemes. 3. Mainly cover individual policyholders but cover for SME is still under consideration 4. Start off with a base levy rate of 0.5% to 1% on annual premiums, stepped up to 2% to 3% when triggered by a prescribed event (usually related to a case of insolvency). 5. The level of compensation will be set at 100% for the first $100,000 plus 80% on the remaining balance up to a maximum of $1 million per policy. Benefits eligible for compensation include claims, accumulated bonus, cash value or annuity payout depending on the type of policies involved. Your Chamber will give members’update on the issue. Members are also invited to join our upcoming activities. AChina visit tour is scheduled on 17- 18 July 2009. Joseph Sit - President A Regular News Bulletin For Hong Kong Chamber of Insurance Intermediaries P.1 PRESIDENT MESSAGE Dear members, It’s been a while since I wrote you. First of all, I would like to thank you for your support in making my first year of office a memorable one. This is my second year of office as the President of the Chamber. The inauguration ceremony was held on 21 April 2009 at the Chinese Chamber of Commerce and I was so glad to meet some members there. The inauguration,officiated by Mr. Clement Cheung, Insurance Commissioner and Hon. KPChan, Legco member, was well attended by over 70 representatives from insurance associations and insurance companies. I understand that we are all facing a difficult time in the wake of financial tsunami. Your Chamber has joined a task force convened by Hon. KPChan, Legco member of the Insurance Constituency and expressed viewsand support on measures to help insurance intermediaries. These measures include the following key areas 1) setting up Policyholders’Protection Fund to shore up confidence of insuring public on insurance policies 2) personal insurance premium to be tax deductible 3) increase the number of insurance company representation of agent from current restriction of 4 4) securitization of investment immigration scheme for investment linked products 5) government subsidy for CPD courses There are certain important trade issues which are of importance to all of us. Your Chamber will be acting proactively to preserve our interest in following areas: Disclosure of brokerage to clients by registered insurance brokers Increase number of insurance company representation of agent Explore business opportunity for insurance intermediaries in healthcare financing reform Enhance insurance intermediaries’competence in form of forum, education and more exchange among members Taking this opportunity, I would remind you to read our 2009 Yearbook titled `Insurance Industry After Financial Tsunami’. Writers are of veteran insurance practitioner and I hope that it is of value to you. If you have any views andopinion, please do not hesitate to send me by email at jsit@hkcii.org I look forward to hearing from you Joseph Sit President 2009 A Regular News Bulletin For Hong Kong Chamber of Insurance Intermediaries P.1 President Message A Regular News Bulletin For Hong Kong Chamber of Insurance Intermediaries P.1 Dear fellow members, We had just gone through a real hot summer. The global economy has been showing a positive recovery and hope that you have gone well in both your personal and business pursuit. As usual, your Chamber had successfully organized various activities to members in last two months. A CPD course, a visit to a rehabilitation centre of Fu Hong Society and August Last Friday Drink were held. Please watch out for more activities organized for members and join us! Thank you for your support. Good luck and good health! Joseph Sit President 2009 News Bulletins 2009 Yearbook 2009 年刊 & Prospect 2010 展望 56